Negotiated cash fed cattle trade was moderate on moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. Early FBO live trades were mostly $8 lower at mainly $240/cwt. Dressed delivered sales so far this week are $10-$13 lower at mostly $380.
Trade was limited on moderate demand in the western Corn Belt. Although too few transactions to trend, there were some early FOB live trades at $238-$240 and some in the beef at $375. Last week, FOB live trades were $248 and dressed delivered prices were mostly $393.
Trade was mostly inactive on light demand in Kansas, where FOB live prices were $248 last week.
Choice boxed beef cutout value was $2.67 lower Wednesday afternoon at $371.28/cwt. Select was $5.23 lower at $359.18.
Cattle futures stepped mainly lower Wednesday with lower Choice wholesale beef values and another steep decrease in cash fed cattle prices so far this week.
Toward the close, Live Cattle futures were an average of $2.11 lower. Feeder Cattle futures were an average of $2.05 lower, except for $1.90 and 10¢ higher in the front two contracts.
Wheat futures screamed higher Wednesday, bolstered by supply chain disruptions tied to the Russia-Ukraine war.
Toward the close and through near Mar contracts, Kansas City HRW Wheat futures were mostly 41¢ to 44¢ higher. Corn futures were mostly 7¢ to 8¢ higher. Soybean futures were 8¢ to 10¢ higher.
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Major U.S. financial indices closed higher Wednesday, once again supported by a tamer inflation reading than expected.
The seasonally adjusted Producer Price Index for final demand fell 0.3% in June, according to the U.S. Bureau of Labor Statistics (BLS). On an unadjusted basis, the index for final demand increased 5.5% for the 12 months ended in June. A day earlier, the BLS reported that the all items Consumer Price Index for all Urban Consumers (CPI-U) decreased 0.4% month to month in June on a seasonally adjusted basis.
The Dow Jones Industrial Average closed 150 points higher. The S&P 500 closed 28 points higher. The NASDAQ was up 162 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 89¢ to $1.14 higher through the front six contracts.
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Although the cattle inventory at the beginning of 2026 was lower year over year, Will Secor, Extension livestock economist at the University of Georgia notes the inventory of cattle on feed has grown with the June 1 inventory the most for the month since 2022.
Even so, Secor explains fed steer slaughter was down 7.8% year over year through the last week of June and fed heifer slaughter was down 11.6% — combined for 9.3% less, due in part to more days on feed. He adds that total cow slaughter was down 5.9% — 16.3% less beef cow slaughter but 3.9% more for dairy cows.
“Margins remain tight at the feedlot and processor level, which may limit opportunities to process additional cattle,” Secor says in the latest issue of In the Cattle Markets. “Consumer beef demand has been strong, but indications of growing consumer headwinds could weigh on the sector going forward. All of these dynamics indicate that this is an important area to watch in the coming months.”