Cattle futures stepped lower Thursday, pressured by wariness over a potential strike at the JBS packing plant in Greeley, CO and softer early cash fed cattle prices.
Toward the close, Live Cattle futures were an average of $2.84 lower, except for unchanged in expiring Feb. Feeder Cattle futures were an average of $5.05 lower.
Negotiated cash fed cattle was moderate on moderate demand in the North through Thursday afternoon, according to the Agricultural Marketing Service.
In Nebraska, early dressed delivered prices were $5 lower at $383/cwt. Although too few to trend, there were some FOB live trades at $243-$245; prices last week were mainly $247-$248.
In the western Corn Belt, early FOB live prices were $2-$4 lower at $243. Although too few to trend, there were some dressed delivered trades at $382-$383; prices last week were $388.
Trade was inactive on light to moderate demand in the Southern Plains. FOB live prices there last week were $249.
Choice boxed beef cutout value was $1.34 lower Thursday afternoon at $377.89/cwt. Select was $3.72 higher at $370.79.
Grain and Soybean futures were mixed on Thursday with early pressure from disappointing weekly export sales.
Toward the close, through near Sep contracts, KC HRW Wheat futures were fractionally mixed to 1¢ higher. Corn futures were fractionally higher to 3¢ higher. Soybean futures were mostly unchanged to 2¢ lower.
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Major U.S. financial indices were mixed Thursday, pressured by tech stocks.
The Dow Jones Industrial Average closed 17 points higher. The S&P 500 down 37 points. The NASDAQ was down 273 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 5¢ to 11¢ lower through the front six contracts.
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Feedlots with 1,000 head or more capacity numbered, 2,082 last year, which was 23 fewer than the previous year, according to the latest Cattle on Feed report. There were 24,000 feedlots with less than 1,000 head capacity, which was the same as a year earlier — so, a total of 26,082 feedlots.
Total capacity for feedlots of all sizes was 17.1 million head, just 100,000 head less than the previous year.
“Feedlot capacity has averaged 17.07 million head for the past 20 years, ranging from 16.7 million head in 2009 to 17.3 million head in 2017,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. “Total feedlot capacity has varied between 17.1 and 17.2 million head since 2018. The total feedlot inventory on Jan. 1 (2026) was 81% of total feedlot capacity with feedlots of greater than 1,000 head capacity utilizing 67% of total feedlot capacity.”
While feedlots with less than 1,000 head capacity represented 92% of all feedlots, they accounted for just 12.9% of total fed cattle marketing last year, according to Peel. On the other end of the size scale, he explains, 4% had a capacity of more than 50,000 head, while 3% possessed capacity of 32,000 to 50,000 head.
“The largest feedlots accounted for 41% of fed cattle marketed, along with another 18% for the second largest category,” Peel says. “Thus, 7.1% of the largest feedlots marketed 58.8% of fed cattle in 2025. For feedlots with greater than 50,000 head capacity, 82 feedlots marketed 8.39 million head, or average marketings per feedlot of 102,317 head in 2025.” For comparison he notes feedlots with less than 1,000 head capacity marketed about 126 head on average.
Listen to more of Peel’s market insights here.