Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Based on final established trade last week, FOB live prices were $1 higher in the Southern Plains at $186/cwt., $5-$8 higher in Nebraska at $195-$198 and mainly $2-$3 higher in the western Corn Belt at mostly $193-$195. Dressed delivered prices were $4-$5 higher in Nebraska and the western Corn Belt at $305-$306; prices as high as $310.
The weighted average five-area direct FOB live steer price last week was $3.63 higher at $192.55. The weighted average dressed delivered steer price was $4.76 higher at $305.47.
Choice boxed beef cutout value was 58¢ higher Monday afternoon at $320.47/cwt. Select was $1.01 higher at $304.82/cwt.
Cattle futures closed narrowly mixed Monday with likely profit taking following the previous session’s surge.
Turning to row crops, Grain and soybean futures dropped Monday with an improved weather outlook. Heading into the close and through Jly ’25 contracts, Corn futures were mostly 6¢ to 7¢ lower, while Kansas City Wheat futures and Soybean futures were mostly 15¢ to 21¢ lower.
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Major U.S. financial indices gained Monday, bolstered by tech stocks and apparent optimism about the prospects of a rate cut this year.
The Dow Jones Industrial Average closed 188 points higher. The S&P 500 closed 41 points higher. The NASDAQ was up 168 points.
Heading into the close, West Texas Intermediate Crude Oil futures on the CME were $1.23 to $2.17 higher through the front six contracts.
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Record and near-record high U.S. beef cattle prices are encouraging more live imports from Mexico and Canada. However, the relatively small numbers do not shift domestic price trends, says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University.
“The U.S. cattle industry is nearly five times the size of the Mexican cattle industry and nearly eight times the size of the Canadian industry,” Peel says, in his weekly market comments. “Changes in trade will result in relatively minor market adjustments but will not change the level or trajectory of U.S. cattle prices.”
For perspective, Peel explains the U.S. comprises 75% of the North American herd, followed by Mexico at 15% and 10% in Canada.
Total annual Cattle imports to the U.S. have averaged 1.93 million head over the past decade: 1.16 million head from Mexico (60.5 percent) and 0.764 million head from Canada averaging 0.764 million head (39.5 percent), according to Peel. Imports from Mexico are mostly feeder cattle. Canada exports mostly fed cattle to the U.S. for slaughter, as well as packer cows and bulls.
Through the first four months of this year, Peel says U.S. cattle imports of 762,450 head were 17% more year over year.
On the other side of the ledger, Peel notes the U.S. exported 116,084 head to Canada and Mexico during the first four months — most going to Canada.