Feeder Cattle futures were narrowly mixed Friday with likely trepidation ahead of the monthly Cattle on Feed report (see below). On Friday, Feeder Cattle closed from an average of 12¢ higher across the front half of the board to an average of 32¢ lower across the back half. They were also narrowly mixed in early-Monday trading.
Live Cattle futures were an average of 11¢ lower, except for 40¢ higher in spot Oct and unchanged in April.
Week to week on Friday, Live Cattle futures closed an average of $1.09 higher (27¢ to $2.07 higher). Feeder Cattle futures closed mixed, from an average of 80¢ higher in the front three contracts to an average of $1.60 lower.
Negotiated cash fed cattle trade ranged from slow on light demand in the North to inactive on very light demand the Southern Plains through Friday afternoon, with too few transactions to trend.
For the week, FOB live prices were $2-$3 higher in the Texas Panhandle at $190-$191/cwt., mostly $2 higher in Kansas at mainly $190 and $2-$3 higher in the North at mostly $190. Dressed delivered prices were $2 higher in Nebraska at $298 and $2-$4 higher in the western Corn Belt at $298-$300 in a light test.
Last week’s weighted average five-area direct FOB live fed steer was $2.44 higher at $190.05. The average dressed delivered steer price was $2.69 higher at $298.90.
Choice boxed beef cutout value was $1.07 higher Friday afternoon at $322.24/cwt. Select was 74¢ higher at $295.08. Week to week on Friday, Choice was $1.59 higher and Select was 88¢ higher.
Estimated total cattle slaughter last week of 623,000 head was 15,000 head more than the same week last year. Year-to-date estimated total cattle slaughter of 25.7 million head was 1 million head less (-3.8%). Year-to-date beef production of 21.8 billion pounds was 146.5 million pounds less (-0.7%).
Grain and Soybean futures closed lower Friday on profit taking, producer selling and harvest pressure.
Corn futures were 3¢ to 6¢ lower through Jly ’25 and then 1¢ to 2¢ lower. Kansas City Wheat futures were 13¢ to 15¢ lower. Soybean futures were 5¢ to 8¢ lower through Aug ’25 and then mostly 3¢ lower.
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Major U.S. financial were mixed Friday.
The Dow Jones Industrial Average closed 259 points lower. The S&P 500 closed 1 point lower. The NASDAQ was up 103 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $1.38 to $1.59 higher through the front six contracts.
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Markets viewed the monthly Cattle on Feed report as neutral despite more placements than expected.
Feedlots with 1,000 head or more capacity placed 2.2 million head in September, which was 42,000 head less (-1.9%) year over year but 2.3% more than expectations ahead of the report.
Marketings in September of 1.7 million head were 34,000 head more (+2.0%) than the same week last year, which was in line with expectations.
Cattle on Feed Oct. 1 of 11.6 million head was slightly less year over year, which was also in line with expectations. Heifers comprised 40% of the on-feed inventory, which was 1% less than a year earlier.