Live cattle futures are down $1.75 to 2.80 so far on Thursday. Cash trade has been slow this week, with a few early sales at $229 and KS bids this morning at $227. Dressed northern sales have been $358 and $228 live on a few heifers. The Thursday Fed Cattle Exchange online auction showed no sales on the 1,708 head listed and bids of $225-226.50 live and $350.50 dressed. Feeder cattle futures are$2.20 to $2.75 in the red so far at midday. The CME feeder cattle index from December 16 was up 94 cents from the day prior at $349.79.

Weekly Export Sales data showed just 1,908 MT of beef sold for 2025 delivery in the week ending on 11/27, with 12,087 MT for 2026. Export shipments were 10,869 MT during that week, a 3-week low.

Commitment of Traders data in the week ending on 12/2 showed spec funds in live cattle futures and options cutting 10,703 contracts from their net long to 82,208 contracts. Managed money was busy trimming another 2,630 contracts from their net long in the week of December 2 to 13,418 contracts, the smallest since November 2024.

 

The December Cattle on Feed report will be released on Friday, with traders looking for November placements to be down 8% from last year and marketings with a 11.3% drop. December 1 on feed is expected to be 1.6% below last year.

USDA Wholesale Boxed Beef prices were mixed in the Thursday morning report, with the Chc/Sel spread widening to $12.99. Choice boxes were up 95 cents to $357.04, while Select was $2.38 lower at $344.05. USDA federally inspected cattle slaughter was estimated at 118,000 head on Wednesday, with the weekly total at 349,000 head. That was 12,000 head below last week and 13,062 head shy of the same week last year. 

Dec 25 Live Cattle  are at $227.500, down $2.800,

Feb 26 Live Cattle  are at $227.425, down $2.125,

Apr 26 Live Cattle  are at $227.350, down $1.775,

Jan 26 Feeder Cattle  are at $339.300, down $2.225

Mar 26 Feeder Cattle  are at $333.750, down $2.575

Apr 26 Feeder Cattle  are at $332.300, down $2.725