WLI

Cattle futures were mostly higher on Tuesday, despite resurgent oil prices and volatile equity markets. Toward the close, Live Cattle futures were an average of 47¢ higher, except for an average of 15¢ lower in the front two contracts. Feeder Cattle futures were an average of $1.91 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 mostly $235/cwt. Dressed delivered prices were mostly $372.

Choice boxed beef cutout value was 78¢ higher Tuesday afternoon at $399.91/cwt. Select was 67¢ higher at $394.50.

Grain futures were higher Tuesday, buoyed by higher crude oil prices.

Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures mostly 2¢ to 3¢ higher. Corn futures were 1¢ to 2¢ higher. Soybean futures were mostly 3¢ to 9¢ lower.

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Major U.S. financial indices closed lower Tuesday as crude oil prices turned up again.

The Dow Jones Industrial Average closed 84 points lower. The S&P 500 closed 24 points lower. The NASDAQ was down 184 points.

West Texas Intermediate Crude Oil futures (CME) were 76¢ to $1.06 higher through the front six contracts.

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Wholesale beef prices continue higher ahead of seasonal peak demand, helped along by slower packer production.

“Memorial Day is considered the unofficial start of grilling season, which typically brings peak seasonal demand for beef. March and April usually bring peak demand for other proteins such as ham and lamb, while beef demand slows,” explains Bernt Nelson, economist with the American Farm Bureau Federation, in the latest issue of In the Cattle Markets. “This year, demand for beef has risen over the last several weeks, pulling prices higher at a much faster pace than in past years.”

Nelson points out the Choice beef cutout value increased $50.14/cwt. (13%) between Jan. 2 and March 20, leading many analysts wondering if the strong grilling-season demand will pull beef prices even higher this summer.

“Cattle supplies will take years to rebuild, but demand can change more quickly. Events such as a recession could be a threat to the strong demand that has supported beef prices over the last couple of years,” Nelson says. “Continued strong demand is key to maintaining a strong cattle market in the months to come. If demand begins to fall for any reason, especially during grilling season, beef prices will also begin to fall along with the cutout value. When the cutout falls, the packer has to buy cattle at a lower price, which leads to lower prices at the farm gate.”

Cattle futures extended gains on Monday, helped by more bullish outside markets, and despite more placements than expected in Friday’s monthly Cattle on Feed report.

Toward the close, Live Cattle futures were an average of 84¢ higher, except for 45¢ lower in the back contract. Feeder Cattle futures were an average of $1.70 higher.

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 mostly steady in all regions at mainly $235/cwt. Dressed delivered prices were mostly steady at mainly $372.

The weekly weighted average five-area direct FOB live fed steer price last week was 25¢ higher at $235.08/cwt. The weekly weighted averaged dressed delivered fed steer price was 11¢ higher at $372.15.

Choice boxed beef cutout value was 98¢ lower Monday afternoon at $399.13/cwt. Select was 89¢ higher at $393.83.

Grain futures were lower Monday, pressured by lower crude oil prices.

Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures were 1¢ lower. Corn futures were 5¢ lower. However, Soybean futures were 3¢ to 6¢ higher on likely technical buying.

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Major U.S. financial indices closed higher Monday as crude oil prices retreated following comments from President Trump about positive talks with Iran the U.S. ceasing attacks on Iran’s energy and power infrastructure amid ongoing talks.

The Dow Jones Industrial Average closed 631 points higher. The S&P 500 closed 74 points higher. The NASDAQ was up 299 points.

West Texas Intermediate Crude Oil futures (CME) were $4.85 to $9.77 lower through the front six contracts.

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Creighton University’s Rural Mainstreet Index declined 7 points from the previous month in March to a reading of 40.9, the lowest level since last October and marking the thirteenth below-neutral level since January 2025. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.

“Weakness in farm commodity prices and elevated agriculture input costs are spilling over into the business community,” according to Ernie Goss, the Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business. “Approximately, 27.2% of bankers reported that small businesses in their area were experiencing declines in business activity.”

The Rural Mainstreet Index is based on a monthly survey of bank CEOs in 10 regional states dependent on agriculture and/or energy. It focuses on approximately 200 rural communities with an average population of 1,300.

In his case, Jeff Bonnett, CEO of Havana National Bank in Havana, Ill says, “The communities we serve are totally dependent on the ag economy. That said, our small businesses on main street are suffering along with our grain producers. We are now in our fourth year of tough local economic times due to this sustained downturn in the ag economy.”

Rural bankers remain pessimistic about economic growth for their area over the next six months. The March confidence index plunged to 29.5 from 45.8 in February, which was the highest reading since March 2022.

“In spite of $12 billion of federal farm support, weak grain prices, higher input prices and expected negative farm cash flows continued to weigh on banker confidence,” Goss explains.

More recently, the U.S. conflict with Iran has created significant volatility in the agricultural sector, impacting agricultural equipment sales by tightening producer operating margins, increasing input costs and shifting planting decisions, according to Goss.

Despite increasing to a weak 28.6 month to month in March, the Farm Equipment Sales Index was below growth neutral for the thirty-first consecutive month.

Cattle futures were higher Friday, helped along by steady cash fed cattle prices.

Live Cattle futures were an average of $1.34 higher. Feeder Cattle futures were an average of $2.60 higher.

Week to week on Friday, Live Cattle futures closed an average of $3.46 higher. Feeder Cattle futures closed an average of $6.96 higher.

Negotiated cash fed cattle trade ranged from light to moderate on moderate demand in the Southern Plains to moderate on moderate to good demand in Nebraska through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were steady to $1 lower in the Texas Panhandle at mostly $235/cwt. and steady elsewhere at mostly $235. Dressed delivered prices were mostly steady at mainly $372.

Choice boxed beef cutout value was 19¢ lower Friday afternoon at $400.11/cwt. Select was 49¢ higher at $392.94. Week to week on Friday, Choice was $2.89 higher and Select was 70¢ higher.

Estimated total cattle slaughter last week of 508,000 head was 17,000 head fewer than the previous week and 50,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 6.0 million head was 653,000 head fewer (-9.8%) than the same time last year. Estimated year-to-date beef production of 5.4 billion pounds was 429.8 million pounds less (-7.4%).

Grain and Soybean futures closed lower Friday on likely profit taking.

Kansas City HRW Wheat futures were 21¢ lower. Corn futures were 3¢ to 4¢ lower through Jly ‘27. Soybean futures were 5¢ to 7¢ lower through Aug ‘27.

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Major U.S. financial indices continued lower Friday as nearby Crude Oil futures stepped higher with no end in sight for the U.S.-Israel attack on Iran and mounting concerns about domestic price inflation.

The Dow Jones Industrial Average closed 443 points lower. The S&P 500 closed 100 points lower. The NASDAQ was down 443 points.

West Texas Intermediate Crude Oil futures (CME) were 17¢ to $2.68 higher through the front six contracts.

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Markets might view Friday’s monthly Cattle on Feed report as unfriendly with more placements than expected.

Feedlots with 1,000 head or more capacity placed 1.61 million head in February, which was 3.7% more than a year earlier and 4.7% more than average analyst estimates ahead of the report.

In terms of weights, 36% went on feed weighing 699 lbs. or less, 53% weighing 700-899 lbs. and 11% weighing 900 lbs. or more.

Feedlots marketed 1.52 million head in February, which was 111,000 head fewer (-6.8%) than a year earlier, about 1% more than expectations. Marketings were the second least for the month since the data series began in 1996.

On-feed inventory March 1 of 11.55 million head was just 28,000 head fewer (-0.2%) than the prior year, which was slightly more than expected.

Cattle futures were lower Thursday, weighed down by bearish outside markets, tied to escalating energy prices and uncertainty stemming from the U.S.-Israel attack on Iran.

Toward the close, Live Cattle futures were an average of $2.25 lower. Feeder Cattle futures were an average of $5.54 lower ($3.05 to $6.42 lower).

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 $235-$236/cwt. on a light test in the Texas Panhandle and mostly $235 elsewhere. Dressed delivered prices in the North were mainly $372.

Choice boxed beef cutout value was $1.45 lower Thursday afternoon at $400.30/cwt. Select was $3.72 lower at $392.45.

Corn and Soybean futures were higher Thursday, riding the coattails of Crude Oil futures prices and inflation concerns, while traders added weather premium to Hard Red Winter Wheat futures.

Toward the close, and through near Sep contracts, Corn futures were 5¢ to 6¢ higher. Soybean futures were 6¢ to 7¢ higher. Kansas City HRW Wheat futures were 4¢ higher.

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Major U.S. financial indices extended losses Thursday on elevated Crude Oil futures and inflation worries.

The Dow Jones Industrial Average closed 203 points lower. The S&P 500 closed 18 points lower. The NASDAQ was down 61 points.

Through mid-afternoon, after trading higher earlier in the session, West Texas Intermediate Crude Oil futures (CME) were 55¢ to $1.43 lower through the front six contracts.

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USDA’s Economic Research Service (ERS) increased projected feeder steer prices for this year in the March Livestock, Dairy and Poultry Outlook, based on recent price strength and continued firm demand.

For Medium and Large No. 1 steers weighing 750-800 lbs. and selling at Oklahoma National Stockyards, ERS increased prices $3 in the first quarter to $366/cwt., $4 in the second and third quarters to $367 and $1 in the fourth quarter to $369. The annual average price increased $3 to $367.25.

“The fundamentals surrounding cattle supplies still give support to cattle prices despite volatility in the futures market,” ERS analysts say. “Further, U.S. feeders and stocker operations continue to buoy feeder cattle prices as they try to secure their needs.”

ERS analysts add that February’s weighted-average price for feeder steers weighing 750–800 pounds at Oklahoma National Stockyards was $371.42/cwt.  — $101 above the prior year and the second-highest monthly average price on record.

Live Cattle futures eased higher on Wednesday, bolstered by thoughts that negotiated cash fed cattle prices could increase this week, and despite bearish outside markets. Feeder Cattle futures wobbled, though, with resurgent Corn futures and perhaps positioning ahead of Friday’s Monthly Cattle on Feed report. Broadly, analysts see February placements on par year over year, February marketings down about 7.5% and the March 1 on-feed inventory down about 0.5%.

Toward the close, Live Cattle futures were an average of 66¢ higher. Feeder Cattle futures were an average of 47¢ lower, except for 12¢ higher in Oct.

Negotiated cash fed 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 $235-$236/cwt. on a light test in the Texas Panhandle and mostly $235 elsewhere. Dressed delivered prices in the North were mainly $372.

Choice boxed beef cutout value was $1.56 lower Wednesday afternoon at $401.75/cwt. Select was 55¢ lower at $396.17.

Grain and Soybean futures were higher Wednesday, supported by higher crude oil prices and likely inflationary buying.

Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures were 18¢ higher. Corn futures were 9¢ higher. Soybean futures were 6¢ to 11¢ higher.

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Major U.S. financial indices closed lower Wednesday, buffeted by rising crude oil futures, a negative inflation reading and comments by the FOMC in its announcement to leave interest rates unchanged.

First, the Producer Price Index for final demand increased 0.7% in February, seasonally adjusted, according to the U.S. Bureau of Labor Statistics, which was significantly higher than expected. On an unadjusted basis, the index for final demand rose 3.4% for the 12 months ended in February, the largest 12-month advance since increasing 3.4% in February 2025.

Next, according to Fed Chair Jerome Powell, in press-conference comments, “Inflation has eased significantly from its highs in mid-2022 but remains somewhat elevated relative to our 2% percent longer-run goal. Estimates based on the Consumer Price Index and other data indicate that total PCE prices rose 2.8% over the 12 months ending in February and that, excluding the volatile food and energy categories, core PCE prices rose 3.0%. These elevated readings largely reflect inflation in the goods sector, which has been boosted by the effects of tariffs. Near-term measures of inflation expectations have risen in recent weeks, likely reflecting the substantial rise in oil prices caused by supply disruptions in the Middle East.

The Dow Jones Industrial Average closed 768 points lower. The S&P 500 closed 91 points lower. The NASDAQ was down 327 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $3.52 to $4.06 higher through the front six contracts.