Live and Feeder Cattle Futures Surge into Weekend as Strong Weekly Gains and Rising Cash Prices Support the Market

US cattle futures finished Friday sharply higher, extending the week’s advance as live cattle and feeder cattle contracts attracted strong buying interest. Live cattle futures gained between $1.75 and $2.30, while feeder cattle advanced between $3.05 and $3.77 at the close.

December 2026 live cattle settled at $220.650, up $1.750 on the session and $6.60 over the week. November 2026 feeder cattle closed at $339.025, gaining $3.350 on Friday, while the contract rallied $16.70 across the week.

Cash-market indications also remained firm, with light dressed trade reported in the North at $335–$340. The CME Feeder Cattle Index increased another $4.86 on November 12 to $338.78, reinforcing the strength in feeder cattle valuations.

Heading into next week, traders will be assessing whether strong futures momentum can continue against mixed wholesale beef prices, a decline in weekly export sales and slaughter levels that remain below last year’s figures.

Market Snapshot

Friday’s Cattle Market Close

Live cattle futures recorded gains ranging from $1.75 to $2.30 on Friday, extending the market’s positive weekly performance.

December 2026 live cattle settled at $220.650, up $1.750, while February 2027 closed at $224.800, gaining $1.850. April 2027 futures advanced $1.950 to finish at $227.900.

The December contract ended the week $6.60 higher, demonstrating the strength of the latest buying interest.

Feeder cattle futures delivered an even stronger performance. November 2026 gained $3.350 to close at $339.025, while January 2027 advanced $3.675 to $335.350. March 2027 recorded the largest gain among the listed contracts, rising $3.775 to $332.050.

November feeder cattle rallied $16.70 over the week, making it a particularly strong period for the feeder market.

Cash Cattle Trade: Northern Prices Remain Firm

Cash-market activity included light dressed trade in the North at $335–$340.

The Friday Fed Cattle Exchange online auction also provided an indication of buyer interest. Bids reached $218 on 237 of the 1,640 head offered.

Although the auction activity was limited relative to the total offering, the reported bids will remain a reference point for traders assessing cash-market conditions in the coming week.

Cash cattle prices will be an important influence on live cattle futures, particularly as market participants assess whether the recent strength in futures is supported by continued demand from processors.

Feeder Cattle Index Continues Higher

The CME Feeder Cattle Index increased another $4.86 on November 12 to $338.78.

The latest rise reinforces the strength in feeder cattle valuations and provides additional support to the futures market.

With November feeder cattle having gained $16.70 during the week, traders will be watching whether the index continues to advance and confirms the strong futures performance.

USDA Export Sales: Beef Sales Fall to Seven-Week Low

USDA Export Sales data showed that beef sales for 2026 reached 9,555 tonnes during the week ending November 5.

This was the lowest weekly sales figure in seven weeks, providing a less encouraging signal for export demand.

However, shipments were considerably stronger. Beef shipments totalled 13,944 tonnes, reaching an 18-week high.

The contrast between lower new sales and stronger shipments will be important next week. While the shipment figure indicates substantial movement of previously committed beef, the decline in new sales raises questions about the pace of fresh international buying.

Wholesale Boxed Beef Prices Mixed

Friday afternoon wholesale boxed beef prices were mixed.

Choice boxed beef declined $1.95 to $355.64, while Select increased 44 cents to $349.15.

The Choice-Select spread was reported at $6.49.

The decline in Choice prices is worth monitoring following the strong advance in cattle futures. A sustained reduction in wholesale values could eventually challenge the market’s ability to maintain higher live cattle prices, particularly if processor margins come under pressure.

For now, the mixed performance suggests that wholesale demand signals are not uniformly positive.

Cattle Slaughter Remains Below Last Year’s Level

USDA estimated federally inspected cattle slaughter for the week at 545,000 head, including Saturday.

This was:

• 18,000 head higher than the previous week.
• 24,566 head below the same week last year.

The increase from the previous week indicates stronger processing activity, but the year-on-year decline shows that slaughter volumes remain below last year’s level.

The relationship between slaughter numbers, available cattle supplies and wholesale beef prices will remain central to the market outlook.

Bullish Sentiment

1. Strong weekly live cattle gains: December futures advanced $6.60 over the week, supported by Friday’s further increase.
2. Feeder cattle rally: November feeder cattle gained $16.70 during the week, reflecting strong market momentum.
3. Higher feeder index: The CME Feeder Cattle Index increased $4.86 to $338.78.
4. Firm northern cash trade: Light dressed trade was reported at $335–$340.
5. Strong beef shipments: Weekly shipments reached an 18-week high of 13,944 tonnes.
6. Lower year-on-year slaughter: Weekly slaughter remained 24,566 head below the comparable period last year.

Bearish Sentiment

1. Declining export sales: Weekly beef sales fell to a seven-week low of 9,555 tonnes.
2. Lower Choice boxed beef: Choice prices declined $1.95 to $355.64.
3. Mixed wholesale market: Select increased, but the decline in Choice highlights uneven boxed beef performance.
4. Limited auction activity: Only 237 head received bids at the Friday Fed Cattle Exchange auction.
5. Strong futures momentum requires confirmation: Continued gains will need support from cash trade and wholesale beef demand.

Cattle Price Forecast – What Traders Are Watching Next Week

The coming week will be important in determining whether Friday’s strong close can translate into further gains or whether the market begins to consolidate after a substantial weekly advance.

Traders will be watching several key indicators:

• Cash cattle prices: Whether northern dressed trade at $335–$340 can be maintained or improved.
• Feeder Cattle Index: Whether the index can extend its advance beyond $338.78.
• Wholesale beef values: Whether Choice boxed beef can recover after Friday’s decline.
• Export sales: Whether new beef commitments rebound from the seven-week low.
• Beef shipments: Whether the strong 18-week high can be sustained.
• Slaughter activity: Whether weekly processing increases further and how it compares with year-earlier levels.
• Futures momentum: Whether live and feeder cattle can build on Friday’s gains after the strong weekly performance.

Live Cattle Supply Outlook

Federally inspected slaughter was estimated at 545,000 head for the week, an increase from the previous week but still below the same period last year.

The lower year-on-year figure remains relevant when assessing available cattle supplies and the volume of beef entering the market.

Cash trade and the Fed Cattle Exchange auction will provide further indications of processor buying interest next week.

Beef Demand Outlook

The demand picture is mixed. Export shipments reached an 18-week high, but new sales fell to their lowest level in seven weeks.

Wholesale boxed beef prices also showed divergent movements, with Choice lower and Select higher.

The next round of export figures and wholesale price movements will help determine whether beef demand can provide sufficient support for the recent futures rally.

Cattle Market Outlook for the Week Ahead

Live and feeder cattle futures enter the new week with considerable positive momentum following Friday’s gains and a particularly strong weekly performance in feeder cattle.

December live cattle finished at $220.650, up $6.60 for the week, while November feeder cattle settled at $339.025 after rallying $16.70. The continued increase in the CME Feeder Cattle Index to $338.78 provides another supportive signal.

However, the market faces some important tests. Weekly beef export sales fell to a seven-week low, Choice boxed beef prices declined, and the Fed Cattle Exchange auction recorded only limited bidding activity. These developments could restrict further gains if cash-market and wholesale demand fail to keep pace with futures.

The strongest positive signal is the combination of firm cash trade, higher feeder cattle valuations and strong weekly shipments. The main concern is whether weaker new export sales and mixed boxed beef prices begin to weigh on buyer confidence.

Next week, traders will be focused on cash cattle negotiations, the feeder index, wholesale beef values and fresh export demand figures. If cash prices remain firm and shipments continue at a strong pace, futures could extend their advance. If wholesale prices weaken and export sales remain subdued, the market may consolidate following the substantial weekly rally.

For now, cattle futures retain a positive near-term tone, but confirmation from the cash and wholesale markets will be essential.

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Disclaimer: This article is provided for informational and market commentary purposes only. It does not constitute investment advice, financial advice or a recommendation to buy or sell any financial instrument. Commodity prices are subject to volatility, and readers should conduct their own research before making trading or investment decisions.

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