WLI

Cattle futures gained more steam on Tuesday, supported by the recent bounce in wholesale beef values and thoughts cash fed cattle prices could gain this week.

Toward the close, Live Cattle futures were an average of $4.52 higher. Feeder Cattle futures were an average of $6.56 higher.

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

Last week, FOB live prices were $255-$256/cwt. in the Texas Panhandle, $256 in Kansas and $255-$258 in the North. Dressed delivered prices were $403-$405.

Choice boxed beef cutout value was $4.53 higher Tuesday afternoon at $399.58/cwt. Select was 44¢ higher at $376.85.

Grain and Soybean futures were mixed on Tuesday.

Toward the close, and through near Mar contracts, Corn futures were 1¢ lower to 2¢ higher. Soybean futures were 9¢ to 11¢ higher on reports of China purchases. Kansas City HRW Wheat futures were 1¢ to 6¢ lower.

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Major U.S. financial indices were mixed Tuesday with follow-through support from the U.S.-Iran peace agreement but pressure from tech stocks.

The Dow Jones Industrial Average closed 328 points higher. The S&P 500 closed 42 points lower. The NASDAQ was down 307 points.

Through mid-afternoon, West Texas Intermediate crude futures on the CME were $1.91 to $4.12 lower through the front six contracts.

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Even as New World screwworm dominates headlines and impacts some producers, Stephen Koontz, agricultural economist at Colorado State University notes lower new-crop feed prices will likely have a more pronounced market-level impact.

In a recent issue of In the Cattle Markets, Koontz points to the significant decline in feed-based futures prices the last few weeks, with Corn (Dec ‘26) down 20%, Wheat (Jly’26) down about 10% and Soybean Meal (Dec ’26) down more than 7%.

“These changes have occurred well ahead of the USDA Acreage report due out at the end of this month,” Koontz says. “…The futures market is communicating that drought and other production risks are substantially mitigated. Or at least that is what the funds think.”

Currently subdued grain prices should help support calf and feeder cattle prices, according to Koontz.

“The corn price, in isolation, has the ability to reduce costs of gain by 10-15¢ per pound of gain, and with lower other feeds, then the costs of gain will remain modest compared to the past five years,” Koontz explains. “Be aware, these price changes don’t impact feed in the bunk but rather have the potential to impact costs of gain into 2027 and the value of this year’s calves.”

Cattle futures bounced higher Monday, buoyed by positive outside markets and falling Crude Oil futures, in response to the announced resolution to the U.S.-Iran war. Keep in mind that Juneteenth on Friday shortens the trading week and that the monthly Cattle on Feed report will be published Thursday.

Toward the close, Live Cattle futures were an average of $2.17 higher. Feeder Cattle futures were an average of $4.93 higher.

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 steady to $1 lower in the Texas Panhandle at $255-$256/cwt., mainly steady to $2 lower in Kansas at $256, $1 lower to $2 higher in the North at $255-$258. Dressed delivered prices were steady in Nebraska at $405 and steady to $2 lower in the western Corn Belt at $403-$405.

The five-area direct weighted average fed steer price last week was 45¢ lower at $256.08. The weighted average dressed delivered fed steer price was 22¢ higher at $404.88.

Choice boxed beef cutout value was $3.12 higher Monday afternoon at $395.05/cwt. Select was $3.69 higher at $376.41.

Grain and Soybean futures were higher Monday, despite lower oil prices, offering hope that selling might be reaching the end for now.

Toward the close, and through near Mar contracts, Corn futures were 1¢ to 2¢ higher. Soybean futures were 2¢ to 5¢ higher. Kansas City HRW Wheat futures were 5¢ to 7¢ higher.

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Major U.S. financial indices extended gains Monday with new of a peace agreement between the U.S. and Iran.

The Dow Jones Industrial Average closed 468 points higher. The S&P 500 closed 122 points higher. The NASDAQ was up 795 points.

Through mid-afternoon, West Texas Intermediate crude futures on the CME were $2.19 to $3.44 lower through the front six contracts.

Cattle futures softened Friday with likely profit taking, wobbly negotiated cash fed cattle price and the announcement by JBS USA about the planned closure of its beef production facility in Souderton, Penn., and its value-added facility in Memphis, Tenn. Production from the affected facilities will be absorbed into other operations across its network, ensuring continuity of supply and service for customers, according to the company.

Live Cattle futures closed an average of $1.34 lower. Feeder Cattle futures closed an average of $2.10 lower.

Week to week on Friday, Feeder Cattle futures closed an average of $2.25 higher, while Live Cattle futures closed an average of 36¢ lower, except for an average of 11¢ higher in the back three contracts.

Negotiated cash fed cattle trade was mostly inactive on light demand in Kansas through Friday afternoon, according to the Agricultural Marketing Service.

Elsewhere, trade was limited on moderate demand. Although too few transactions to trend in those regions, there were some FOB live trades at $256/cwt. in the Texas Panhandle, $255 in Nebraska and $254-$256 in the western Corn Belt. Likewise, too few to trend, there were some dressed delivered trades in Nebraska at $403-$410 and in the western Corn Belt at $400-$409.

The previous 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 $1.28 lower Friday afternoon at $391.93/cwt. Select was 53¢ lower at $372.72. Week to week on Friday, Choice was 77¢ lower and Select was $9.97 lower.

Estimated total cattle slaughter last week of 524,000 head was 9,000 head fewer than the previous week and 36,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 12.5 million head was 1.2 million head less (-9.0%). than same time last year. Estimated year-to-date beef production of 11 billion pounds was 741.1 million pounds less (-6.3%).

Grain and Soybean futures were mainly lower Friday with continued pressure from the positive weather outlook and declining war premium with news about a peace plan between the U.S. and Iran.  

Corn futures closed fractionally higher to 1¢ higher, however they were an average of 6’2¢ lower through the front six contracts week to week.

Soybean futures were mostly fractionally lower to 2¢ lower. Kansas City HRW Wheat futures were mostly 2¢ to 3¢ lower.

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Major U.S. financial indices continued higher Friday, helped along by another day of believing the end to the U.S.-Iran war is in sight.

The Dow Jones Industrial Average closed 353 points higher. The S&P 500 closed 37 points higher. The NASDAQ was up 79 points.

WTI were $2.81 to $2.90 lower through the front six contracts.

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U.S. beef exports continued lower in April, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

April beef exports totaled 89,783 metric tons (mt), down 11% year over year, while value fell 5% to $780.6 million. However, April beef exports shined on a per-head basis, as export value equated to $415.88 per head of fed slaughter, up 5% from a year ago. While prospects are brightening for U.S. beef’s return to the China market, April results still reflected a near-total lockout.

Beef variety meats were a bright spot in April, with exports climbing 20% from a year ago to 25,314 mt, led by growth to top volume market Mexico, valued at $114.7 million (up 40%).

For January through April, beef and beef variety meat exports were 11% below the 2025 pace at 365,138 mt and declined 5% in value to $3.13 billion. When excluding China, exports were up slightly (+0.3%) in volume and increased 7% in value.

“Global demand for U.S. beef has proven very resilient, even in the face of tight supplies and higher prices,” says Dan Halstrom, USMEF president and CEO. “But there are certainly significant headwinds, including the impact of weak currencies in Korea, Japan and Southeast Asia, and higher energy prices weighing on consumer confidence and disposable income. And while we were thrilled to see China renew U.S. beef plant registrations following the summit meeting between President Trump and President Xi, additional obstacles must also be addressed before U.S. beef’s presence in China rebounds.”

For broader red meat perspective, U.S. pork exports in April totaled 257,212 mt, which was 8% more (nearly 20,000 mt) than the same time last year, while value increased 6% to $718.1 million.

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.