WLI

Cattle futures expanded gains Tuesday, led by Feeder Cattle and strong cash.

Toward the close, Live Cattle futures were an average 80¢ higher. Feeder Cattle futures were an average of $3.31 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 $232/cwt. in Kansas, $232 in Nebraska and $230-$232 in the western Corn Belt. Dressed delivered prices were $360.

Choice boxed beef cutout value was $2.45 lower Tuesday afternoon at $351.25/cwt. Select was 42¢ lower at $351.08. The Choice-Select spread was a paltry 17¢, the lowest since Feb. 2022.

The short-covering rally faded in the grain complex on Tuesday.

Toward the close, through near Sep, Soybean futures were mostly 5¢ to 7¢ lower. Corn futures were fractionally lower to 2¢ lower. KC HRW Wheat futures were fractionally mixed to 1¢ higher.

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Major U.S. financial indices closed higher again Tuesday with support across a wide array of markets, from tech to energy.

The Dow Jones Industrial Average closed 484 points higher. The S&P 500 closed 42 points higher, but the NASDAQ was up 151 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) closed $1.28 to $1.37 lower through the front six contracts.

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Agricultural producer sentiment weakened slightly month to month in December, according to the Purdue University/CME Group Ag Economy Barometer. The overall index declined 3 points from November to 136.

Producers’ long-term outlook drove the weakness with the Future Expectations Index 4 points less at 140, while the Current Conditions Index held steady at 128.

“Even with some stability in expectations for their own operations, producers remain cautious about longer-term decisions,” says Michael Langemeier, the barometer’s principal investigator and director of Purdue’s Center for Commercial Agriculture. “Uncertainty surrounding agricultural trade and growing concern about global competitiveness continue to influence how farmers think about the future.”

Producers’ views about exports were mixed in December. Only 5% of respondents expected overall U.S. agricultural exports to decline over the next five years. However, 13% of corn and soybean growers said they expect soybean exports to decrease in the next five years, up from 8% in November. Similarly, 8% fewer corn and soybean producers look for soybean exports to increase over the next five years — 39% in December, compared to 47% a month earlier.

More specifically, 84% of corn and soybean producers said they were concerned or very concerned about the competitiveness of U.S. soybean exports relative to Brazil, with 45% reporting they were very concerned.

Producers’ confidence in the use of tariffs to strengthen the U.S. agricultural economy continued to decline in December. Just 54% of respondents said tariffs would have a positive effect, down from 58% in October and 59% in November. Uncertainty about the long-run impact of tariff policies also grew, with 19% of producers expressing uncertainty in December compared to 17% the month before. Since this question was first introduced in the spring, the percentage of producers uncertain about tariff effects has more than doubled.

The survey was conducted Dec. 1-5, 2025.

Cattle futures continued higher Monday, following the significant bounce higher during the previous session and supported by last week’s higher negotiated cash fed cattle prices and the recent bounce in wholesale beef values.

Toward the close, Live Cattle futures were an average $1.14 higher. Feeder Cattle futures were an average of $2.82 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.

Based on the latest established trade, FOB live prices were mainly $3 higher in Kansas at mostly $232/cwt., $2 higher in Nebraska at $232 and steady to $2 higher in the western Corn Belt at $230-$232. Dressed delivered prices were $360, which was $4 higher in Nebraska and steady to $4 higher in the western Corn Belt.

The weighted average five-area direct FOB live fed steer price last week was $2.35 higher at $231.68/cwt. The weighted average dressed delivered fed steer price was $3.33 higher at $359.86.

Choice boxed beef cutout value was $3.73 higher Monday afternoon at $353.70/cwt. Select was $4.58 higher at $351.50.

The grain complex rallied Monday on short covering.

Toward the close, through near Jly Soybean futures were 15¢ to 17¢ higher. Corn futures were 6¢ to 7¢ higher. KC HRW Wheat futures were 4¢ to 6¢ higher.

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Major U.S. financial indices closed higher Monday with investor optimism regarding the weekend U.S. strike on Venezuela and capture of that nation’s president, reportedly based on drug trafficking charges.

The Dow Jones Industrial Average closed 594 points higher. The S&P 500 closed 43 points higher, and the NASDAQ was up 160 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 84¢ to $1.09 higher through the front six contracts.

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Cattle and beef markets in 2026 are poised to continue the path of the past few years, according to Derrell Peel, Extension livestock marketing specialist at Oklahoma State University. 

“Tight cattle supplies, decreased beef production, and strong demand continue to support and elevate cattle and beef prices,” Peel explains in his weekly market comments. “Multi-decade lows in cattle inventories are the driving supply force that underpins cattle markets and the market is focused on the cow-calf sector, which holds the key to cattle supplies going forward.”

With cow-calf producers in mind, Peel says price signals indicate what to produce, how much to produce and how resources should be used for that production. 

“Record-high calf prices and cow-calf returns is the market’s way of strongly encouraging increased calf production,” Peel explains. “Moreover, production resources, especially forage resources, should focus on calf production over alternatives such as backgrounding/stocker production. Cheap corn further emphasizes this, encouraging calf production in the country with feedlot placement at relatively lighter weights and finishing as quickly as possible.” 

Listen to more of Peel’s market insights here.

Cattle futures broke higher Friday buoyed by stronger negotiated cash fed cattle prices and a boost in wholesale beef values.

Live Cattle futures closed an average $3.58 higher. Feeder Cattle futures closed an average of $7.91 higher. Week to week on Friday, Live Cattle futures closed an average of $6.63 higher, and Feeder Cattle futures closed an average of $12.63 higher ($9.92 higher at the front to $13.98 higher at the back).

Negotiated cash fed cattle trade was limited on moderate demand in Kansas through Friday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some FOB live trades at $232/cwt.; price the previous week was $229.

Trade was light to moderate on moderate demand in the North. Based on the latest established trade, FOB live prices were $2 higher in Nebraska at $232 and steady to $2 higher in the western Corn Belt at $230-$232. Dressed delivered prices were $360, which was $4 higher in Nebraska and steady to $4 higher in the western Corn Belt.

Choice boxed beef cutout value was $2.52 higher Friday afternoon at $349.97/cwt. Select was $4.54 higher at $346.92. Week to week on Friday, Choice was $1.24 lower, but Select was $3.12 higher.

The grain complex continued lower on Friday, pressured by technical selling and favorable South American weather.

Soybean futures closed fractionally lower to 2¢ lower through Aug ’27. Corn futures closed 1¢ to 2¢ lower. KC HRW Wheat futures closed unchanged to fractionally mixed.

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Major U.S. financial indices closed mixed on Friday.

The Dow Jones Industrial Average closed 319 points higher. The S&P 500 closed 12 points higher, but the NASDAQ was down 6 points.

West Texas Intermediate Crude Oil futures (CME) closed 1¢ to 10¢ lower through the front six contracts.

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As the new year gets underway, here’s some perspective on cattle prices year over year the last week of December:

• The weekly weighted average five-area direct FOB live fed steer price was $30.92 more (15.6%) year over year at $229.33/cwt. The weekly weighted average dressed delivered fed steer price was $49.48 more (16.1%) at $356.53. The CME Feeder Cattle Index was $87.60 (33.6%) higher at $348.65.
• Prices for Medium and Large #1 feeder steers weighing 600-700 lbs. were significantly higher, based on USDA’s weekly stocker summary. The average price the last week of December was $108.98 higher in the North Central region at $413/cwt., $107.77 higher in the South Central region at $392.28 and $94.77 higher in the Southeast at $363.32. That represented an increase of 35-38%.
• Although wholesale beef values never found seasonal holiday spark, Choice boxed beef cutout value was $36.54 higher (11.4%) year over year at $356.12/cwt., while Select was $58.58 higher (20.3%) at $347.46. The Choice-Select spread was $8.66, which was $22.04 less (-71.8%).
• Retail beef prices continued to surge higher. Based on November data — the most recent available data from USDA — Choice retail value was $1.76 higher (21.2%) year over year at $10.08 per pound. The all fresh retail beef value was $1.34 higher (16.6%) at $9.40.
• Along with extraordinary consumer beef demand, declining cattle numbers and beef production explain the price increases. Year to date, through Dec. 26, estimated total cattle slaughter of 28.9 million head was 2.1 million head fewer (-6.8%) less. Estimated total beef production of 25.3 billion pounds was 1.1 billion pounds less (-4.0%).

Cattle futures continued higher Wednesday amid light holiday-trade.

Toward the close, Live Cattle futures were an average $1.07 higher. Feeder Cattle futures were an average of $1.02 higher.

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

Last week, FOB live prices were $229/cwt. in Kansas, $230 in Nebraska and $228-$230 in the western Corn Belt.

Dressed delivered prices were mostly $356 in Nebraska and $356-$358 in the western Corn.  

Choice boxed beef cutout value was 75¢ lower Wednesday afternoon at $347.45/cwt. Select was 78¢ lower at $342.38.

The grain complex continued mainly lower on Wednesday, led by Soybeans.

Toward the close, through near Jly contracts, Soybean futures were 11¢ to 15¢ lower on expectations of a bumper crop in Brazil and continued wonderment about the trade deal with China.

Corn futures were fractionally higher. KC HRW Wheat futures 6¢ to 7¢ lower.

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Major U.S. financial indices closed lower Wednesday on likely year-end profit taking and positioning.

The Dow Jones Industrial Average closed 303 points lower. The S&P 500 closed 50 points lower, and the NASDAQ was down 177 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 48¢ to 54¢ lower through the front six contracts.

Cattle futures gained on Tuesday, led once again by Feeder Cattle.

Toward the close, Live Cattle futures were an average $1.73 higher. Feeder Cattle futures were an average of $2.88 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 $229/cwt. in Kansas, $230 in Nebraska and $228-$230 in the western Corn Belt.

Dressed delivered prices were mostly $356 in Nebraska and $356-$358 in the western Corn. 

Choice boxed beef cutout value was $1.13 lower Tuesday afternoon at $348.20/cwt. Select was $2.46 lower at $343.16.

Grain and Soybean futures continued lower on Tuesday with the positive outlook for a bumper crop in Brazil and year-end positioning.

Toward the close, through near Jly contracts, Corn futures were 1¢ to 2¢ lower. KC HRW Wheat futures were 6¢ lower. Soybean futures were 2¢ to 5¢ lower.

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Major U.S. financial indices edged lower Tuesday.

The Dow Jones Industrial Average closed 94 points lower. The S&P 500 closed 9 points lower, and the NASDAQ was down 55 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 6¢ to 13¢ lower through the front six contracts.