Cattle Mixed at Midday

Live cattle futures are up 25 to 37 cents at midday, with other contracts slightly lower. Cash trade was stronger last week, as most of the country was $230. A few sales in the north reached $234. Feeder cattle futures are down 40 to 45 cents across most contracts on Monday. The CME Feeder Cattle Index was back up $1.30 to $346.77 on December 11. The weekly OKC feeder cattle auction shows 8,500 head for sale, which is above the week prior. Early demand has been reported as moderate to good.

Beef export sales totaled 17,148 MT in the week that ended on 11/20 for 2025, which was a 7-week high for bookings, with another 5,398 MT for 2026. Shipments were the largest since January at 19,789 MT.

CFTC data is catching up on Commitment of Traders report, but still 4 weeks behind with data as of November 18 showing spec cutting 3,934 contracts from their net long to 97,331 contracts. In feeder cattle futures and options, managed money was net long 17,430 contracts. 

USDA Wholesale Boxed Beef prices were higher in the Monday morning report, with the Chc/Sel spread narrowing to $11.93. Choice boxes were up $1.20 to $358.64, while Select was $2.49 higher at $346.71. USDA federally inspected cattle slaughter was estimated at 589,000 head for the last week through Saturday. That was 4,000 head below last week and 15,032 head shy of the same week last year. 

Dec 25 Live Cattle  are at $230.125, up $0.325,

Feb 26 Live Cattle  are at $229.925, up $0.375,

Apr 26 Live Cattle  are at $229.325, down $0.075,

Jan 26 Feeder Cattle  are at $338.675, down $0.425

Mar 26 Feeder Cattle  are at $333.675, down $0.400

Apr 26 Feeder Cattle  are at $332.775, down $0.450