There was no afternoon USDA fed cattle report available at press time.
Last week, FOB Live prices were $2 higher in the Southern Plains at $185/cwt., $2 higher in Nebraska at $186-$187 and steady to $3 higher in the western Corn Belt at $185-$187. Dressed delivered prices were mostly $2-$4 higher in Nebraska at mainly $294 and $4 higher in the western Corn Belt at $294 in a light test.
The weekly weighted average five-area direct FOB live steer price was $2.14 higher week to week at $186.15/cwt. The weekly weighted average dressed delivered steer prices was $3.12 higher at $293.53.
Choice boxed beef cutout value was $1.39 higher Monday afternoon at $298.08/cwt. Select was $2.45 higher at $284.53.
Toward the close, Live Cattle futures closed were an average of 38¢ higher with follow-through support from last week’s higher cash fed cattle prices.
Feeder Cattle futures closed an average of 93¢ lower except for 17¢ higher at the back with pressure from higher Corn futures.
Toward the close and through Sep ’25 contracts, Corn futures were 5¢ to 6¢ higher, buoyed by the neutral to friendly Grain Stocks report and likely quarter-end short covering. Kansas City Wheat futures were 5¢ to 7¢ higher. Soybean futures were 6¢ to 9¢ lower on an improved South American weather outlook.
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Major U.S. financial indices edged higher Monday.
The Dow Jones Industrial Average closed 17 points higher. The S&P 500 closed 24 points higher. The NASDAQ was up 69 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME closed 15¢ to 35¢ higher through the front six contracts.
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Beef cow numbers when 2025 begins will likely be less year over year with limited potential to expand until the following year, says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University.
Although year-to-date beef cow slaughter is 16.3% less so far this year, Peel explains in his weekly market comments, “The rate of beef cow slaughter in 2024, although sharply lower year over year, is not down enough to offset the small bred beef heifer inventory at the beginning of the year. The beef cow herd is likely down year over year in 2024.”
Peel adds the 12-month moving average of the heifer slaughter percentage of total cattle slaughter has yet to decrease.