WLI

Cattle futures regained some footing Thursday with some likely positioning ahead of Friday’s monthly Cattle on Feed report. Depending on who you follow, August placements are estimated to be nearly 9% less year over year with August marketing down about 13% and the Sept. 1 cattle on feed inventory down nearly 1%.

Toward the close, Live cattle futures were an average of $1.53 higher. Feeder Cattle futures were an average of $3.10 higher.

Negotiated cash fed cattle trade ranged from limited on light demand in the Texas Panhandle to light on moderate demand in the North, through Thursday afternoon, according to the Agricultural Marketing Service.

Dressed delivered prices were $5-$8 lower in Nebraska at $370/cwt. FOB live prices there last week were mostly $240.

In the western Corn Belt, FOB live prices were steady to $3 lower at $237. Dressed delivered prices in the region last week were $375-$378.

Although too few to trend, there were some FOB live trades at $240 in Kansas. Prices in the Southern Plains last week were $240.

Choice boxed beef cutout value was $2.37 lower Thursday afternoon at $385.81/cwt. Select was $5.06 lower at $361.31.

Grain and Soybean futures continued lower Thursday with harvest pressure, farmer selling and profit taking. 

Toward the close and through Jly contracts, Corn futures were 2¢ lower. Kansas City Wheat futures were 5¢ to 6¢ lower. Soybean futures were 4¢ to 5¢ lower.

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Major U.S. financial indices road the coattails of the Fed interest rate cut higher on Thursday.

The Dow Jones Industrial Average closed 124 points higher. The S&P 500 closed 31 points higher. The NASDAQ was up 209 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 39¢ to 41¢ lower through the front six contracts.

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USDA’s Economic Research Service (ERS) projected feeder steer prices significantly higher than the previous month in the September Livestock, Dairy and Poultry Outlook.

Based on recent price strength, projections increased $10 in the third quarter to $353/cwt. and $18 in the fourth quarter to $363 for an annual average of $323.79, which was $7 higher. ERS estimated prices $12 higher in the first and second quarters of next year at $360 and $362, respectively, for an annual average price of $362.25, which was also $12 higher. Prices are basis a Medium and Large #1 steer weighing 750-800 lbs. and selling at Oklahoma City.

ERS analysts noted the August weighted-average price at Oklahoma City was record-high at $355.55, which $20.46 more than the previous month and more than $121 higher year over year.

As noted in Cattle Current, the ERS raised expected average five-area direct fed steer prices, compared to last month, in the September World Agricultural Supply and Demand Estimates(WASDE), based on recent price strength.

Prices increased $2 in the third quarter to $240/cwt. and $4 in the fourth quarter to $244, for an annual average price of $228.56, which was $1.50 more. That was with beef production for this year estimated 100 million pounds less than the previous month at 25.8 billion pounds. The total would be 1.2 billion pounds less (-4.3%) than last year.

Prices for 2026 increased $5 in the first and second quarters to $247 and $248, respectively. The 2026 annual average price was also $5 higher at $249. Beef production for the year was estimated at 25.5 billion pounds, which would be 336 million pounds less (-1.3%) than this year’s projected total.

Cattle futures continued lower Wednesday, hampered by wariness ahead of the Fed’s interest rate announcement and swift declines in wholesale beef prices.

Negotiated cash fed cattle trade was limited on moderate demand in the Texas Panhandle through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early FOB live trades at $238-$239/cwt. Elsewhere, trade was mostly inactive on light to moderate demand.

Last week, FOB live prices were mainly $240/cwt. in all regions. Dressed delivered prices were $375-$378.

Choice boxed beef cutout value was $4.44 lower Wednesday afternoon at $388.18/cwt. Select was $6.80 lower at $366.37.

Toward the close, Live cattle futures were an average of $2.04 lower. Feeder Cattle futures were an average of $4.51 lower.

Grain and Soybean futures closed lower with likely increased farmer selling. 

Toward the close and through away Jly contracts, Corn futures were 2¢ lower. Kansas City Wheat futures were 6¢ to 7¢ lower. Soybean futures were 5¢ lower.

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Major U.S. financial indices closed mixed Wednesday with key news being the widely anticipated Fed interest rate cut of a quarter-point.

“Recent indicators suggest that growth of economic activity moderated in the first half of the year,” according to the FOMC statement. “Job gains have slowed, and the unemployment rate has edged up but remains low. Inflation has moved up and remains somewhat elevated.”

The Dow Jones Industrial Average closed 260 points higher. The S&P 500 closed 6 points lower. The NASDAQ was down 72 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 52¢ to 67¢ lower through the front six contracts.

Cattle futures gave back some of the previous session’s gains with declining wholesale beef prices and the outlook for perhaps lower cash fed cattle trade again this week. Pressure may have also included USDA confirmation the previous day of highly pathogenic avian influenza (HPAI) H5N1 in a Nebraska dairy cattle herd.

Toward the close, Live cattle futures were an average of 58¢ lower. Feeder Cattle futures were an average of $1.16 lower, except for 17¢ higher in near Oct.

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

Last week, FOB live prices were mainly $240/cwt. in all regions. Dressed delivered prices were $375-$378.

Choice boxed beef cutout value was $5.91 lower Tuesday afternoon at $392.62/cwt. Select was $5.63 lower at $373.17.

Grain and Soybean futures bounced higher Tuesday, helped by reports of lower corn and soybean yields and the lower U.S. Dollar. 

Toward the close and through away Jly contracts, Corn futures were 4¢ to 5¢ higher. Kansas City Wheat futures were 8¢ higher. Soybean futures were 6¢ higher.

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Major U.S. financial indices eased lower Tuesday, with profit taking ahead of this week’s Fed decision about interest rates.  

The Dow Jones Industrial Average closed 125 points lower. The S&P 500 closed 8 points lower. The NASDAQ was down 14 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 91¢ to $1.26 higher through the front six contracts.

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U.S. Beef imports continue to rise with shipments from January through July totaling more than 3.4 billion pounds, up +30% (790 million pounds) from the same period last year, according to Livestock Marketeing Informatiom Center, in the latest Livestock Monitor.

“Available domestic supplies are expected to remain tight, which will likely continue the trend of higher beef imports,” AMS analysts say. “If so, this could contribute to lower available exportable beef supplies in the near term.”

Through the first seven months of this year, exports were 8% below last year in volume at 691,800 metric tons and down 7.5% in value at$5.67 billion, according to data released by USDA and compiled by the U.S. Meat Export Federation.

Cattle futures climbed back Monday as funds appeared to retrench following last week’s losses.

Toward the close, Live cattle futures were an average of $4.42 higher. Feeder Cattle futures were an average of $6.81 higher.

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

Last week, FOB live prices were mainly $2 lower in the Southern Plains at $240/cwt. and $2-$3 lower in the North at $240. Dressed delivered trade was $5-$8 lower at $375-$378.

The five-area direct weighted average FOB live fed steer price last week was $3.22 lower at $239.33/cwt. The weighted average dressed delivered fed steer price was $7.00 lower at $376.15.

Choice boxed beef cutout value was $1.51 lower Monday afternoon at $398.53/cwt. Select however, was 36¢ higher at $378.80.

Turning to grain complex, futures turned lower on likely profit taking from the previous session’s gains. 

Toward the close and through away Jly contracts, Corn futures were 5¢ to 6¢ lower. Kansas City Wheat futures were unchanged to fractionally lower. Soybean futures were mostly 3¢ to 4¢ lower.

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Major U.S. financial indices closed higher Monday, led by tech stocks and positive comments from the White House regarding trade talks with China.  

The Dow Jones Industrial Average closed 49 points higher. The S&P 500 closed 30 points higher. The NASDAQ was up 207 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 50¢ to 65¢ higher through the front six contracts.

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“Beef prices remain strong, and beef demand is robust despite the availability of favorably priced alternative proteins,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. 

For perspective, Peel notes retail beef prices posted another record high in August, according to USDA data. The all-fresh retail beef price was 12.6% higher year over year, which was more than a dollar higher at $9.18 per pound. He adds that even as wholesale beef prices decline seasonally, last week’s value was 31.7% higher year over year, with all primal values higher for the period.

Conversely, Peel points out retail pork prices in August were lower month to month and 2.2% higher year over year. Retail broiler prices were fractionally higher compared to July and were 1.9% higher year over year.

“Moving into the fall, consumer demand shifts from a summer grilling focus to crock-pot cooking and increased restaurant visits,” Peel says. “This may slightly change relative values among beef products, but beef product demand continues strong at all levels.”

Cattle futures regained some ground Thursday. Toward the close, Live cattle futures were an average of $1.17 higher. Feeder Cattle futures were an average of $2.03 higher.

Negotiated cash fed cattle trade was moderate on moderate demand in Nebraska through Thursday afternoon, according to the Agricultural Marketing Service. So far this week, FOB live prices are $3-$4 lower at $238-$240/cwt. and dressed delivered prices are $8 lower at $375.

Elsewhere, trade was mostly inactive on moderate demand.

FOB live prices this week are mainly $2-$3 lower in the western Corn Belt at mostly $240. Dressed delivered prices in the region last week were $383.

Last week, FOB live prices were $242 in the Texas Panhandle and $242-$243 in Kansas.

Choice boxed beef cutout value was $4.85 lower Thursday afternoon at $400.79. Select was $3.73 lower at $379.95.

Grain and Soybean futures bounced back Thursday, ahead of Friday’s monthly World Agricultural Supply and Demand Estimates. 

Toward the close and through away Jly contracts, Corn futures were mostly 2¢ to 3¢ higher. Kansas City Wheat futures were mostly 3¢ higher. Soybean futures were mostly 7¢ to 8¢ higher.

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Major U.S. financial closed higher Thursday with more traders apparently betting on the Fed cutting interest rates next week.

The Dow Jones Industrial Average closed 617 points higher. The S&P 500 closed 55 points higher. The NASDAQ was up 157 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.23 to $1.43 lower through the front six contracts.