Cattle Market Momentum Builds as Bulls Command Trading Week

The cattle complex demonstrated robust strength throughout the trading session, with live cattle futures establishing solid upside momentum. December 2025 Live Cattle contracts closed at $230.825, advancing $1.025 from the prior settlement, while February 2026 contracts registered $230.550, up $1.000. April 2026 Live Cattle added $0.625 to settle at $230.025. The underlying strength reflected broader confidence in the live cattle market, with Monday’s close bookending a week of deliberate cash trade improvements across most major regions of the country, where prices clustered near $230 levels, with northern markets reaching up to $234 in select transactions.

Feeder Cattle Advance on Steady Demand

Feeder cattle futures participated in the bullish backdrop, with January 2026 Feeder Cattle climbing $0.825 to $339.925, March 2026 adding $0.775 to reach $334.850, and April 2026 advancing $0.550 to $333.775. Front-month contracts captured gains spanning 55 to 85 cents, reflecting underlying demand dynamics. The CME Feeder Cattle Index bolstered the narrative, recording a 60-cent increase to settle at $347.37 as of December 12. Weekly auction activity at Oklahoma City showed 8,500 head offered for sale, a notable uptick from the previous week’s volume. Steers at the auction demonstrated strength with pricing advancing $4-8, while heifer classes remained relatively stable to modestly firmer at up to $3. Conversely, calves displayed weakness, with steer offerings declining $5-10 and heifer demand slipping $10-20 from prior levels.

Managed Money Takes Pause in Positioning

Commitment of Traders data through November 25 provided a nuanced perspective on speculative interest. Managed money participants reduced their accumulated long positions by 4,420 contracts, bringing net longs to 92,911 contracts—the smallest aggregate since October 2024. This modest retrenchment suggested selective profit-taking despite the broader bull momentum. Speculative participants in feeder cattle futures and options similarly trimmed exposure, paring net long positioning by 1,382 contracts to reach 16,048 contracts, indicating a measured approach amid advancing prices.

Export Bookings Hit Multi-Week Peak

Beef export sales activity underscored the market’s fundamental health. Weekly sales totaling 17,148 metric tons for 2025 delivery represented the strongest seven-week booking period, while an additional 5,398 metric tons committed for 2026 delivery demonstrated sustained international demand. Shipment volumes reinforced this narrative, with 19,789 metric tons representing the highest throughput since January. USDA-monitored wholesale boxed beef pricing mirrored the constructive environment, with Choice boxes advancing $2.02 to $359.46 per cwt and Select grades climbing $3.08 to $347.30. The differential between Choice and Select compressed to $12.16, signaling improved meat demand tone.

Processing Volume Trails Year-Over-Year Comparisons

USDA federally inspected cattle slaughter on Monday settled at 110,000 head, positioning 5,000 head below the prior Monday while running 6,934 head lighter than the corresponding Monday year-ago, reflecting typical seasonal contraction patterns in processing activity as the market navigated post-holiday demand dynamics.