WLI

Cattle futures traded both sides Thursday but ended lower, with traders apparently awaiting this week’s negotiated cash fed direction.

Toward the close, Live Cattle futures were an average of $1.00 lower. Feeder Cattle futures were an average of $1.25 lower.

Negotiated cash fed cattle trade was mostly 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 $260/cwt. in the Texas Panhandle, $259-$260 in Kansas, $258-$265 in Nebraska and mostly $260 in the western Corn Belt. Dressed delivered prices were $408-$410 in Nebraska and mostly $410 in the western Corn Belt.

Choice boxed beef cutout value was $2.40 lower Thursday afternoon at $392.32/cwt. Select was $3.71 lower at $385.58.

Corn and Soybean futures followed Crude Oil prices higher on Thursday.

Toward the close, and through near Mar contracts, Corn futures were 3¢ to 5¢ higher. Soybean futures were 10¢ to 14¢ higher. Kansas City HRW Wheat futures were 3¢ to 4¢ lower.

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Major U.S. financial indices continued higher Thursday, led by tech stocks.

The Dow Jones Industrial Average closed 24 points higher. The S&P 500 closed 43 points higher. The NASDAQ was up 242 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 9¢ to $1.24 higher through the front six contracts.

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Rural economic conditions declined last month, according to Creighton University’s Rural Main Street Index (RMI). It declined 2.2 points from April to 45.7 in May, dropping below growth neutral for the fourth straight month. 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 rural business community,” says Ernie Goss, the Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business. “Approximately, 47.8% of bankers reported that the financial position of farmers in their area had deteriorated in 2026 from 2025.”

Rural bankers remain pessimistic about economic growth for their area over the next six months. The May economic confidence index slumped to 34.8 from 39.1 in April.“The war in Iran has added volatility to an already-pressured agricultural sector, with rising input costs squeezing farmer operating margins, dampening equipment sales and reshaping planting decisions heading into the season,” Goss says.

Cattle futures were higher Wednesday, buoyed by stronger wholesale beef values and outside markets.

Toward the close, Live Cattle futures were an average of $2.61 higher. Feeder Cattle futures were an average of $4.42 higher.

Negotiated cash fed cattle trade was mostly 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 $260/cwt. in the Texas Panhandle, $259-$260 in Kansas, $258-$265 in Nebraska and mostly $260 in the western Corn Belt. Dressed delivered prices were $408-$410 in Nebraska and mostly $410 in the western Corn Belt.

Choice boxed beef cutout value was $1.82 higher Wednesday afternoon at $394.72/cwt. Select was $1.01 lower at $389.29.

Grain futures closed lower Wednesday, as Crude Oil prices continued to retreat.

Toward the close, and through near Mar contracts, Corn futures were 4¢ to 5¢ lower. Soybean futures were fractionally lower to 1¢ higher. Kansas City HRW Wheat futures were 8¢ to 9¢ lower.

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Major U.S. financial indices crept higher Wednesday with growing optimism for peace talks between the U.S. and Iran. 

The Dow Jones Industrial Average closed 182 points higher. The S&P 500 closed 1 point higher. The NASDAQ was up 18 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.57 to $4.41 lower through the front six contracts.

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Although cash fed cattle prices weakened a touch last week, Bernt Nelson, economist with the American Farm Bureau Federation notes the strong fundamentals underpinning historically high cash cattle prices.

Specifically, in the latest issue of In the Cattle Markets from the Livestock Marketing Information Center, Nelson Points to:

• Cattle supplies are at a 75-year low
• Consumer demand is strong
• Herd rebuilding takes two years from the time a heifer calf is born, until it can have a calf of its own and create meaningful herd expansion.
• Approximately 70% of the total U.S. cattle inventory is under drought conditions

Further Nelson notes there was no suggestion of herd expansion in the recent Cattle on Feed report.

“Herd rebuilding decisions continue to be clouded by ongoing challenges, including persistent drought, elevated input costs and animal health risks such as New World screwworm,” Nelson says. “These factors are likely to keep production risks elevated even while beef demand remains strong, suggesting continued volatility in the cattle market in the months ahead.”

Cattle futures closed mixed to slightly higher Tuesday as traders appeared to shrug off Friday’s Cattle on Feed report, or pointing to the fact it was already adequately priced into the market.

Toward the close, Live Cattle futures were an average of 44¢ higher, except for an average of 46¢ lower in three contracts.

Feeder Cattle futures were an average of 40¢ higher, except for an average of $1.72 lower in two back contracts.

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 steady in the Texas Panhandle at $260/cwt., steady to $1 lower in Kansas at $259-$260, steady to $2 lower in Nebraska at $258-$265 and mostly steady to $5 lower in the western Corn Belt at most $260. Dressed delivered prices were $2-$5 lower in Nebraska at $408-$410 and mainly steady in the western Corn Belt at mostly $410.

Choice boxed beef cutout value was $2.63 higher Tuesday afternoon at $392.90/cwt. Select was $5.30 higher at $390.30.

Corn and Soybean futures closed lower Tuesday, in sympathy with Crude Oil prices.

Toward the close, and through near Mar contracts, Corn futures were 3¢ to 5¢ lower. Soybean futures were 6¢ to 11¢ lower. Kansas City HRW Wheat futures were 2¢ to 5¢ lower.

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Major U.S. financial indices closed mixed Tuesday with tech stocks leading the support. Pressure included ongoing uncertainty about progress in U.S.-Iran ceasefire talks.  

The Dow Jones Industrial Average closed 118 points lower. The S&P 500 closed 45 points higher. The NASDAQ was up 312 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.84 to $3.02 lower through the front six contracts.

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Pasture and range conditions last week improved in some areas and worsened in others, according to USDA’s Crop Progress report for the week ending May 24. Nationwide, 29% was rated as Good (25%) or Excellent (4%), compared to 28% the previous week and 41% the previous year. On the other end of the scale, 44% was in Poor (22%) or Very Poor condition (22%), which was the same as the previous week but 11% more than the same time last year.

States with 40% or more pasture and range ranked as Poor or Very Poor included: Arizona (64%), Colorado (51%), Florida (49%), Georgia (39%), Kansas (40%); Montana (62%), Nebraska (79%), New Mexico (62%), North Carolina (53%), South Dakota (49%), Utah (59%), Virginia (68%), West Virginia (47%) and Wyoming (50%). Texas was on the line at 39%.

Winter wheat condition continued to lose ground with 26% ranked in Good (22%) or Excellent (4%) condition, which was 1% less than the previous week and 24% less than the same time last year. Conversely, 44% was in Poor (26%) or Very Poor (18%) condition, compared to 43% the previous week and 19% at the same time last year.

Corn planting progress continued to be positive with 86% in the ground, which was the same as last year and 3% more than the five-year average.

Similarly, 79% of the soybean crop was planted, which was 4% more than a year earlier and 11% more than average.

Cattle futures closed lower Friday as managed money appeared to exit positions ahead of the long weekend and in anticipation of bearish feedlot placements, which proved to be the case (see below).

Live Cattle futures closed an average of 67¢ lower, except for an average of 20¢ higher in the front two contracts. Feeder Cattle futures closed an average of $5.41 lower

Negotiated cash fed cattle trade was light on moderate demand in Kansas and Nebraska through Friday afternoon, according to the Agricultural Marketing Service. Trade was limited on moderate demand in the western Corn Belt and inactive on light demand in the Texas Panhandle. Overall, prices last week were steady to $2 lower.

FOB live prices were $260/cwt. in the Texas Panhandle, $259-$260 in Kansas, $258-$260 in Nebraska and $260 in the western Corn Belt. Dressed delivered prices were $408-$410 in Nebraska. Dressed delivered prices in the western Corn Belt the previous week were mostly $410.

Choice boxed beef cutout value was $1.21 lower Friday afternoon at $390.27/cwt. Select was 65¢ lower at $385.00. Week to week on Friday, Choice was $1.02 higher but Select was $4.25 lower.

Estimated total cattle slaughter last week of 528,000 head was 7,000 head fewer than the previous week and 48,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 10.7 million head was 1.1 million head fewer (-9.2%). Estimated year-to-date beef production of 9.6 billion pounds was 684.2 million pounds less (-6.6%).

Corn and Soybean futures closed higher Friday with short covering and positioning ahead of the holiday weekend.

Corn futures closed mostly 1¢ higher. Soybean futures closed 1¢ to 2¢ higher through Sep ‘27. Kansas City HRW Wheat futures closed 1¢ to 5¢ lower through Jly ‘27.

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Major U.S. financial indices closed higher Friday, supported by lower Treasury yield rates.

The Dow Jones Industrial Average closed 294 points higher. The S&P 500 closed 27 points higher. The NASDAQ was up 50 points.

West Texas Intermediate Crude Oil futures (CME) closed 19¢ to 25¢ higher through the front six contracts

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Markets will likely view Friday’s USDA Cattle on Feed Report as unfriendly with more placements and fewer marketings than anticipated ahead of the report.

Feedlots with 1,000 head or more capacity placed 1.7 million head in April, which was 89,000 head more (5.5%) year over year and 0.9% more than pre-report estimates. Although the specific numbers were in question, most anticipated an increase due to drought-driven earlier placements, as well as the fact this is the first year-over-year comparison without Mexican feeder cattle imports for both years.

In terms of placement weights, 34% went on feed weighing 699 lbs. or less, 50% weighing 700-899 lbs. and 16% weighing 900 lbs. or more.

Marketings in April of 1.6 million head were 183,000 head fewer (-10%) than the same time last year. Average estimates ahead of the report were for a decrease of 9.3%.

Cattle of feed May 1 of 11.6 million head were 208,000 more (1.8%) year over year, which was 0.2% more than estimates ahead of the report.

Cattle futures were sharply lower Thursday with no apparent headlines for fuel. Pressure included steady to lower negotiated cash fed cattle prices, softer wholesale beef values and likely positioning ahead of Friday’s Cattle on Feed report and the three-day weekend.

Depending on the source, pre-report estimates are for April placement to be up 3% year over year, April marketing to be 9.5% less and the May 1 inventory of cattle on feed to be up 1% or so.

Toward the close, Live Cattle futures were an average of $4.31 lower. Feeder Cattle futures were an average of $8.25 lower (from $1.60 lower in spot May to limit-down $9.25 in six contracts).

Negotiated cash fed cattle trade was moderate on moderate demand in all major cattle feeding regions through Thursday afternoon, according to the Agricultural Marketing Service.

Based on the latest established trade this week, FOB live prices are steady in the Southern Plains at $260/cwt. and steady to $5 lower in the North at $260. Dressed delivered prices are steady to $5 lower in Nebraska at $410. Dressed delivered prices in the western Corn Belt last week were mostly $410.

Choice boxed beef cutout value was $2.14 lower Thursday afternoon at $391.48/cwt. Select was $5.48 lower at $385.65.

Grain and Soybean futures trended lower Thursday with pressure from the fast planting pace and positive weather outlook.

Toward the close, and through near Mar contracts, Kansas City HRW Wheat futures were 9¢ to 12¢ lower. Corn futures were 3¢ lower. Soybean futures were 6¢ to 7¢ lower.

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Major U.S. financial indices faded early pressure to close higher Thursday.

The Dow Jones Industrial Average closed 276 points higher. The S&P 500 closed 12 points higher. The NASDAQ was up 22 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 64¢ lower to 69¢ higher through the front six contracts.