WLI

Cattle futures were higher Thursday, supported by stronger outside markets and the prospects for steady to higher cash fed cattle prices this week.

Toward the close, Live Cattle futures were an average of 51¢ higher, except for 2¢ lower in near Jun. Feeder Cattle futures were an average of 65¢ higher.

Negotiated cash fed cattle trade ranged from light on moderate demand in Kansas to mostly inactive on very light demand elsewhere through Thursday afternoon, according to the Agricultural Marketing Service. There were too few transactions to trend in any region.

Last week, FOB live prices were $208-$210/cwt. in the Texas Panhandle, $210 in Kansas, $212-$214 in Nebraska and $212 in the western Corn Belt. Dressed delivered prices were $332-$340 in Nebraska and $335 in the western Corn Belt.

Choice boxed beef cutout value was $1.73 higher Thursday afternoon at $333.70/cwt. Select was $1.83 higher at $316.35.

Grain and Soybean futures were higher Thursday.

Toward the close and through Sep ’25 contracts, Corn futures were unchanged to 4¢ higher. Kansas City Wheat futures were fractionally higher to 1¢ higher. Soybean futures were 10¢ to 14¢ higher

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Major U.S. financial indices closed higher again Thursday, led by tech stocks.

The Dow Jones Industrial Average closed 486 points higher. The S&P 500 closed 108 points higher. The NASDAQ was up 457 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 47¢ to 54¢ higher through the front six contracts.

Cattle futures were higher Wednesday, helped along by firmer outside markets.

Toward the close, Live Cattle futures closed an average of 89¢ higher. Feeder Cattle futures closed an average of 73¢ higher.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand in Kansas to a standstill elsewhere through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $208-$210/cwt. in the Texas Panhandle, $210 in Kansas, $212-$214 in Nebraska and $212 in the western Corn Belt. Dressed delivered prices were $332-$340 in Nebraska and $335 in the western Corn Belt.

Choice boxed beef cutout value was 24¢ higher Wednesday afternoon at $331.97/cwt. Select was $3.13 lower at $314.52.

Grain and Soybean futures were mixed Wednesday.

Toward the close and through Sep ’25 contracts, Corn futures were 3¢ to 4¢ lower. Kansas City Wheat futures were 7¢ to 8¢ lower. Soybean futures were 2¢ to 6¢ higher.

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Major U.S. financial indices extended gains Wednesday as the White House rhetoric toward the Federal Reserve cooled.

The Dow Jones Industrial Average closed 419 points higher. The S&P 500 closed 88 points higher. The NASDAQ was up 407 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.01 to $1.40 lower through the front six contracts.

Cattle futures rebounded Tuesday, following outside markets higher just they followed them lower the previous day.

Toward the close, Live Cattle futures were an average of $1.94 higher. Feeder Cattle futures were an average of $2.50 higher.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $208-$210/cwt. in the Texas Panhandle, $210 in Kansas, $212-$214 in Nebraska and $212 in the western Corn Belt. Dressed delivered prices were $332-$340 in and $335 in the western Corn Belt.

Choice boxed beef cutout value was $1.79 lower Tuesday afternoon at $331.73/cwt. Select was $1.12 lower at $317.65.

Grain and Soybean futures were mixed Tuesday.

Toward the close and through Sep ’25 contracts, Corn futures were 6¢ to 7¢ lower, pressured by the fast planting clip with 12% in the ground April 20, according to the latest USDA Crop Progress report.

Kansas City Wheat futures were 4¢ to 6¢ lower.

Soybean futures were fractionally higher to 5¢ higher.  

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Major U.S. financial indices surged higher Tuesday as investors looked past infighting between the White House and Federal Reserve.

The Dow Jones Industrial Average closed 1,016 points higher. The S&P 500 closed 129 points higher. The NASDAQ was up 429 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.10 to $1.14 lower through the front six contracts.

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Gloominess continues for the rural economy, according to the latest Creighton University Rural Mainstreet Index (RMI). The overall index declined 1.1 points to 40.0 in April, the 19^th time in the past 20 months with a reading below growth neutral. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.

“The economic outlook for 2025 farm income remains weak, according to bank CEOs,” says Ernie Goss, the Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business. “Despite the negative fallout from tariffs, 75% of bankers support the tariffs on China, and 79.2% back the 90-day pause on other tariffs.”

Three of four bankers back the President’s recent substantial increase in tariffs on imports from China. Only one in four support a return to January 1, 2025, tariffs on imports from China. The RMI is based on a monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy.

“Rural bankers remain pessimistic about economic growth for their area over the next six months. The April confidence index increased to a weak 36.0 from March’s 30.4.,” Goss says. “Weak grain prices and negative farm cash flows, combined with downturns in farm equipment sales over the past several months, pushed banker confidence lower.”

Cattle futures closed lower Monday, pressured by the sinking equities and perhaps added pressure from last week’s Cattle on Feed report which indicated more placements than expected last month.

Toward the close, Live Cattle futures were an average of 34¢ lower, except for 20¢ higher in the back contract. Feeder Cattle futures were an average of $1.78 lower.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were $4-$6 higher in the Texas Panhandle at $208-$210/cwt., $6 higher in Kansas at $210, $4-$6 higher in Nebraska at $212-$214 and $4 higher in the western Corn Belt at $212. Dressed delivered prices were $5-$12 higher in Nebraska at $332-$340 and $7-$8 higher in the western Corn Belt at $335.

The five-area direct weighted average FOB live fed steer price last week was $3.93 higher at $211.63/cwt. The weighted average dressed delivered fed steer price was $9.10 higher at $336.81.

Choice boxed beef cutout value was $2.00 higher Monday afternoon at $333.52/cwt. Select was $3.22 higher at $318.77.

Grain and Soybean futures were lower Monday, with little direction other than turbulence in the outside markets.

Toward the close and through Sep ’25 contracts, Corn futures were unchanged to 2¢ lower. Kansas City Wheat futures were 5¢ lower. Soybean futures were 6¢ to 8¢ lower.  

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Major U.S. financial indices closed sharply lower Monday, fueled concerns about the growing conflict between the White House and Federal Reserve.

The Dow Jones Industrial Average closed 971 points lower. The S&P 500 closed 124 points lower. The NASDAQ was down 415 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.29 to $1.38 lower through the front six contracts.

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The latest Cattle on Feed report could point to initial U.S. beef cow herd expansion, says Derell Peel, Extension livestock marketing specialist at Oklahoma State University. There were 4.38 million heifers on feed April 1, which was 3.9% less than the previous year. According to Peel, heifers on feed represented 37.6% of the mix, which was 4.3% less than January’s heifer inventory, representing the lowest quarterly total since July 2021 and the lowest percentage since April 2020.

“The heifer percentage has averaged over 39% for the past 16 quarters,” Peel says in weekly market comments. “This may be the first solid evidence that some heifer retention is beginning. It is not definitive nor very strong yet – the current heifer on-feed percentage is still fractionally above the long-term average percentage. During herd expansion the heifer percentage is expected to drop below 35% for several quarters. The next quarterly update in July may confirm the declining heifer on-feed percentage and heifer retention if the percentage drops below 37%.”

Negotiated cash fed cattle trade ranged from limited on light demand in the western Corn Belt to inactive on very light demand elsewhere through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were $4-$6 higher in the Texas Panhandle at $208-$210/cwt., $6 higher in Kansas at $210, $4-$6 higher in Nebraska at $212-$214 and $4-$7 higher in the western Corn Belt at $212-$215. Dressed delivered prices were $5-$12 higher in Nebraska at $332-$340 and $7-$8 higher in the western Corn Belt at $335.

Choice boxed beef cutout value was $1.38 lower Friday afternoon at $331.51/cwt. Select was 84¢ lower at $315.55.

Estimated total cattle slaughter last week of 576,000 head was 12,000 head more than the previous week but 42,000 head fewer than the same week a year earlier. Year-to-date estimated total cattle slaughter of 9.0 million head was 530,000 head fewer (-5.6%). Estimated year-to-date beef production of 7.6 billion pounds was 147.2 million pounds less (-1.8%).

Equity and futures markets were closed Friday in observance of Good Friday. Cattle futures trended higher during the week, supported by stronger negotiated cash fed cattle prices.

Live Cattle futures closed an average of $6.27 higher week to week on Thursday ($4.25 higher at the back to $8.98 higher at the front.

Week to week on Thursday, Feeder Cattle futures closed an average of $9.41 higher.

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Retail beef prices continued to trend higher through the first quarter of 2025.

“In March, the all-fresh retail beef price reached a record of $8.42 per pound, up +6.8% (54¢ per pound) from the prior year,” say analysts with the Livestock Marketing Information Center (LMIC), in the latest Livestock Monitor. “The ground beef price surged to a record of $6.14 per pound in March, up +11.1% (62¢ per pound) from last year. Roasts were at $7.99 per pound in March, essentially unchanged from last month’s record of $8.00 per pound, and up +8.1% (60¢ per pound) from last year. Steaks were $11.92 per pound, an increase of +3.4% (39¢ per pound) from the same month last year.”

For broader perspective, LMIC analysts say the retail pork price was $4.95 per pound in March, near the record high of $5.04 in October 2022. The retail bacon price in March was just below $7 per pound at $6.98 per pound, an increase of +5.6% (37¢ per pound) from the prior year.

The broiler composite retail chicken price of $2.45 per pound in March was 2¢ per pound more than last year. Eggs were a record-high $6.23 per pound in March, more than double the $2.99 per pound the prior year.