Cattle futures ground higher Thursday with fundamental strength.
Toward the close, Live Cattle futures were an average of $1.61 higher. Feeder Cattle futures were an average of $4.44 higher.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Thursday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $256-$258/cwt., in Kansas and $256 elsewhere. Dressed delivered prices were mainly $405.
Choice boxed beef cutout value was 8¢ lower Thursday afternoon at $393.21/cwt. Select was $2.46 lower at $373.25.
Corn and Soybean futures were lower Thursday with pressure on the positive weather outlook.
Toward the close, and through near Mar contracts, Corn futures were 7¢ to 8¢ lower also pressured by increased old-crop world stocks in the monthly World Agricultural Supply and Demand Estimates (see below). Soybean futures were mostly 4¢ to 7¢ lower. Kansas City HRW Wheat futures were 1¢ lower to 3¢ higher.
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Major U.S. financial indices closed sharply higher Thursday, erasing the previous session’s losses with later-day chatter that the U.S.-Iran war was nearing an end, at least for day.
The Dow Jones Industrial Average closed 929 points higher. The S&P 500 closed 127 points higher. The NASDAQ was up 640 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $2.31 to $3.61 lower through the front six contracts.
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USDA’s Economic Research Service (ERS) left the projected five-area direct average fed steer price unchanged for the remainder of this year, in the June World Agricultural Supply and Demand Estimates (WASDE). Forecast prices are $252/cwt. in the third quarter and $255 in the fourth quarter with an annual average price of $250.16. The first-quarter price next year was projected to be $250.
That was with beef production this year projected to be 109 million pounds less than last month (-0.4%) at 25.4 billion pounds. The total would be 565 million pounds less (-2.2%) than last year.
“Beef production is lowered, as the slow rate of steer and heifer slaughter is expected to continue through the second quarter and into the third quarter,” ERS analysts say. “Cow slaughter is also reduced for the remainder of the year. Heavier dressed weights partially offset the reductions in slaughter. For 2027, beef production was raised, as increased feedlot placements and reduced marketings in 2026 will result in more fed cattle available for slaughter in 2027.”
Among other WASDE highlights…
Corn
The 2026/27 U.S. corn outlook was virtually unchanged relative to last month. Fractionally higher beginning and ending stocks reflect mostly offsetting trade and domestic use changes for 2025/26 with adjustments to imports, corn used for ethanol, and exports based on data to date.
The 2026/27 season-average farm price received by producers was unchanged at $4.40 per bushel.
Soybeans
U.S. 2026/27 soybean supply, use, and price projections were unchanged.
Projected U.S. season-average soybean prices for 2026/27 were also unchanged at $11.40 per bushel, soybean meal price at $310 per short ton and the soybean oil price at 70¢ per pound.
Wheat
The U.S. wheat outlook for 2026/27 projected smaller supplies, and with no other changes to the balance sheet, lower ending stocks. Supplies were reduced on decreased output as all wheat production was projected at 1,543 million bushels, down 18 million from last month, largely on smaller Hard Red Winter wheat production. The all wheat yield was down 0.5 bushels per acre to 47.0 bushels. Projected ending stocks were reduced 18 million bushels to 744 million, 20% less than the previous year. The 2026/27 season-average farm price was projected 50¢ per bushel lower at $6 based on expectations of futures and cash prices for the marketing year.