Cattle futures were softer again Friday with pressure from declining wholesale beef values and lower outside markets.
Live cattle futures closed an average of $1.26 lower.
Feeder Cattle futures closed an average of $2.34 lower, except for unchanged in spot Sep.
Week to week on Friday, Live Cattle futures closed an average of $3.60 lower and Feeder Cattle futures closed an average of $5.80 lower.
Negotiated cash fed cattle trade ranged from mostly inactive on moderate demand in the Southern Plains to limited on moderate demand elsewhere through Friday afternoon, according to the Agricultural Marketing Service.
For the week, FOB live prices were steady in the Texas Panhandle at $242/cwt., steady to $1 higher in Kansas at $242-$243 and $2-$3 lower in the North at $242-$243. Dressed delivered prices were mostly $2 lower at mainly $383.
Choice boxed beef cutout value was $3.45 lower Friday afternoon at $410.76. Select was $2.58 lower at $385.19. Week to week on Friday, Choice was $4.65 lower and Select was $4.81 lower.
Total cattle slaughter during the holiday-shortened week of 487,000 head was 78,000 head fewer than the previous week and 61,000 head fewer than the same week last year. Total year-to-date cattle slaughter of 19.9 million head was 1.5 million head fewer (-7.0%) than the same time last year. Total year-to-date beef production of 17.4 billion pounds was 747.7 million pounds less (-4.1%).
Grain and Soybean futures were lower Friday with
Corn futures unchanged to 1¢ lower. Kansas City Wheat futures were mostly 1¢ lower. Soybean futures closed 3¢ to 6¢ lower through Sep ’26 and then 1¢ to 2¢ lower.
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Major U.S. financial indices closed lower Friday as concerns about the domestic economy ran ahead of optimism for interest rate cuts tied to a sluggish labor outlook.
Total nonfarm payroll employment changed little in August and has shown little change since April, according to the U.S. Bureau of Labor Statistics. The unemployment rate was also little changed at 4.3%.
Average hourly earnings for all employees on private nonfarm payrolls rose by 10¢ in August to $35.63. Over the past 12 months, average hourly earnings have increased by 3.7%.
The Dow Jones Industrial Average closed 220 points lower. The S&P 500 closed 20 points lower. The NASDAQ was down 7 points.
West Texas Intermediate Crude Oil futures (CME) were $1.30 to $1.61 lower through the front six contracts.
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Market access obstacles continued to weigh heavily on exports of U.S. beef, with the vast majority of plants still ineligible to ship to China, according to the U.S. Meat Export Federation (USMEF).
U.S. beef exports declined 19% year over year in July to 89,579 metric tons, and export value dropped 17% to $752.5 million, the lowest value since 2023, according to data released by USDA and compiled by the USMEF.
“The plant registration impasse with China unfortunately drags on, and it has left U.S. beef essentially shut out of the market after exporters worked through their eligible inventories,” explains Dan Halstrom USMEF president and CEO. “Demand elsewhere has remained fairly resilient, even in the face of higher pricing, but restoring access to China is clearly the urgent priority. Export value and share of production exported declined in July, reflecting the loss of competing bids from Chinese buyers.”
From January through July, exports were 8% below last year in volume (691,800 mt) and down 7.5% in value ($5.67 billion).
July beef exports equated to $368.09 per head of fed slaughter, down 12% from a year ago. Through July, the per-head average was down 4% to $403.89.