WLI

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.

Cattle futures were mostly higher Wednesday with increased chances of steady to higher negotiated cash fed cattle prices this week.

Toward the close, Live Cattle futures were an average of $1.14 higher, except for 10¢ lower in the back contract. Feeder Cattle futures were an average of 73¢ higher, except for unchanged to 20¢ lower in the back three contracts.

Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Wednesday 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 38¢ higher Wednesday afternoon at $393.28/cwt. Select was $1.23 lower at $375.70.

Grain and Soybean futures were mixed but firmer Wednesday with higher oil prices and ahead of Thursday’s World Agricultural Supply and Demand Estimates.

Toward the close, and through near Mar contracts, Corn futures were mostly fractionally lower to 2¢ higher. Soybean futures were mostly 7¢ to 10¢ higher. Kansas City HRW Wheat futures were fractionally higher to 1¢ lower.

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Major U.S. financial indices closed sharply lower Wednesday, under pressure from a variety of forces, including escalation in the U.S.-Iran war and related higher oil prices, a continued selloff in chip stocks and hotter inflation.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5% on a seasonally adjusted basis in May, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 4.2% before seasonal adjustment. The index for energy rose 3.9% in May, after rising 3.8% in April and 10.9% in March. The energy index accounted for over 60% of the monthly all items increase.

The Dow Jones Industrial Average closed 953 points lower. The S&P 500 closed 119 points lower. The NASDAQ was down 509 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.94 to $2.74 higher through the front six contracts.

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 While improving in some areas, national pasture and range conditions continue less favorable year over year, according to USDA’s Crop Progress report for the week ending June 7. Nationwide, 31% was rated as Good (25%) or Excellent (6%), compared to 43% the previous year. On the other end of the scale, 40% was in Poor (21%) or Very Poor condition (19%), which was 9% more than the same time last year with 6% more in Very Poor condition.

States with 40% or more pasture and range ranked as Poor or Very Poor included: Arizona (83%), Colorado (52%), Montana (58%), Nebraska (80%), New Mexico (46%), North Carolina (56%), South Dakota (43%), Utah (54%), Virginia (52%), West Virginia (53%) and Wyoming (56%).

Winter wheat condition continued to lose ground with 25% ranked in Good (21%) or Excellent (4%) condition, which was 29% less than the same time last year. Conversely, 46% was in Poor (26%) or Very Poor (20%) condition, compared to 16% at the same time last year. Harvest is progressing more rapidly than usual with 11% completed, which was 7% more than the same time last year and 5% more than the five-year average.

Corn planting is about finished with 97% in the ground, which was 1% more than last year and the average. Emergence of 86% was the same as last year and the five-year average. In terms of condition, 67% was in Good (55%) or Excellent (12%) condition, compared to 71% a year earlier; 6% was rated as Poor (5%) or Very Poor (1%), compared to 5% a year earlier.

Similarly, 92% of the soybean crop was planted, which was 3% more than a year earlier and 4% more than average. Emergence of 79% was 6% more than a year earlier and 8% more than average. In terms of condition, 65% was in Good (56%) or Excellent (9%) condition, compared to 68% a year earlier; 6% was rated as Poor (5%) or Very Poor (1%), compared to 5% a year earlier.

Cattle futures strengthened Tuesday, perhaps with renewed focus on tightening supplies.

Toward the close, Live Cattle futures were an average of $2.11 higher. Feeder Cattle futures were an average of $2.68 higher.

Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Tuesday 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 70¢ higher Tuesday afternoon at $392.90/cwt. Select was $1.16 lower at $376.93.

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

Toward the close, and through near Mar contracts, Corn futures were 1¢ lower to 1¢ higher. Soybean futures were mostly 1¢ to 5¢ lower. Kansas City HRW Wheat futures were fractionally higher to 1¢ higher.

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Major U.S. financial indices closed mixed Tuesday with most of the pressure from tech stocks.

The Dow Jones Industrial Average closed 86 points higher. The S&P 500 closed 19 points lower. The NASDAQ was down 250 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.39 to $3.02 lower through the front six contracts.

Cattle futures softened Monday with likely profit taking and positioning.

Toward the close, Live Cattle futures were an average of $4.16 lower. Feeder Cattle futures were an average of $3.54 lower.

Negotiated cash fed cattle trade was mostly 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 $1 lower in the Texas Panhandle at $256/cwt., $1 lower to $1 higher in Kansas at $256-$258, mainly $1 lower in Nebraska at $256 and steady to $2 lower in the western Corn Belt at $256. Dressed delivered prices were mainly $405, which was mostly steady.

The five-area direct weekly weighted FOB live fed steer price was 33¢ lower at $256.53. The weighted average dressed delivered fed steer price was 53¢ lower at $404.66.

Choice boxed beef cutout value was 50¢ lower Monday afternoon at $392.20/cwt. Select was $4.60 lower at $378.09.

Corn and Soybean futures tried to firm on Monday and Kansas City wheat was higher.

Toward the close, and through near Mar contracts, Corn futures were fractionally higher to 2¢ lower. Soybean futures were fractionally lower to 4¢ lower. Kansas City HRW Wheat futures were 5¢ to 8¢ higher.

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Major U.S. financial indices closed mixed Monday, lifted by tech stocks but pressured by rising oil prices.

The Dow Jones Industrial Average closed 80 points lower. The S&P 500 closed 21 points higher. The NASDAQ was up 220 points.

West Texas Intermediate Crude Oil futures (CME) were 73¢ to $1.86 higher through the front six contracts.

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The U.S. Department of Agriculture’s (USDA) Animal and Plant Health Inspection Service (APHIS) confirmed two additional cases of New World screwworm (NWS) in the United States – a calf in La Salle County, Texas, and a dog in Lea County, New Mexico.

“Confirmation of NWS in the country removes one source of uncertainty and allows the market to focus on the reality, which has largely been priced into the market,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. “The ‘good’ news in all this is that it is not a broader market issue. NWS will affect relatively few animals and is not something that will affect the cattle supply or beef production. It also is not a food safety issue and there are no impacts on meat. Beef market supply and demand fundamentals are not affected and no significant market impacts are anticipated. Additionally, no major trade impacts are warranted or expected relative to NWS.”

With that said, various states have implemented elevated requirements for cattle moving to and through their state from some or portions of Texas. Canada also placed a temporary ban on cattle from Texas.

“Another part of the uncertainty about NWS is the continued closure of the Mexican border,” Peel says. “It is uncertain if the fact of NWS in the U.S. will change political decisions regarding the status of border. The market will continue to wait for news about when the border might open. Once again, the impacts are more related to the uncertainty than the reality. When it happens, opening the border will likely be a deliberate and relatively slow process…” 

Cattle futures extended gains Friday.

Live Cattle futures were an average of 79¢ higher. Feeder Cattle futures were an average of 53¢ higher, except for 25¢ lower in the back contract.

Week to week on Friday, Live Cattle futures closed an average of $2.01 higher, and Feeder Cattle futures closed an average of $6.22 higher.

Negotiated cash fed cattle trade was limited on moderate demand in Kansas and Nebraska through Friday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some FOB live trades at $258/cwt.

Elsewhere, trade was mostly inactive on moderate demand.

Based on established trade for the week, FOB live prices were $1 lower in the Texas Panhandle at $256/cwt., steady to $1 higher in Kansas at $257-$258, mainly $1 lower in Nebraska at $256 and steady to $2 lower in the western Corn Belt at $256. Dressed delivered prices were mainly $405, which was mostly steady.

Choice boxed beef cutout value was 4¢ higher Friday afternoon at $392.66/cwt. Select was 35¢ lower at $383.04. Week to week on Friday, Choice boxed beef cutout value was $1.23 higher, but Select was 49¢ lower.

Total cattle slaughter last week of 533,000 head was 85,000 head more than the previous week but 48,000 head fewer than the same week last year. Year-to-date total cattle slaughter of 11.7 million head was 1.2 million head fewer (-9.1%) than the same time last year. Year-to-date beef production of 10.5 billion pounds was 726.6 million pounds less (-6.5%).

Grain and Soybean futures continued lower Friday with pressure from positive weather.

Soybean futures were 4¢ to 8¢ lower through near Jan and then mostly 2¢ lower.

Kansas City HRW Wheat futures were fractionally mixed to 3¢ lower through May ’27 and then 5¢ to 7¢ lower.

Corn futures were 4¢ to 7¢ lower through Jly ‘27. Week to week on Friday, they were an average of 28¢ lower through the front six contracts. That’s an average of 40¢ lower over the past two weeks in those same contracts.

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Major U.S. financial indices melted lower Friday, fueled by an exodus in chip stocks. On the positive side of the ledger, the U.S. added more jobs than expected last month.

Total nonfarm payroll employment increased by 172,000 in May, and the unemployment rate was unchanged at 4.3%, according to the U.S. Bureau of Labor Statistics. Average hourly earnings for all employees on private nonfarm payrolls last month rose by 12¢ to $37.53. Over the year, average hourly earnings increased by 3.4%.

The Dow Jones Industrial Average closed 695 points lower. The S&P 500 closed 200 points lower. The NASDAQ was down 1,121 points.

West Texas Intermediate Crude Oil futures (CME) were $1.00 to $2.50 lower through the front six contracts.

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USDA’s Animal and Plant Health Inspection Service (APHIS) confirmed a second detection of New World screwworm (NWS) on Friday. The confirmed case was found in a one-month-old calf in Zavala County, Texas, approximately 5.6 miles away from the first confirmed detection. APHIS and Texas animal health officials continue to collect and test other samples from the surrounding area which have come back negative.

“USDA has responded expediently with respect to this second detection, demonstrating our utmost preparedness. This second detection is within the established movement control zone and enhanced sterile insect dispersal area.” says Dudley Hoskins, Under Secretary for Marketing and Regulatory Programs. “Many models projected this pest would reach the United States last year, but thanks to USDA’s phenomenal work and our cooperation with state, federal, and industry partners, we’ve held it off until now—when we are far more prepared to respond. USDA has not wasted any time in this fight, we have defeated New World screwworm before, and we will do it again.”

The APHIS strike team in Texas includes veterinary medical officers and animal health technicians – experienced experts who serve as USDA’s boots on the ground response force.

The U.S. Food and Drug Administration has issued emergency use authorizations for several NWS treatments for different species. Currently, there are treatments available to support cattle, horses, swine, goats, captive exotic animals, and wildlife.

The National Veterinary Stockpile has relocated NWS treatment supplies to Texas to better support affected producers in the infested zone. If you or anyone you know needs access to these treatment supplies, they are now available and can be obtained by reaching out directly to the Texas Animal Health Commission (TAHC).