Futures traded in a holding pattern over the week, stuck in sideways mode ahead of the holidays. Cash trade remained steady, but boxed beef values felt pressured by recent high-slaughter volumes.
Live cattle futures traded mostly sideways over the week but closed modestly lower. The December contract lost about $2 to close at $228.42, and the February contract also lost about $2 to close at $228.40.
“Next week is expected to be quiet, choppy and defensive for futures,” wrote Cassie Fish, market analyst, in The Beef on Thursday. “Open interest has increased the last couple of sessions by a little over 4k contracts, so some participants have decided to lay off risk ahead of the end of the year after all.”
Cash trade through Thursday totaled about 22,000 head. Live steers sold from $220-228, and dressed steers sold from $355-363.
Cash trade for the week ending Dec. 14 was 103,180 head. Live steers averaged $228.13, and dressed steers averaged $353.62.
“Even though packers bought the largest weekly trade volume of 2024 and 2025 last week at just over 103,000 head, fed cash cattle prices are trending a tick higher again this morning as packers are still in need of more cattle,” wrote ShayLe Stewart, DTN livestock analyst, in her Thursday midday comments.
Slaughter through Thursday totaled about 472,000 head, compared to 484,000 head a week earlier. Total slaughter for a week earlier is estimated at 596,000 head. Actual slaughter for the week ending Dec. 6 was 602,929 head. The average steer dressed weight was 988 lbs., up 5 lbs. from the prior week.
“In order to manage margins, packers have reduced production and this week’s slaughter is estimated at 580k to 585k head, down from the last two weeks’ 600k and 596k head slaughters—two of the largest of 2025,” Fish said. “Next week’s slaughter will be very light, 400k to 430k head.”
Boxed beef prices traded mostly sideways, down about a dollar to $357.28 on the Choice cutout and up about 50 cents to $343.97 on the Select cutout.
“The big beef production has pressured wholesale boxed beef values, which have fallen to new lows for the move this week,” Fish said.
Feeder cattle
Feeder cattle futures also traded mostly sideways over the week but closed lower. The January contract lost about $3 to close at $340.27, and the March contract also lost about $3 to close at $334.60.
“Although the market continues to see adequate fundamental support, it’s likely the complex could keep with this steady/somewhat lower trend as traders don’t believe this is the best time to advance the complex over a major resistance threshold with the Christmas holiday just days ahead,” Stewart said.
The CME Feeder Cattle Index gained about $6 to close at $350.05.
Corn futures traded mixed, up 2 pennies on the March contract to $4.44 and down 2 pennies on the May contract to $4.54.
Colorado: Winter Livestock in La Junta sold 4,282 head on Tuesday. Compared to the last auction, feeder steers sold $3-6 higher, with some instances of sharply higher prices. Feeder heifers under 550 lbs. sold sharply higher, while heifers over 550 lbs. sold unevenly steady, with instances of sharply higher. Benchmark steers averaging 774 lbs. sold from $335-343.50 and averaged $338.50.
Missouri: Joplin Regional Stockyards in Carthage sold 11,000 head on Monday. Compared to the last auction, at the mid-session, feeder steers sold from $10 lower to $10 higher. Feeder heifers sold steady to $15 higher. Benchmark steers averaging 763 lbs. sold from $337-375 and averaged $355.24.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 8,500 head on Monday. Compared to the last auction, at the mid-session, feeder steers sold $4-8 higher, and feeder heifers traded steady to $3 higher. Steer calves sold $5-10 lower, and heifer calves traded $10-20 lower. Benchmark steers averaging 720 lbs. sold between $340-381 and averaged $368.76.
South Dakota: Sioux Falls Regional in Worthing sold 6,062 head on Monday. Compared to the previous auction, steer calves sold $10-20 higher, with instances of up to $30 higher on weights under 550 lbs. Heifer calves sold $10-20 higher. Yearling steers sold steady to $3 higher, and yearling heifers were unevenly steady. Benchmark steers averaging 732 lbs. sold from $365-418 and averaged $387.09. — Anna Miller Fortozo, WLJ managing editor
