Cattle futures were higher Thursday, supported by the week’s stronger cash fed cattle trade and perhaps some positioning ahead of Friday’s Cattle on Feed report. Pre-report estimates peg April placements and marketings about 3% lower year over year, with the May 1 inventory of cattle on feed down about 1.5%.
Live cattle futures were an average of $1.65 higher. Feeder Cattle futures were an average of $3.05 higher, except for 90¢ lower in waning May.
Negotiated cash fed cattle prices ranged from inactive on moderate demand in the Texas Panhandle to limited on good demand elsewhere through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
So far this week, FOB live prices are $1-$2 higher in the North at $230-$231/cwt., in Nebraska and $230 in the western Corn Belt. Dressed delivered prices are mostly $2 higher in Nebraska at mainly $360 with some up to $370. Dressed delivered prices are $2-$7 higher in the western Corn Belt at $360-$365.
Last week, FOB live prices were mostly $220 in the Southern Plains.
Choice boxed beef cutout value was $1.38 higher Thursday afternoon at $360.97/cwt. Select was 67¢ higher at $348.95.
Grain and Soybean futures took a bit of a breather from recent gains on Thursday.
Toward the close and through Mar ‘26 contracts, Corn futures were mostly 1¢ to 2¢ lower. Kansas City Wheat futures were fractionally lower to 1¢ higher. Soybean futures were 1¢ to 5¢ higher.
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Major U.S. financial indices were little changed Thursday, as investors grappled with rising Treasury yields and the House-proposed U.S. budget.
The Dow Jones Industrial Average closed 1 point lower. The S&P 500 closed 2 points lower. The NASDAQ was up 53 points.
Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 81¢ to 87¢ lower through the front six contracts.
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Despite challenges, this is an exciting time to be in the red meat business, says Steve Hanson, chair for the U.S. Meat Export Federation (USMEF), and also a rancher, cattle feeder and grain farmer from southwestern Nebraska.
“Our products are better than ever, and international demand is outstanding,” Hanson told participants at this week’s USMEF spring conference in Fort Worth, Texas. “There are many factors we cannot control, so it is important to remain customer-focused and not lose sight of our mission, which is to expand the global footprint for U.S. pork, beef and lamb.”
Randy Blach, CattleFax, CEO provided a broad outlook of the U.S. protein market, analyzing demand trends for beef, pork and poultry. He noted that the beef industry’s heightened focus on quality has paid enormous dividends – not in terms of consumption volume, but in consumers’ willingness to pay for higher-quality cuts.
“When you look at demand across all proteins, chicken is capturing 50% of the stomach but 25% of the wallet,” Blach explained. “Beef, on the other hand, is getting 25% of the stomach and 50% of the wallet. Which would you rather have?”
Blach emphasized exports continue to make critical contributions to the bottom line of U.S. livestock and poultry producers, who collectively export about 17% of total production. The pork sector leads the way at 30%, with beef exports accounting for about 14% of production.