WLI

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.

Cattle futures on Thursday continued to retrace higher from the early-week meltdown, with odds increasing for steady to higher negotiated cash fed cattle prices this week.

Toward the close, Live Cattle futures were an average of $2.58 higher. Feeder Cattle futures were an average of $4.45 higher.

Negotiated cash fed cattle trade was limited on light to moderate demand in the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some early FOB live trades at $232-$233/cwt. Prices there last week were mostly $230 with dressed delivered trade at $365.

Elsewhere, trade was inactive on light demand. Last week FOB live prices were $230-$231 in Kansas and mostly $230 in Nebraska, where dressed delivered prices were $365.

Choice boxed beef cutout value was $2.93 lower Thursday afternoon at $360.50/cwt. Select was $1.08 lower at $341.33.

Soybean and Corn futures continued lower Thursday, on the more favorable weather outlook, while Wheat gained as traders added more war premium for export disruptions in the Black Sea. 

Toward the close and through the front four contracts, Soybean futures were 3¢ to 4¢ lower. Kansas City HRW Wheat were 5¢ to 7¢ higher. Corn futures were 2¢ to 3¢ lower. 

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Major U.S. financial indices rebounded Thursday from the previous session’s selloff, even though domestic second quarter economic growth was less than expected at 1.5%, according to the U.S. Bureau of Economic Analysis.

The Dow Jones Industrial Average closed 613 points higher. The S&P 500 closed 121 points higher. The NASDAQ was up 679 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 72¢ to $1.61 lower through the front six contracts.

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Creighton University’s Rural Mainstreet Index (RMI) plunged 10.5 points month to month in July to an overall reading of 42.1. That was the fifth time in six months that the index has been below growth neutral. The index ranges between zero and 100 with 50 representing growth neutral.

“More than half, or 52.0%, of bank CEOs reported that very weak commodity prices will be the greatest challenge to the agriculture economy moving forward,” says Ernie Goss, the Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business.

The RMI is based on a monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy.  

Rural bankers remain pessimistic about economic growth for their area over the next six months. The July economic confidence index slumped to 34.2 from June’s 42.1. “Weak grain prices, higher input costs and volatility stemming from the Iran war continue to weigh on banker confidence,” according to Goss.

Cattle futures gained traction on Wednesday, as traders move past recent bearish news.

Toward the close, Live Cattle futures were an average of $1.71 higher. Feeder Cattle futures were an average of $3.18 higher.

Negotiated cash fed cattle trade was inactive on light demand in all cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $230-$231/cwt. in Kansas and mostly $230 in the North. Dressed delivered prices were $365.

Choice boxed beef cutout value was $2.43 lower Wednesday afternoon at $363.43. Select was $1.11 lower at $342.41.

Soybean futures led the grain complex lower Wednesday, pressured by a wetter forecast.

Toward the close and through the front four contracts, Soybean futures were 28¢ to 35¢ lower. Kansas City HRW Wheat futures were fractionally lower to 2¢ lower. Corn futures were 9¢ to 10¢ lower.  

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Major U.S. financial indices closed sharply lower Wednesday. Pressure included the bounce higher in Crude Oil futures prices and a spike up in Treasury yields, related to inflation concerns. The Federal Open Market Committee’s latest decision left interest rates unchanged.

The Dow Jones Industrial Average closed 1,153 points lower. The S&P 500 closed 112 points lower. The NASDAQ was down 433 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $3.44 to $5.72 higher through the front six contracts.

Live Cattle futures were up and Feeder Cattle futures were mixed Tuesday, following the previous session’s steep decline, tied to USDA’s plans to open the U.S. border to Mexican feeder cattle imports.

Toward the close, Live Cattle futures were an average of $2.29 higher.

Feeder Cattle futures were an average of $3.55 lower, except for an average of $3.51 higher in the front three contracts.

Negotiated cash fed cattle trade was inactive on light demand in all cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $230-$231/cwt. in Kansas and mostly $230 in the North. Dressed delivered prices were $365.

Choice boxed beef cutout value was $2.97 higher Tuesday afternoon at $365.86. Select was $1.64 lower at $343.52.

Grain and Soybean futures were higher Tuesday, likely bolstered by the steep decline in crop conditions illustrated in the weekly report.

Toward the close and through the front four contracts, Soybean futures were 2¢ to 6¢ higher. Kansas City HRW Wheat fractionally lower to 2¢ lower. Corn futures were 5¢ to 7¢ higher.  

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Major U.S. financial indices closed mixed Tuesday, supported by lower Crude Oil prices and positive corporate earnings reports, while investors continued to sell chip stocks.

The Dow Jones Industrial Average closed 537 points higher. The S&P 500 closed 15 points higher. The NASDAQ was down 55 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $2.42 to $3.46 lower through the front six contracts.