Cattle futures closed higher Friday with stronger negotiated cash fed cattle prices and wholesale beef values’ continued gains. Reaction to the latest Cattle on Feed report could vary (see below).

Live Cattle futures were an average of $1.18 higher (67¢ higher toward the back to $2.52 higher in spot Feb). Feeder Cattle futures were an average of 66¢ higher.

Week to week on Friday, Live Cattle futures closed an average of $2.47 higher. Feeder Cattle futures closed an average of $3.80 higher.

Negotiated cash fed cattle prices through Friday afternoon were mainly higher with trade ranging from moderate to active on good demand in Nebraska to moderate on good demand in other regions, according to the Agricultural Marketing Service.

For the week, FOB live prices were $1-$3 higher in Nebraska at $234-$236/cwt., mostly $3 higher in the western Corn Belt at mainly $235 and unevenly steady in Kansas at mostly $233. Prices in the Texas Panhandle were $234-$236; there was no recent tests for a comparison.

Dressed delivered prices were mostly $5 higher in Nebraska at mainly $370 and $2-$3 higher in the western Corn Belt at $365-$368.

Choice boxed beef cutout value was $1.47 higher Friday afternoon at $368.92/cwt. Select was 66¢ higher at $362.39. Week to week on Friday, Choice boxed beef cutout value was $6.54 higher and Select was $2.20 higher. The Choice-Select spread was $4.34 wider week to week on Friday at $6.53

Estimated total cattle slaughter last week of 535,000 head was 27,000 head fewer than the previous week and 59,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 1.8 million head was 272,000 head fewer (-13.1%) than the same time last year. Estimated year-to-date beef production of 1.6 billion pounds was 195.5 million pounds less (-10.8%).

Grain and Soybean futures continued higher Friday, supported by export demand, weather risk in the U.S. on intensity of the current winter storm and hotter drier conditions in South America.

Corn futures were 3¢ to 6¢ higher through Mar ‘27. KC HRW Wheat futures were 9¢ to 15¢ higher. Soybean futures were 3¢ to 6¢ higher.