Cattle futures were mainly firmer Wednesday. Toward the close, Live cattle futures were an average of 66¢ higher, except for an average of 55¢ lower in three contracts.
Feeder Cattle futures were an average of 60¢ higher, except for an average of 95¢ lower in three contracts.
Negotiated cash fed cattle trade ranged from moderate on good demand in the North to mostly inactive elsewhere through Wednesday afternoon, according to the Agricultural Marketing Service.
FOB live prices were $4-$6 lower in Nebraska at $236/cwt. and $4 lower in the western Corn Belt at $236-$237. Dressed delivered prices were $2-$4 lower in Nebraska at $376-$378 and $4 lower in the western Corn Belt at $376.
Last week, FOB live prices were $235.00/cwt. in the Southern Plains.
Choice boxed beef cutout value was $2.36 higher Wednesday afternoon at $388.87. Select was 20¢ higher at $372.74.
Grain and Soybean futures were mixed Wednesday.
Toward the close and through Mar ‘26 contracts, Corn futures were mostly 5¢ higher. Kansas City Wheat futures were 22¢ to 23¢ higher. Soybean futures were mostly 1¢ lower.
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Major U.S. financial indices closed little changed Wednesday.
Key news for the day included the Fed’s decision to leave interest rates unchanged.
“Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated,” according to the FOMC statement.
The Dow Jones Industrial Average closed 44 points lower. The S&P 500 closed 1 point lower. The NASDAQ was up 25 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 3¢ to 25¢ lower through the front six contracts after 27¢ higher in spot Jly.
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USDA’s Economic Research Service (ERS) increased the projected average feeder steer price for the remainder of this year, compared to the previous month, in the June Livestock, Dairy and Poultry Outlook. Forecast prices increased $4 in the third quarter to $306/cwt. and $2 in the fourth quarter to $308. However, the second-quarter estimate decreased $9 to $301. The projected annual price is $297.78 for this year and $306.25 for 2026. Prices are basis a 750-800 lbs. Medium and Large #1 steer selling at Oklahoma City.
ERS analysts note this class and weight of steers averaged just over $272/cwt. at Oklahoma National Stockyards during the first 11 weeks of the year and almost $296 since then. However, they say lower auction volumes some weeks due to inclement weather add challenge to identifying price trends.
“After Memorial Day, early June sale prices showed resilient demand for feeder steers, which is likely on the back of plentiful rains in the Southern Plains, improving grazing conditions,” ERS analysts say.
As mentioned in Cattle Current last week, the ERS increased projected fed steer prices for the remainder of this year in June’s World Agricultural Supply and Demand Estimates (WASDE).
Based on recent price strength and continued demand for cattle, ERS increased the forecast five-area direct fed steer price $9-$10 higher than the previous month. Prices were projected at $217/cwt. in the second quarter, $226 in the third quarter and $229 in the fourth quarter. The annual average price increased $7 to $221.51.
That was with this year’s beef production projected to be 65 million pounds less than the previous month’s forecast at 26.4 billion pounds, based on reduced steer and heifer slaughter in the second quarter and reduced cow slaughter for the remainder of the year. Production would be 626 million pounds less (-2.3%) than the previous year.
For next year, the ERS projected the first-quarter price to be $227 and the annual average price to be $229.