Cattle Current Podcast—Nov. 11, 2024

Cattle futures closed sharply lower Friday, pressured by lower cash prices, lower wholesale beef values and the Goldman role.

Live Cattle futures were an average of $1.38 lower. Week to week on Friday, they ranged from an average of $1.31 lower in the front four contracts to an average of 93¢ higher.

Feeder Cattle futures were an average of $2.33 lower Friday. Week to week, they were an average of $1.28 lower, except for an average of 20¢ higher in the back two contracts.

Negotiated cash fed cattle trade ranged from moderate on moderate demand in Nebraska to light on light demand in other major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.

FOB live prices were $3 lower in the Southern Plains at $187/cwt. and $2-$4 lower in Nebraska at $186-$188. Although too few to trend, there were some early trades in the western Corn Belt at $185-$186, where prices the previous week were $190.

Dressed delivered prices the previous week were $296-$298 in Nebraska and $298 in the western Corn Belt.

Choice boxed beef cutout value was $1.53 lower Friday afternoon at $307.93/cwt. Select was 53¢ lower at $279.19.

Week to week on Friday, Choice boxed beef cutout value was $8.41 lower at $307.93/cwt. Select was $5.84 lower at $279.19. Over the past two weeks, Choice was down $14.31 and Select was $15.89 lower.

Estimated total cattle slaughter last week of 619,000 head was 4,000 head more than the previous week but 4,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 27 million head was 1 million head fewer (-3.7%) than the same period last year. Estimated year-to-date beef production of 22.9 billion pounds was 117.5 million pounds less (-0.5%).

Turning to the grain complex, futures were mixed.

Corn futures closed mostly 2¢ to 3¢ higher. Kansas City Wheat futures were mostly 3¢ to 4¢ lower. Soybean futures were mostly 4¢ to 6¢ higher through Jan ’26 and then mainly fractionally lower.