Cattle futures closed higher Friday, helped along by lower grain futures prices, stronger wholesale beef prices and the week’s steady-to-higher cash trade.
Live Cattle futures were an average of 83¢ higher. Feeder Cattle futures were an average of $1.98 higher. However, week to week on Friday, Live Cattle were an average of 65¢ lower and Feeder Cattle futures were an average of $1.50 lower, unable to overcome the early-week technical correction.
Negotiated cash fed cattle trade was slow on light demand through Friday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mainly $1 higher in the Southern Plains at $188/cwt. and steady in the North at $187-$188/cwt. with dressed delivered prices also steady at $296.
Choice boxed beef cutout value was $1.39 higher Friday afternoon at $320.65/cwt. Select was 68¢ higher at $294.20. Week to week on Friday, Choice was $9.48 higher and Select was $5.48 higher, with the Choice-Select spread the widest on Friday since last October.
Turning to the grain complex, Wheat and Soybean futures closed lower with improving weather in South America, harvest pressure, the stronger U.S. dollar and chatter that Russia was going to begin exporting wheat.
Kansas City Wheat futures were 11¢ to 15¢ lower. Soybean futures were 12¢ to 18¢ lower through Jly ’25 and then 10¢ to 11¢ lower. Corn futures were 1¢ to 2¢ lower.
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Major U.S. financial indices closed higher Friday, with continued bullishness.
The Dow Jones Industrial Average closed 36 points higher. The S&P 500 closed 23 points higher. The NASDAQ was up 115 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $1.21 to $1.45 lower through the front six contracts.
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Calf prices strengthened contra-seasonally in recent weeks amid declining cattle numbers helped along by softer corn prices.
“It is rare to see calf prices escalate as the market moves into the fourth quarter of
the year, but this is no ordinary year,” Griffith says. “The market price of calves and feeder cattle attempted to encourage cattle producers to retain heifers this year to grow the cattle herd. However, most producers have been challenged with drought and marginal profits, which has resulted in little to no heifer retention … The opposite side of the coin is that calf prices may not increase in December and early January as rapidly as would normally be expected.”
Even so, based on relatively lower price levels in preceding weeks, the ERS reduced the projected fourth-quarter feeder steer price (750-800 lbs., Oklahoma City) in the October Livestock, Dairy and Poultry Outlook. Compared to the previous month, the ERS reduced the forecast fourth-quarter price by $2 to $253/cwt. and the annual average price by 41¢ to $250.59.
Projected feeder steer prices for 2025 were unchanged at $248 in the first quarter, $254 in the Second quarter and $263 in the third quarter with an annual average price of $258.75.