WLI

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.

Cattle futures edged lower Monday after starting the session stronger, pressured in part by Corn futures gains and last week’s limited negotiated cash fed cattle trade.

Toward the close, Live Cattle futures an average of 28¢ lower, except for an average of 41¢ higher in three contracts.

Feeder Cattle futures were an average of $1.60 lower, except for 28¢ higher in the front contract.

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

Last week, FOB live prices were $2-$3 higher in Kansas at $233, $2-$3 higher in Nebraska at $232-$233 in a light test and $2-$5 higher in the western Corn Belt at $232-$235. Dressed delivered prices were steady to $5 lower in Nebraska at $360-$365 in a light test and unevenly steady in the western Corn Belt at $360-$370 in a light test.

Last week’s five-area direct weighted average FOB live fed steer price was $2.58 higher at $233.06/cwt. The weekly weighted average dressed delivered fed steer price was $2.72 lower at $362.61. Those prices were $10.11 lower and $21.07 lower year over year, respectively.

Choice boxed beef cutout value was $5.35 higher Monday afternoon at $366.73/cwt. Select was $1.78 lower at $344.45.

Grain and Soybean futures were mostly higher Monday after early pressure, as traders turned the page into a new week and month, helped along by continued confirmed Chinese soybean purchases.

Toward the close and through the front four contracts, Corn futures were 8¢ to 9¢ higher. Soybean futures were 4¢ to 5¢ higher. Kansas City HRW Wheat were 8¢ to 9¢ higher.

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Major U.S. financial indices roared higher Monday, fueled by lower Crude Oil prices and gains in communications and big-tech stocks.

The Dow Jones Industrial Average closed 693 points higher. The S&P 500 closed 110 points higher. The NASDAQ was up 540 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.80 to $4.51 lower through the front six contracts.

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Choice wholesale boxed beef prices have increased by 44.1% from the 2022 average and all-fresh retail beef prices are up 29.8%, fueled by consumer beef demand and decreased total beef production of 10.5% during the same time, says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University.

Along the way, Peel notes in his weekly market comments the faster increase of ground beef prices compared to most other beef cuts. For example, he explains wholesale beef tenderloin prices have increased an average of 26.6% since 2022, while 85% lean ground beef prices are up 60.7%. He adds that average wholesale prices for the highest value steak cuts, including tenderloin, ribeye and strip loin are up 33.6%. Average wholesale prices are up 42.7% for other beef cuts, including flank steak, tri-tip, top sirloin and top round.

“The relatively faster increase in ground beef prices is a function of demand and supply factors,” Peel says. “In general, as beef prices increase, consumers are likely to rely even more heavily on ground beef to blunt the impact of higher beef prices, thus increasing ground beef demand relative to other beef products.”

On the supply side of the equation, Peel points out non-fed beef production has declined more significantly than fed beef production with cow slaughter 30.5% less since 2022 and fed cattle slaughter down 12.7% during the same period.

“Declining fed slaughter is partially offset by a sharp increase in steer and heifer carcass weights, while cow carcass weights have increased modestly,” Peel says. “Going forward, non-fed beef production may decrease more slowly as the beef cow herd and cow slaughter stabilize.  However, fed beef production is expected to continue decreasing with tighter fed cattle supplies expected through 2027 at least.”

Cattle futures continued trying to recover from the early-week selloff on Friday.

Live Cattle futures closed narrowly mixed, from an average of 15¢ lower to an average of 39¢ higher, mostly through the front half of the board.

Feeder Cattle futures were an average of $1.23 higher.

Week to week on Friday, Live Cattle futures closed mixed, from an average of $3.90 higher across the front half of the board to an average of $2.26 lower. Feeder Cattle futures were an average of $4.13 lower, except for an average of $2.51 higher in the front two contracts.

Negotiated cash fed cattle trade ranged from light on light demand in Kansas to limited on light demand in the North through Friday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some FOB live trades at $232-$235/cwt. in in the western Corn Belt, and some dressed trades in Nebraska at $365-$368.

Based on established trade for the week, FOB live prices were $2-$3 higher at $233 in Kansas and $232-$233 in the western Corn Belt. Dressed delivered prices the previous week were $365. FOB live prices in Nebraska the previous week were mostly $230.

Choice boxed beef cutout value was 88¢ higher Friday afternoon at $361.38/cwt. Select was $4.90 higher at $346.23. Week to week on Friday, Choice was 14¢ higher and Select was 48¢ lower.

Estimated total cattle slaughter last week of 512,000 head was 16,000 head fewer than the previous week and 25,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 15.9 million head was 1.4 million head fewer (-8.2%) than the same week last year. Estimated year-to-date beef production of 14.2 billion pounds was 850.3 million pounds less (-5.7%).

Grain and Soybean futures were lower again on Friday, pressured by rain in the Corn Belt and likely month-end and week-end profit taking.

Corn futures were 4¢ to 5¢ lower through away Sep and then 1¢ to 3¢ lower. Week to week on Friday, they closed an average of 21’1¢ lower through the front six contracts. 

Soybean futures were mostly 2¢ to 5¢ lower on Friday and Kansas City HRW Wheat were mostly 18¢ to 23¢ lower through Mar ‘28.

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Major U.S. financial indices closed higher Friday.

The Dow Jones Industrial Average closed 276 points higher. The S&P 500 closed 52 points higher. The NASDAQ was up 251 points.

West Texas Intermediate Crude Oil futures (CME) closed 18¢ to $1.08 higher through the front six contracts.

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United States pasture value averaged $2,000 per acre in 2026, an increase of $80 per acre (4.2%) year over year and $530 more (36%) than in 2021, according to USDA’s Land Values-2026 Summary.

Regionally, pasture value was the highest in the Southeast at $5,920 per acre, which was $200 more (3.5%) than the previous year. It ranged from $3,500 in Alabama to $7,650 in Florida.

The least expensive pasture value was an average of $973 per acre in the Mountain region, which was $29 more (3.1%) year over year. It ranged from $650 in New Mexico to $2,500 in Idaho.

For gut-of-the-country perspective, pasture value averaged $1,640 per acre in the Northern Plains, up $80 (5.1%) year over year. Within the region, average pasture value was $2,400 in Kansas, $1,590 in Nebraska, $1,400 in South Dakota and $1,200 in North Dakota.

Average pasture value in the Southern Plains was $120 more (5.3%) year over year at $2,380 average per acre. Average pasture value was $2,420 in Texas and $2,200 in Oklahoma.