WLI

Cattle futures firmed Thursday, helped by rising wholesale beef values and the cash premium to futures.

Toward the close, Live Cattle futures were an average of $1.40 higher, except for 95¢ lower in the back contract. Feeder Cattle futures were an average of 61¢ higher, except for 5¢ lower in spot March and $2.57 lower in the back contract.

Negotiated cash fed cattle trade ranged from limited on moderate demand in Nebraska to mostly inactive on moderate demand in the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service. So far, this week, FOB live prices in both regions are mostly $5 lower at mainly $235/cwt. Dressed delivered prices are mostly $8 lower at mainly $372.

In the Southern Plains, trade was limited on moderate demand in the Texas Panhandle and mostly inactive on light demand in Kansas. So far this week, FOB live trades are $5 lower in Kansas at $235. FOB live prices in the Texas Panhandle last week were $240.

Choice boxed beef cutout value was 39¢ higher Thursday afternoon at $397.09/cwt. Select was $1.57 higher at $390.82.

Surging oil prices helped lift Corn and Soybean futures on Thursday.

Toward the close, and through near Sep contracts, Corn futures were fractionally higher to 5¢ higher. Soybean futures were 2¢ to 13¢ higher. Kansas City HRW Wheat futures 16¢ higher in waning March and then fractionally lower to 1¢ lower.

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Major U.S. financial indices closed sharply lower Thursday as crude oil prices continued higher, along with worries about disruptions in supply chains and pressure on the broader economy.

The Dow Jones Industrial Average closed 739 points lower. The S&P 500 closed 103 points lower. The NASDAQ was down 404 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $4.98 to $9.06 higher through the front six contracts.

Cattle futures lost ground Wednesday, as bearishness increased in outside markets.

Toward the close, Live Cattle futures were an average of $1.97 lower. Feeder Cattle futures were an average of $5.19 lower.

Negotiated cash fed cattle trade was moderate on moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. FOB live prices were $5 lower at mostly $235/cwt. Dressed delivered prices were $8 lower at $372.

Trade was light on moderate demand in the western Corn Belt, where FOB live prices were $5-$7 lower at $233-$235. Dressed delivered prices last week were $380.

In the Southern Plains, trade was limited on moderate demand. Although too few transactions to trend, there were some early FOB live trades in Kansas at $235. FOB live prices in the Southern Plains last week were $240.

Choice boxed beef cutout value was $2.03 higher Wednesday afternoon at $396.70/cwt. Select was $2.48 higher at $389.25.

Grain and Soybean futures were higher Wednesday, supported by resurgent oil prices and apparent inflationary buying.

Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures 5¢ to 6¢ higher. Corn futures were 8¢ to 9¢ higher. Soybean futures were 10¢ to 13¢ higher.

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Higher oil prices and concerns about inflation spun by the U.S.-Israel attack on Iran weighed on major U.S. financial indices Wednesday.

The Dow Jones Industrial Average closed 289 points lower. The S&P 500 closed 5 points lower. The NASDAQ was up 19 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $4.50 to $4.85 higher through the front six contracts.

Cattle futures gained Tuesday, helped by the decline in Crude Oil futures and the continued increase in wholesale beef values.

Toward the close, Live Cattle futures were an average of $2.49 higher. Feeder Cattle futures were an average of $3.27 higher.

Negotiated cash fed cattle trade ranged from limited on moderate demand in Nebraska to inactive on light demand elsewhere through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early dressed delivered sales in Nebraska at $372/cwt.

Across all regions last week, FOB live prices were $240 and dressed delivered prices were $380.

Choice boxed beef cutout value was $3.38 higher Tuesday afternoon at $394.67/cwt. Select was $3.15 higher at $386.77.

Grain futures were lower Tuesday with sharply lower Oil prices and little change in the World Agricultural Supply and Demand Estimates (see below).

Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures were unchanged to 9¢ lower. Corn futures were mostly unchanged to 1¢ lower. However, Soybean futures were 5¢ to 8¢ higher.

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Major U.S. financial indices closed little changed Tuesday after a wild ride.

The Dow Jones Industrial Average closed 34 points lower. The S&P 500 closed 14 points lower. The NASDAQ was up 1 point.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.97 higher to $8.07 lower through the front six contracts.

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USDA’s Economic Research Service raised the projected weighted average five-area direct fed steer price for the first three quarters of this year in the latest World Agricultural Supply and Demand Estimates (WASDE).

Compared to the previous month, based on recent prices and continued strong demand, prices increased $2 in the first quarter to $240/cwt., $3 in the second quarter to $241 and $2 in the third quarter to $242. The fourth-quarter price was unchanged at $245. The annual average price increased $2 to $240.

This year’s beef production was estimated 110 million pounds less than last month at 25.8 billion pounds. Beef production would be 191 million pounds less (-0.7%) than last year.

“Beef production is forecast lower on the slower-than-expected pace of slaughter through early March, partially offset by heavier dressed weights,” say ERS analysts.

Among other WASDE highlights…

Corn

The 2025/26 U.S. corn outlook was unchanged. The season-average corn price received by producers was unchanged at $4.10 per bushel.

Soybeans

U.S. 2025/26 soybean supply and use projections include increased imports and crush, and unchanged ending stocks.

The season-average soybean price was projected unchanged at $10.20 per bushel. The soybean meal price was raised $5 to $300 per short ton. The soybean oil price was projected 2¢ higher at 55¢ per pound.

Wheat

There were no changes for the 2025/26 U.S. wheat supply and use categories. The season-average farm price was forecast 5¢ higher at $4.95 per bushel, based on NASS prices reported to date and price expectations for the remainder of the marketing year.

Cattle futures were sharply lower again Monday, but off sessions lows, pressured by a range of factors, including last week’s lower negotiated cash fed cattle prices, news that the JBS plant in Greeley, Colo. was cancelling slaughter at the plant this week ahead of the potential strike, and spiking Crude oil futures pressuring outside markets.

Toward the close, Live Cattle futures were an average of $3.58 lower. Feeder Cattle futures were an average of $5.31 lower.

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 $240/cwt., which was $4 lower in the Southern Plains, generally $2 lower in Nebraska and $3 lower in the western Corn Belt. Dressed delivered prices were $380, which was $3 lower in Nebraska and $2-$3 lower in the western Corn Belt.

Last week’s five-area direct weighted average FOB live fed steer price was $2.77 lower at $239.94/cwt. The weighted averaged dressed delivered fed steer price was $2.78 lower at $379.82.

Last week’s five-area direct weighted average FOB live fed steer price was $2.77 lower at $239.94/cwt. The weighted averaged dressed delivered fed steer price was $2.78 lower at $279.82.

Choice boxed beef cutout value was $4.07 higher Monday afternoon at $391.29/cwt. Select was $4.67 higher at $383.62.

Grain and soybean futures were lower on likely profit taking from last week’s sharp gains, as well as likely producer selling. Keep in mind that the World Agricultural Supply and Demand Estimates are due out Tuesday.

Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures were 3¢ to 5¢ lower. Corn futures were mostly 4¢ to 8¢ lower. Soybean futures were mostly 1¢ to 4¢ lower.

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Major U.S. financial indices ended higher Monday after early pressure. Late-session gains were attributed to decelerating oil prices and comments by President Trump suggesting the U.S.-Israel attack on Iran might be nearing an end.

The Dow Jones Industrial Average closed 239 points higher. The S&P 500 closed 55 points higher. The NASDAQ was up 308 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $3.12 lower to 56¢ higher through the front six contracts.

Cattle futures were sharply lower Friday, pressured by bearish outside markets and another week of lower negotiated cash fed cattle prices. Also on Friday, the United Food and Commercial Workers Local 7, which represents workers at the JBS plant, gave notice that it was cancelling its extension agreement effective 11:59 p.m., March 15. So, workers could go on strike as soon as March 16 (see related news below).

Live Cattle futures closed an average of $4.13 lower. Feeder Cattle futures closed an average of $7.26 lower.

Week to week on Friday, Live Cattle futures closed an average of $1.33 higher (47¢ to $2.35 higher), recapturing some of the previous week’s losses. Feeder Cattle futures closed an average of $1.01 higher (20¢ higher at the front to $1.72 higher toward the back of the board).

Negotiated cash fed cattle trade ranged from active on good demand in Nebraska to moderate on good demand in the western Corn Belt through Friday afternoon, according to the Agricultural Marketing Service.

FOB live prices were $240/cwt., which was generally $2 lower in Nebraska and $3 lower in the western Corn Belt. Dressed delivered prices were $380, which was $3 lower in Nebraska and $2-$3 lower in the western Corn Belt.

Trade was limited on moderate to good demand in the Southern Plains with too few transactions to trend. FOB prices the previous week were $244.

Choice boxed beef cutout value was 33¢ higher Friday afternoon at $387.22/cwt. Select was $1.66 lower at $378.95. Week to week on Friday, Choice boxed was $7.38 higher and Select was $4.64 higher.

Estimated total cattle slaughter last week of 521,000 head was 2,000 head more than the previous week but 58,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 5 million head was 555,000 head fewer (-10%) than the same time last year. Year-to-date estimated total beef production of 4.4 billion pounds was 374.9 million pounds less (-7.8%).

Grain and Soybean futures continued higher Friday, buoyed by higher energy prices and inflationary hedging by funds.

Kansas City HRW Wheat futures closed 23¢ to 31¢ higher through May ‘27. Soybean futures closed 10¢ to 21¢ higher through near Nov and then mostly 2¢ to 8¢ higher. Corn futures closed mostly 4¢ to 8¢ higher. Week to week on Friday, Corn futures closed an average of 13’4¢ higher through the front six contracts, an average of 20’6¢ higher in the last two weeks.

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Major U.S. financial indices sagged lower Friday, weighed down by sharply higher Crude Oil futures, tied to the U.S.-Israel attacks on Iran, as well as an unexpectedly dismal employment reading.

Rather than gaining, as many anticipated, total nonfarm payroll employment edged down by 92,000 in February, and the unemployment rate edged higher to 4.4%, according to the U.S. Bureau of Labor Statistics.

In February, average hourly earnings for all employees on private nonfarm payrolls rose by 15¢ to $37.32. Over the past 12 months, average hourly earnings have increased by 3.8%.

The Dow Jones Industrial Average closed 453 points lower. The S&P 500 closed 90 points lower. The NASDAQ was down 361 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $2.82 to $9.89 higher through the front six contracts. Week to week on Friday, those contracts were an average of $14.84 higher.

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As mentioned earlier, the United Food and Commercial Workers Local 7, which represents workers at the JBS plant in Greeley, Colo., gave notice that it was cancelling its extension agreement, paving the way for workers to potentially go on strike as soon as March 16. Uncertainty caused by the potential continues to roil Cattle futures prices.

Packers are struggling with historically high fed cattle prices despite historically high wholesale beef prices and even higher retail beef prices. All has everything to do with historically low cattle numbers, in tandem with extraordinary consumer beef demand. The market logic is straightforward.

Yet, Senator Chuck Schumer (D-NY) and other Senate Democrats took aim at high beef prices last week with legislation that could do nothing but drive prices higher.

The Family Grocery and Farmer Relief Act (FGFRA) bill introduced by Senator Schumer and others would, according to the authors, “… break up dominant meatpackers, rein in foreign controlled corporate giants, and use federal tools to stop unfair pricing that drives up grocery bills for American families and hurts workers, farmers, and ranchers.”

Among other things, the FGFRA would make it unlawful for a major meatpacking conglomerate to control more than one major type of meat, forcing the biggest players to choose a line of business and impose hard caps on the concentration of beef markets at both the regional and national levels.

“Schumer’s bill and other efforts to villainize meat packers is simply reckless election year pandering that threatens to damage a crucial industry at the center of every American meal,” says Julie Anna Potts, Meat Institute President and CEO. “If the Senator is trying to make meat and poultry more affordable for consumers, this is the wrong approach. It will have the opposite effect. While this may be just a messaging bill to Senator Schumer, it is real life for American families, farmers and ranchers and for the 3.2 million Americans employed throughout the industry.”