WLI

Cattle futures stepped higher Monday.

Toward the close, Live Cattle futures were an average of $3.11 higher. Feeder Cattle futures were an average of $5.49 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 $2 lower at mostly $246/cwt. and dressed delivered prices were $2 lower at $386.

The five-area direct weighted average FOB live fed steer price was $1.84 lower at $246.18. The weighted average dressed delivered fed steer price was $2.14 lower at $386.

Choice boxed beef cutout value was $2.56 higher Monday afternoon at $389.56/cwt. Select was $2.53 higher at $388.60.

Grain and Soybean futures rose Monday with risk-on buying.

Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 7¢ higher. Corn futures were mostly 5¢ to 6¢ higher. Soybean futures were mostly 9¢ to 12¢ higher through near Nov.

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Major U.S. financial indices closed mixed but little changed Monday with more back and forth on U.S.-Iran ceasefire speculation.

The Dow Jones Industrial Average closed 62 points lower. The S&P 500 closed 8 points higher. The NASDAQ was up 50 points.

Toward the close, West Texas Intermediate Crude Oil futures (CME) were 92¢ to $2.28 higher through the front six contracts.

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Domestic U.S. ground beef demand continues to increase even as total beef production declines and beef prices increase, according to Derrell Peel, Extension livestock marketing specialist at Oklahoma State University.

For perspective, in his weekly market comments, Peel says per capita supplies of ground beef increased last year to the highest level since 2004 at 28.6 pounds per person. 

“The challenges of meeting ground beef demand are substantial,” Peel explains. “Ground beef utilizes fatty trimmings from fed cattle and lean trimmings from cull cows and other sources. Total cow slaughter decreased 28.7% from 2022 through 2025, leading to a 24.8% decrease in non-fed beef production. This is the primary source of lean processing beef used in ground beef mixtures.”

According to Peel, the 3.6% decrease in beef production last year was offset by increased net beef imports to hold total per capita beef consumption steady with the previous year.

“Per capita beef consumption for 2025 was estimated at 59.8 pounds per person,” Peel says. “Total beef production thus far in 2026 is down 6.2% and is expected to be down 3-4% annually for the year with per capita beef consumption declining despite additional beef imports this year.”

Cattle futures continued higher Friday, perhaps with fund selling coming to an and after the recent downward correction.

Live Cattle futures closed an average of $1.62 higher. Feeder Cattle futures closed an average of $2.83 higher.

Week to week on Friday, Live Cattle futures closed an average of 88¢ lower, except for 2¢ higher in away Apr. Feeder Cattle futures closed an average of $3.05 lower week to week on Friday.

Negotiated cash fed cattle trade was limited on moderate demand in the western Corn Belt through Friday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some FOB live trades at $248/cwt. Elsewhere, trade was mostly inactive on light to moderate demand.

For the week, FOB live prices were $2 lower at $246/cwt. and dressed delivered prices are $2 lower at $386.

Choice boxed beef cutout value was $3.50 higher Friday afternoon at $387/cwt. Select was $3.49 higher at $386.07. Week to week on Friday, Choice boxed beef cutout value was $5.94 higher and Select was $9.47 higher.

Estimated total cattle slaughter last week of 529,000 head was 15,000 head more than the previous week but 26,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 8.6 million head was 943,000 head fewer (-9.9%) than the same time last year. Estimated year-to-date beef production of 7.7 billion pounds was 613.8 million pounds less (-7.4%).

Grain and Soybean futures were mixed on Friday.

Kansas City HRW Wheat futures closed 5¢ to 10¢ lower on profit taking from the recent price surge tied to weather premium.

Corn futures closed mostly fractionally higher to 2¢ higher, except for fractionally lower in the front two contracts.  

Soybean futures closed mostly 1¢ to 4¢ higher through Jan ’27 and then unchanged to fractionally mixed.

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Major U.S. financial indices closed mostly higher Friday, supported by optimism over peace talks between the U.S. and Iran, which sagged lower after the close.

The Dow Jones Industrial Average closed 79 points lower. The S&P 500 closed 56 points higher. The NASDAQ was up 398 points.

West Texas Intermediate Crude Oil futures (CME) closed 43¢ to $1.45 lower through the front six contracts.

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Despite some recent wobbles, analysts with the Livestock Marketing Information Center (LMIC) point out calf and feeder cattle prices remain significantly higher year over year. For instance, basis the Southern Plains, they say year-0ver-year prices for Medium and Large #1 cattle were $142.86/cwt. more (34%) higher at 400-500 lbs., $116.41 more (30%) at 500-600 lbs. and $92.39 more (31%) at 700-800 lbs.

In the most recent Livestock Monitor, LMIC analysts also explain drought and dryness are limiting herd expansion potential with about 63% of the cattle inventory affected.

“This is up dramatically from a year ago when USDA was reporting only 37% of the cattle inventory was located in drought areas,” LMIC analysts say. “The U.S. Drought Monitor is reporting that 77.57% of the U.S. is categorized as D0-D4 (abnormally dry to exceptional drought) compared to 56.08% during the same week a year ago. In short, dryness persists across much of the US and cattle country.”

Cattle futures closed mostly higher Thursday despite the strike by workers at the Cargill beef packing plant in Fort Morgan, Colo., and with news that the Secretary of Agriculture cancelled her visit to the U.S.-Mexican border, which some had feared would feature an announced timeline for resuming Mexican feeder cattle imports.

Live Cattle futures closed an average of 76¢ higher. Feeder Cattle futures closed an average of 68¢ higher, except for 17¢ lower in spot Apr.

Negotiated cash fed cattle trade was moderate on good demand in Kansas and Nebraska through Thursday afternoon, according to the Agricultural Marketing Service. Trade was inactive on light demand in the Texas Panhandle and light to moderate on moderate to good demand in the western Corn Belt.

So far this week, FOB live prices are $2 lower at $246/cwt. and dressed delivered prices are $2 lower at $386.

Choice boxed beef cutout value was 69¢ lower Thursday afternoon at $383.50/cwt. Select was 75¢ lower at $382.58.

Grain futures were higher, led by Thursday with winter wheat weather premium.

Kansas City HRW Wheat futures closed 20¢ to 29¢ higher through May ‘27. Corn futures closed 1¢ to 2¢ higher. Soybean futures closed mostly 2¢ to 4¢ lower.

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Major U.S. financial indices closed lower Thursday, pressured by rising Crude Oil prices and softer software earnings report.

The Dow Jones Industrial Average closed 179 points lower. The S&P 500 closed 29 points lower. The NASDAQ was down 219 points.

West Texas Intermediate Crude Oil futures (CME) closed $1.56 to $2.89 higher through the front six contracts.

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Projected feedlot net returns remain positive from April through July, according to the latest Historical and Projected Kansas Feedlot Net Returns from Kansas State University (K-State).

Estimated net returns for steers during the period range from $38.62 to $218.53 per head, with estimated feedlot cost of gain ranging from $95.36 to $100.66/cwt. During the same period forecast feedlot net returns for heifers range from $85.21 to $415.33 per head with estimated cost of feedlot gain ranging from $103.19 to $113.16/cwt.

“That is, market-ready fed steers and heifers slated to leave Kansas feedlots by July are projected currently to sell at sufficiently high prices, relative to costs of gain and earlier purchase of feeder cattle, that per head margins may remain positive,” according to Glynn Tonsor, K-State agricultural economist, in a recent issue of In the Cattle Markets.

Tonsor emphasizes the bullish outlook comes with caveats and reminders. Among them, he explains, “This series presumes an all-cash, no price risk management approach, leading to both projected highs and projected lows exceeding what is realized by parties regularly implementing price-mitigation strategies.”

Cattle futures struggled to firm Wednesday in the wake of a multi-day technical correction.

Toward the close, Live Cattle futures were an average of 56¢ lower. Feeder Cattle futures were an average of 47¢ lower to an average of 16¢ higher.

Negotiated cash fed cattle trade was light on moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. Dressed delivered prices were $2 lower at $386/cwt. FOB live price there last week was mostly $248.

Elsewhere, trade was limited on moderate demand. Although too few transactions to trend, there were some early FOB live trades at $246 in the Southern Plains and the western Corn Belt, where prices last week were $248. Dressed delivered price in the western Corn Belt last week was $388.

Choice boxed beef cutout value was $1.99 lower Wednesday afternoon at $384.19/cwt. Select was $3.87 lower at $383.33.

Grain and Soybean futures were mixed Wednesday.

Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 5¢ to 6¢ lower. Corn futures were unchanged to 1¢ higher. Soybean futures were 10¢ to 11¢ lower through near Nov.

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Major U.S. financial indices closed higher Wednesday, led by tech stock and supported by strong corporate earnings reports.

The Dow Jones Industrial Average closed 340 points higher. The S&P 500 closed 73 points higher. The NASDAQ was up 397 points.

West Texas Intermediate Crude Oil futures (CME) were $1.13 to $2.93 higher through the front six contracts.

Cattle futures were buoyed by Friday’s Cattle on Feed report early in Monday’s session but then faded with iffy outside markets and wonderments about this this week’s cash trade.

Toward the close, Live Cattle futures were an average of 65¢ lower. Feeder Cattle futures were an average of $3.70 lower, except for $1.32 higher in the back contract.

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.

For the week, FOB live prices were mainly $248/cwt., which was mostly $2 higher in the Texas Panhandle, unevenly steady in Kansas, steady to $1 lower in Nebraska and steady in the western Corn Belt. Dressed delivered prices were $388, which was steady in the western Corn Belt and steady to $1 lower in Nebraska.

The five-area direct weighted average FOB live fed steer price last week was 36¢ lower at $248.02/cwt. The weighted average dressed delivered fed steer price was 30¢ lower at $388.14.

Choice boxed beef cutout value was $2.50 higher Monday afternoon at $383.56/cwt. Select was $7.01 at $383.61.

Grain and Soybean futures were mixed to start the week.

Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 3¢ to 4¢ lower. Corn futures were 2¢ to 3¢ higher. Soybean futures were fractionally lower to 2¢ lower through near Nov. 

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Major U.S. financial indices wobbled and then closed slightly lower Monday, pressured by continued confusion about the ceasefire between the U.S. and Iran.

The Dow Jones Industrial Average closed 4 points lower. The S&P 500 closed 16 points lower. The NASDAQ was down 64 points.

West Texas Intermediate Crude Oil futures (CME) were $1.31 to $3.95 higher through the front six contracts.

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Winter wheat condition continued to erode last week, according to USDA’s Crop Progress report for the week ending April 19. 30% was in Good (25%) or Excellent (5%) condition, which was 4% less than the previous week and 15% less than the same week last year. On the other side of the scale, 33% was in Poor (21%) or Very Poor (12%) condition, compared to 32% the previous week and 21% the prior year.

As for row crops, 11% of corn was in the ground, which was on par with last year but 2% ahead of the five-year average. 12% of Soybean were planted, compared to 7% at the same time last year and 5% for the average.