Cattle futures stepped higher Monday.
Toward the close, Live Cattle futures were an average of $3.11 higher. Feeder Cattle futures were an average of $5.49 higher.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $2 lower at mostly $246/cwt. and dressed delivered prices were $2 lower at $386.
The five-area direct weighted average FOB live fed steer price was $1.84 lower at $246.18. The weighted average dressed delivered fed steer price was $2.14 lower at $386.
Choice boxed beef cutout value was $2.56 higher Monday afternoon at $389.56/cwt. Select was $2.53 higher at $388.60.
Grain and Soybean futures rose Monday with risk-on buying.
Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 7¢ higher. Corn futures were mostly 5¢ to 6¢ higher. Soybean futures were mostly 9¢ to 12¢ higher through near Nov.
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Major U.S. financial indices closed mixed but little changed Monday with more back and forth on U.S.-Iran ceasefire speculation.
The Dow Jones Industrial Average closed 62 points lower. The S&P 500 closed 8 points higher. The NASDAQ was up 50 points.
Toward the close, West Texas Intermediate Crude Oil futures (CME) were 92¢ to $2.28 higher through the front six contracts.
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Domestic U.S. ground beef demand continues to increase even as total beef production declines and beef prices increase, according to Derrell Peel, Extension livestock marketing specialist at Oklahoma State University.
For perspective, in his weekly market comments, Peel says per capita supplies of ground beef increased last year to the highest level since 2004 at 28.6 pounds per person.
“The challenges of meeting ground beef demand are substantial,” Peel explains. “Ground beef utilizes fatty trimmings from fed cattle and lean trimmings from cull cows and other sources. Total cow slaughter decreased 28.7% from 2022 through 2025, leading to a 24.8% decrease in non-fed beef production. This is the primary source of lean processing beef used in ground beef mixtures.”
According to Peel, the 3.6% decrease in beef production last year was offset by increased net beef imports to hold total per capita beef consumption steady with the previous year.
“Per capita beef consumption for 2025 was estimated at 59.8 pounds per person,” Peel says. “Total beef production thus far in 2026 is down 6.2% and is expected to be down 3-4% annually for the year with per capita beef consumption declining despite additional beef imports this year.”