WLI

Cattle futures were mainly higher Friday, helped along by last week’s stronger negotiated cash fed cattle prices.

Toward the close, Live Cattle futures an average of $1.23 higher. Feeder Cattle futures were an average of $1.09 higher, except for an average of 98¢ lower in the front two contracts.

Negotiated cash fed cattle trade was inactive on light demand through Monday afternoon, according to the agricultural Marketing Service.

FOB live prices last week were mostly $235/cwt., which was $2 higher in Kansas, $2-$3 higher in Nebraska and mostly steady to $3 higher in the western Corn Belt. Dressed delivered prices were mostly $370, which was $5-$10 higher in Nebraska and mostly $10 higher in the western Corn Belt.

Last week’s five-area direct weighted average FOB live fed steer price was $2.15 higher at $235.21. The weekly weighted average dressed delivered fed steer price was $8.50 higher at $371.11.

Choice boxed beef cutout value was $7.06 higher Monday afternoon at $371.42/cwt. Select was $1.53 lower at $350.84.

Grain and Soybean futures were mixed again on Monday with likely continued positioning ahead of Wednesday’s World Agricultural Supply and Demand Estimates.

Toward the close and through the front four contracts, Corn futures were unchanged to fractionally lower. Soybean futures were 3¢ to 4¢ higher. Kansas City HRW Wheat were 1¢ lower to 1¢ higher.

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Major U.S. financial indices closed little changed but to the low side on Monday as crude oil prices increased on the U.S.-Iran war.

The Dow Jones Industrial Average closed 60 points lower. The S&P 500 closed 4 points lower. The NASDAQ was down 85 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $2.96 to $3.56 higher through the front six contracts.

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“Cattle and beef markets are expected to continue recovering from the summer correction, but the persistent summer doldrums may make it a slow grind for the next few weeks,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University.

In his weekly market comments, Peel points out recent hot temperatures have added market pressure, taking a seasonal toll on consumer demand

“Wholesale beef values have turned slightly higher in the past week with sputtering attempts at a last kick higher for Labor Day demand,” Peel notes. “Prolonged triple digit heat in many regions is making that more difficult. After a brief August boost, average boxed beef prices typically decrease to the end of the year, although tenderloin and ribeye prices move seasonally higher to the end of the year.  Strong boxed beef prices in the second half of 2025 may be hard to match this year, even with good demand.”

Listen to more of Peel’s market insights here.

Cattle futures closed mainly higher Friday, helped along by the week’s stronger negotiated cash fed cattle prices and wholesale beef values.

Live Cattle futures closed an average of 64¢ higher (17¢ to $1.40 higher), except for an average of 15¢ lower in two contracts.

Feeder Cattle futures closed an average of $2.89 higher.

Week to week on Friday, Live Cattle futures closed an average of $1.45 lower, except for an average of 26¢ higher in the back two contracts. During the same period, Feeder Cattle futures were an average of $3.03 lower, except for an average of $2.54 higher in the front two contracts.

Negotiated cash fed cattle trade ranged from light on moderate demand in Nebraska to mostly inactive on light demand elsewhere through Friday afternoon, according to the agricultural Marketing Service.

For the week, FOB live prices were $2 higher in Kansas at $235/cwt., $2-$3 higher in Nebraska at $235 and steady to $4 higher in the western Corn Belt at $235-$236. Dressed delivered prices were $5-$10 higher in Nebraska at $370 and $10 higher in the western Corn Belt at $370-$380.

Choice boxed beef cutout value was 50¢ higher Friday afternoon at $364.36/cwt. Select was $2.59 higher at $352.37. Week to week on Friday, Choice was $2.98 higher and Select was $6.14 higher.

Estimated total cattle slaughter last week of 509,000 head was 3,000 head fewer than the previous week and 28,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 16.4 million head was 1.5 million head fewer (-8.1%) than the same time a year earlier. Estimated year-to-date beef production of 14.6 billion pounds was 865.4 million pounds less (-5.6%) than the same time last year.

Grain and Soybean futures were mixed again on Friday with likely positioning ahead of this week’s World Agricultural Supply and Demand Estimates.

Corn futures were unchanged to fractionally higher through Jly ’27 and then fractionally lower to 1¢ lower. Soybean futures closed mostly fractionally lower to 1¢ lower. Kansas City HRW Wheat closed 10¢ to 14¢ higher through Jly ’27 and then 7¢ to 9¢ higher.

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Major U.S. financial indices were higher Friday with support apparently including a more negative labor outlook than expected, which bolstered investor hopes it would keep the Fed from raising interest rates.

Non-farm payroll employment declined by 23,000 in July with unemployment rate little changed at 4.1%, according to the U.S. Bureau of Labor Statistics.

Average hourly earnings for all employees on private nonfarm payrolls in July were little changed at $37.62. Over the year, average hourly earnings have increased by 3.2%.

The Dow Jones Industrial Average closed 152 points higher. The S&P 500 closed 47 points higher. The NASDAQ was up 342 points.

West Texas Intermediate Crude Oil futures (CME) 89¢ to $1.05 higher through the front six contracts.

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The U.S. Senate Committee on Agriculture, Nutrition and Forestry failed to advance the Farm Bill last week, yet managed to approve an amendment, which could pave the way to making Country of Origin Labeling (COOL) mandatory once again. You might recall that COOL became mandatory in 2013 until Congress repealed the law in 2016 because the World Trade Organization (WTO) found it to be a violation of U.S. WTO obligations. Never mind that USDA is currently actively promoting increased participation in the voluntary Product of USA labeling program.

Earlier this month, the Meat Institute released a new economic analysis by Decision Innovation Solutions, which finds that reinstating mandatory Country of Origin Labeling for beef and pork would impose more than $1 billion annually in added costs across the U.S. meat supply chain, increasing expenses for livestock producers, meat processors, retailers, and consumers while providing little evidence of increased consumer demand for labeled products.

More specifically, according to the study, reinstating mandatory COOL would cost the beef and pork industries approximately $1.02 billion in the first year alone, including $721 million for beef and $296 million for pork. Most of these expenses would be recurring operational costs rather than one-time investments.

Over time, those costs would continue to grow, reaching an estimated $4.8 billion over five years and $10.1 billion over 10 years.

The study concludes that compliance costs would largely be passed through the supply chain and reflected in higher food prices. Researchers estimate consumers would pay approximately $835 million more annually for beef purchases and $284 million more annually for pork purchases.

Cattle futures closed lower Thursday, pressured by technical resistance and more negative outside markets, despite stronger cash fed cattle prices.

Toward the close, Live Cattle futures an average of $3.45 lower. Feeder Cattle futures were an average of $6.39 lower.

Negotiated cash fed cattle trade ranged from moderate on moderate demand in Kansas to limited on moderate demand in the western Corn Belt through Thursday afternoon, according to the agricultural Marketing Service.

So far this week, FOB live prices are $2 higher in Kansas at $235/cwt, $2-$3 higher in Nebraska at $235 and steady to $3 higher in the western Corn Belt at $235. Dressed delivered prices are $5-$10 higher in Nebraska at $370 and $10 higher in the western Corn Belt at $370-$380.

Choice boxed beef cutout value was $4.11 lower Thursday afternoon at $363.86/cwt. Select was $1.72 higher at $349.78.

Grain and Soybean futures were mixed on Thursday with some likely positioning ahead of next week’s World Agricultural Supply and Demand Estimates.

Toward the close and through the front four contracts, Corn futures were 1¢ to 2¢ higher. Soybean futures were 2¢ to 6¢ higher. Kansas City HRW Wheat were 12¢ to 14¢ lower.

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Major U.S. financial indices were lower on Thursday.

The Dow Jones Industrial Average closed 464 points lower. The S&P 500 closed 13 points lower. The NASDAQ was down 15 points.

Through mid-afternoon West Texas Intermediate Crude Oil futures (CME) were $1.63 to $2.80 higher through the front six contracts.

Cattle futures ground higher Wednesday, supported by renewed cash market strength.

Toward the close, Live Cattle futures an average of $1.19 higher. Feeder Cattle futures were an average of $2.09 higher, except for 53¢ lower in the back contract.

Negotiated cash fed cattle trade was mostly inactive on light demand through Wednesday afternoon, according to the agricultural Marketing Service.

Last week, FOB live prices were $233/cwt. in Kansas, $232-$233 in Nebraska and $232-$235 in the western Corn Belt. Dressed delivered prices were $360-$365 in Nebraska on a light test and $360-$367 in the western Corn Belt on a light test.

Choice boxed beef cutout value was $1.68 lower Wednesday afternoon at $367.97/cwt. Select was $1.56 higher at $348.06.

Corn and Soybean futures were lower Wednesday on favorable weather and early private-company yield estimates.

Toward the close and through the front four contracts, Corn futures were 4¢ to 5¢ lower.  Soybean futures were fractionally lower to 3¢ lower. However, Kansas City HRW Wheat were 7¢ to 8¢ higher with added war premium.

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Major U.S. financial indices were mixed Wednesday with some likely profit taking from the previous tw0 sessions’ strong gains, which were fueled by strong quarterly corporate earnings reports and lower oil prices.

The Dow Jones Industrial Average closed 263 points higher. The S&P 500 closed 12 points lower. The NASDAQ was down 221 points.

Through mid-afternoon West Texas Intermediate Crude Oil futures (CME) were 20¢ to 42¢ lower through the front six contracts.

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U.S. beef exports increased year over year in June despite lower volumes, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

Monthly beef exports totaled 88,586 metric tons (mt) in June, down 6% from a year ago. However, export value was up 3% to $790.1 million, bolstered by year-over-year increases in Japan, Taiwan, the ASEAN region, Central America, South Korea, Hong Kong, the Caribbean and Africa.

For the first half of this year, beef export volume was 9% lower than a year ago at 545,649 mt, while value fell 4% to $4.74 billion. Much of this decline was due to the continued absence from China, where beef exports were strong in the first quarter of 2025 before China allowed U.S. facility registrations to expire. Although these registrations were renewed during President Trump’s visit to China in May, exports to China remain minimal due to plant suspensions and uncertainty over China’s residue testing – trade barriers that U.S. officials are working to resolve. When China is removed from the January-June results, beef export volume declined just 1% from the first half of last year while export value increased 6%.

“While we never want to see exports down year-over-year, global demand for U.S. beef continues to be very resilient,” says USMEF President and CEO Dan Halstrom. “USMEF greatly appreciates the Trump administration’s persistent efforts to resolve the outstanding issues facing U.S. beef exports to China. The economic situation throughout Asia remains challenging, with lost purchasing power in U.S. dollar terms, yet customers continue to purchase a wide range of U.S. beef cuts, at record prices. This gives us an optimistic outlook for the second half.”

On the other side of the meat case, U.S. pork exports totaled 224,822 mt in June, down 6% from a year ago, with value falling 9% to $624.5 million. As USMEF previously reported, Mexico and Colombia suspended imports of U.S. pork offal at the beginning of May, and this situation was not resolved until early July for Colombia and mid-July for Mexico. Fortunately, these countries have now removed pseudorabies-related restrictions on pork variety meat, though exporters still face prolonged clearance times in China due to heightened inspections.

Cattle futures were mostly higher Tuesday, helped along by recently stronger  Choice wholesale beef values and bullish outside markets.

Toward the close, Live Cattle futures an average of $1.22 higher. Feeder Cattle futures were an average of $2.04 higher (5¢ to $3.40 higher), except for an average of 65¢ lower in the back two contracts.

Negotiated cash fed cattle trade was mostly inactive on light demand through Tuesday afternoon, according to the agricultural Marketing Service.

Last week, FOB live prices were $233/cwt. in Kansas, $232-$233 in Nebraska and $232-$235 in the western Corn Belt. Dressed delivered prices were $360-$365 in Nebraska on a light test and $360-$367 in the western Corn Belt on a light test.

Choice boxed beef cutout value was $2.92 higher Tuesday afternoon at $369.65/cwt. Select was $2.05 higher at $346.50.

Grain and Soybean futures were lower Tuesday as traders appeared to remove more weather premium.

Toward the close and through the front four contracts, Corn futures were mostly 6¢ to 7¢ lower. Soybean futures were mostly 13¢ to 15¢ lower. Kansas City HRW Wheat were mostly 9¢ to 10¢ lower.

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Major U.S. financial indices closed higher again Tuesday, fueled by strong quarterly corporate earnings reports and the lower oil prices tied to a day of optimism about resolution to the U.S.-Iran war.

The Dow Jones Industrial Average closed 907 points higher. The S&P 500 closed 136 points higher. The NASDAQ was up 671 points.

Through mid-afternoon West Texas Intermediate Crude Oil futures (CME) were $1.49 to $4.64 lower through the front six contracts.

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Agricultural producer sentiment improved in July, following three months of decline, according to the Purdue University/CME Group Ag Economy Barometer. The overall index rose 13 points month to month to 126, fueled by improving current and longer-term optimism. The Current Conditions Index increased 20 points to 122, while the Future Expectations Index rose 11 points to 129.

High input costs remained producers’ top concern, with 46% identifying them as the biggest challenge facing their operation. When asked about the biggest challenge to success over the next five to 10 years, 30% of respondents cited crop or livestock prices.Beyond crop and livestock prices, producers identified farm transition (17%) and cost control (16%) as the second- and third-highest concerns over the next five to 10 years. Other major issues included financial considerations and weather at 13%, trade at 7%, and government policy at 3%.

The Farm Capital Investment Index also ended a three-month decline, with July’s survey reading at 50. While most producers said their current financial position has not improved over the past year, they expressed greater optimism about the months ahead.

“Stronger crop prices during the survey period likely contributed to the improvement we observed in both farmer sentiment and the Farm Capital Investment Index,” says Michael Langemeier, the barometer’s principal investigator and director of Purdue’s Center for Commercial Agriculture. “At the same time, producers continue to wrestle with high input costs and uncertainty about future crop and livestock prices.”

The July survey also explored producers’ expectations for agricultural exports and foreign markets. Producers remain cautiously optimistic about U.S. agricultural exports with 42% of respondents expecting agricultural exports to increase over the next five years, compared with 13% who expect exports to decline. A majority of producers (56%) believe new foreign export markets for U.S. agricultural goods are likely to open during that period, though this optimism has moderated from last July, when 64% expected new market opportunities.

The survey was conducted from July 13-17.