Live Cattle futures closed an average of 15¢ higher, except for an average of 54¢ lower on either end of the board. Feeder Cattle futures were an average of $1.64 higher, supported by strong cash trade.
Week to week on Friday, Live Cattle futures closed an average of $2.11 lower and Feeder Cattle futures were an average of $2.77 lower.
Negotiated cash fed cattle trade was inactive on very light demand in all major cattle feeding regions through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
For the week, FOB live prices are steady to $1 lower in the Texas Panhandle at $190/cwt. and steady in other regions at $190. Dressed delivered prices were steady to $2 lower at $296-$298 in Nebraska and $298 in the western Corn Belt.
Choice boxed beef cutout value was $1.26 lower Friday afternoon at $316.34/cwt. Select was 34¢ lower at $285.03. Week to week on Friday, Choice was $5.90 lower and Select was $10.05 lower.
Estimated total cattle slaughter last week of 615,000 head was 8,000 head fewer than the previous week and 21,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 26.4 million head was 1.0 million less (-3.8%) than the same period last year. Estimated year-to-date beef production of 22.3 billion pounds was 140.2 million pounds less (-0.6%).
Grain and Soybean futures were mixed Friday with support from recent export sales but continued harvest pressure and uncertainty surrounding the impending election.
Corn futures were 2¢ to 3¢ higher through Jly ’25 and then unchanged to fractionally mixed. Kansas City Wheat futures were 1¢ to 2¢ lower. Soybean futures were fractionally lower to 1¢ lower.
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Major U.S. financial indices rebounded Friday despite significantly less job growth than expected.
Total nonfarm payroll employment was essentially unchanged month to month in October with just 12,000 more jobs, according to the U.S. Bureau of Labor Statistics. However, strikes and hurricanes confounded the situation.
In October, average hourly earnings for all employees on private nonfarm payrolls rose by 13¢ to $35.46. Over the past 12 months, average hourly earnings have increased by 4.0%.
The Dow Jones Industrial Average closed 288 points higher. The S&P 500 closed 23 points higher. The NASDAQ was up 144 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 23¢ to 34¢ higher through the front six contracts.
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Continued areas of dryness likely will delay market-relevant, nationwide beef cow herd expansion until at least the summer of 2026, says Glynn Tonsor, agricultural economist at Kansas State University, in the latest issue of In the Cattle Markets.
“Moreover, while market-reported dollar-per-cow returns in 2024 are slated to be attractive for many producers, when put on an inflation-adjusted basis, they have yet to exceed the memorable year of 2014,” Tonsor explains. “Likewise, when one moves beyond a dollars-per-cow approach to investment and decision-making framing around percentage returns (ROI, return-on-investment percentage), reflecting elevated capital necessary to operate, then attraction in expansion may be further tempered. While, on balance, I do envision heifer retention will occur nationally, starting in 2026 at the earliest, there indeed are multiple reasons ‘typical’ producers are being rational in not yet pulling the herd expansion trigger. Implications clearly follow for calf crop size and industry capacity utilization discussions to continue as well.”