Heightened volatility and uncertainty tied to lingering wonderments about President Trump’s stated goal to reduce beef prices capped recent gains in Cattle futures on Friday. Month-end position squaring was likely also at play.
Live Cattle futures closed an average of $1.99 lower, except for $1.32 higher in expiring spot Oct. Week to week on Friday, Live Cattle futures closed an average $5.75 lower, except for $2.85 higher in expiring spot Oct. They were an average $10.37 lower the previous week.
Feeder Cattle futures closed an average of $2.08 lower, from 2¢ lower in expiring Oct to $2.95 lower. Week to week on Friday, Feeder Cattle futures closed an average of $16.31 lower. They were an average of $38.40 lower over the past two weeks.
Negotiated cash fed cattle trade was limited on light to moderate demand in all cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some FOB live trades in Nebraska at $232.00/cwt. and some in the western Corn Belt at $230.
For the week, FOB live prices were mostly $230/cwt. in the North and dressed delivered trades in Nebraska were $355-$360.
FOB live prices in the Southern Plains the previous week were $238. Dressed delivered prices in the western Corn Belt the previous week were $372 in a light test.
Choice boxed beef cutout value was 14¢ lower Friday afternoon at $378.13/cwt. Select was 87¢ lowerat $358.65.
Soybean futures gained further Friday on the recently announced trade framework between the United States and China, which includes minimum U.S. soybean exports to China. They closed mostly 8¢ to 10¢ higher through Mar ‘27.
Corn futures were unchanged to 1¢ higher through Jly ’26 and then mostly fractionally lower. KC HRW Wheat futures were 1¢ to 11¢ higher through Sep ’26 and then mostly fractionally lower.
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Major U.S. financial indices closed higher Friday, led by tech stocks.
The Dow Jones Industrial Average closed 40 points higher. The S&P 500 closed 17 points higher. The NASDAQ was up 143 points.
West Texas Intermediate Crude Oil futures (CME) closed 15¢ to 41¢ higher through the front six contracts.
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President Trump’s recent comments about reducing beef prices and chatter about importing more beef from Argentina continued to play havoc in cattle markets last week, sinking cattle futures for a second consecutive week and hammering cash prices for calves and feeder cattle. Nationwide, trend of $30-$40/cwt. declines were common at weekly auctions.
“These comments have quickly ambushed the American cattle producer with their unintended consequences,” says Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. “As it relates to reducing beef prices domestically, the President is really only talking about ground beef. Nearly every ounce of imported beef is lean grinding beef except for some muscle cuts coming from Canada. This means that more beef imports would really only influence ground beef prices if they impact anything at all. In fact, the lean grinding beef is needed to mix with trimmings and fat from domestically produced finished cattle, because it adds value to the fat and whole carcass. One person’s opinion is that fundamentals will rule the day. It will take a little time to determine if that is the case or not.”