WLI

Cattle closed mainly higher Thursday, supported by another day of bullish outside markets.

Live cattle futures closed an average of 90¢ higher. Feeder Cattle futures closed an average of 52¢ higher, except for an average of 6¢ lower in the back two contracts. From last Thursday to the previous Friday, Live Cattle futures closed an average of $1.06 higher and Feeder Cattle futures closed an average of 88¢ higher, except for 27¢ lower in the back contract.

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

For the week, FOB live prices were mainly steady in the Texas Panhandle at $224/cwt., mostly $1 lower in Kansas at $224, steady in Nebraska at $230-$232 and unevenly steady in the western Corn Belt at $230-$233. Dressed delivered prices were steady in Nebraska at $368. Dressed delivered prices in the western Corn Belt the previous week were $368-$370.

Choice boxed beef cutout value was $5.11 lower Thursday afternoon at $389.75. Select was $1.87 lower at $378.44.

Grain and Soybean futures were mixed Thursday.

Corn futures closed mainly 1¢ to 3¢ higher. Kansas City Wheat futures closed mostly 2¢ to 4¢ lower. Soybean futures closed 1¢ to 5¢ higher.

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Major U.S. financial indices powered forward Thursday, fueled by a more bullish reading of the nation’s employment situation.

Total non-farm payroll employment increased by 147,000 in June, according to the U.S. Bureau of Labor Statistics. That was more than the trade expected. The unemployment rate was little changed at 4.1%.

Average hourly earnings for all employees on private non-farm payrolls rose by 8¢ to $36.30 in June. Average hourly earnings have increased by 3.7% over the past 12 months.

The Dow Jones Industrial Average closed 344 points higher. The S&P 500 closed 51 points higher. The NASDAQ was up 207 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 22¢ to 45¢ lower through the front six contracts.

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Keeping the historically high prices in mind, wholesale beef prices appear to be running out of seasonal steam, with Choice boxed beef cutout value $6.74 lower from Thursday of last week to the previous Friday at $389.75/cwt. Select was $4.49 lower during the same period at $378.44.

With Labor Day — the remaining key grilling holiday left this summer — Andrew P. Griffith, agricultural economist at the University of Tennessee says further price support may prove tough top muster.

“With the thought that boxed beef prices will decline further, the question is how much will they decline and how long will it last,” Griffith says, in his weekly market comments. “The simple answer is for the market to expect softness starting now and not ending until late fall.”

Cattle futures bounced back Wednesday and recovered about half of the previous session’s losses which were tied to the kneejerk reaction to USDA’s announced plans to begin reopening the Mexican border to cattle imports as soon as next week.

Toward the close, Live cattle futures were an average of $1.58 higher.  Feeder Cattle futures were an average of $2.50 higher, except for $2.05 lower in the back contract.

Negotiated cash fed cattle trade was light on moderate demand in the north through Wednesday afternoon, according to the Agricultural Marketing Service. FOB live prices were steady to $2 lower in Nebraska at mostly $230/cwt. and $2 lower in the western Corn Belt at $230. Dressed delivered prices last week were mostly $368 in Nebraska and $368-$370 in the western Corn Belt.

Elsewhere, trade was inactive on light demand. FOB live prices last week were $223-$225/cwt. in the Texas Panhandle and $222-$225 in Kansas.

Choice boxed beef cutout value was 74¢ lower Wednesday afternoon at $394.86. Select was 25¢ higher at $380.31.

Grain and Soybean futures were higher Wednesday with likely short covering and positioning ahead of the holiday weekend, also supported by positive trade news, given the U.S. deal with Vietnam.

Toward the close and through Mar ‘26 contracts, Corn futures were 10¢ to 12¢ higher. Kansas City Wheat futures were 9¢ to 12¢ higher. Soybean futures were 17¢ to 25¢ higher.

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Major U.S. financial indices closed mixed Wednesday, with optimism spurred by the U.S.-Vietnam trade deal overshadowing a more bearish labor report than expected.

Private sector employment shed 33,000 jobs last month, according to the June ADP National Employment Report^®.

“Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month,” says Nela Richardson, ADP chief economist. “Still, the slowdown in hiring has yet to disrupt pay growth.”

The Dow Jones Industrial Average closed 10 points lower. The S&P 500 closed 29 points higher. The NASDAQ was up 190 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.13 to $2.05 higher through the front six contracts.

Cattle futures closed sharply lower Tuesday in response to USDA’s announced plans to begin reopening the Mexican border to cattle imports as soon as next week.

Toward the close, Live cattle futures were an average of $2.50 lower. Feeder Cattle futures were an average of $4.73 lower.

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 $223-$225/cwt. in the Texas Panhandle, $222-$225 in Kansas, $230-$232 in Nebraska and $230-$233.50 in the western Corn Belt. Dressed delivered prices were mostly $368 in Nebraska and $368-$370 in the western Corn Belt.

Choice boxed beef cutout value was 4¢ higher Tuesday afternoon at $395.60. Select was $4.04 lower at $380.06.

Grain and Soybean futures were mixed Tuesday.

Toward the close and through Mar ‘26 contracts, Corn futures were mostly 3¢ lower, pressured by crop progress and weather. Kansas City Wheat futures were 4¢ higher on short covering. Soybean futures were mostly fractionally higher.

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Major U.S. financial indices closed mixed Tuesday, with apparent rotation from tech stocks to begin the third quarter.

The Dow Jones Industrial Average closed 400 points higher. The S&P 500 closed 6 points lower. The NASDAQ was down 166 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 30¢ to 34¢ higher through the front six contracts.

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Wholesale ground beef prices are on a tear, with the 90% lean trimmings price the last week of June record high at $401.45/cwt., according to Derrell Peel, Extension livestock marketing specialist at Oklahoma State University.

“Not only have 90% trimmings continued to increase in price, but 50% trimmings have also jumped sharply in recent weeks due to declining fed beef production,” Peel says in his weekly market comments. He points out the price of 50% lean trimming the last week of June was $236.03/cwt., the highest price ever, except for a two-week period during the pandemic in May 2020.

Peel explains mixing 90% and 50% trimmings in a 7:1 ratio produces an 85% lean ground beef product. Using the prices above results in a price of $380.77/cwt. for wholesale 85% lean ground beef, also an all-time record-high price, according to Peel.

“Ground beef prices will remain high for the foreseeable future as cull cow numbers will remain tight while the cattle industry transitions to herd rebuilding,” Peel says.

Listen to more of Peel’s market insights here.

Cattle futures built on the previous session’s gains Monday, supported once again by stronger outside markets and stronger cash fed cattle prices at the end of last week.

Toward the close, Live cattle futures were an average of $1.04 higher. Feeder Cattle futures were an average of $2.34 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 $3-$5 lower in the Texas Panhandle at $223-225/cwt., $3-$6 lower in Kansas at $222-$225, $5 lower in Nebraska at $230-$232 and $3-$6 lower in the western Corn Belt at $230-233.50. Dressed delivered prices were mainly $8 lower in Nebraska at mostly $368 (a few up to $373.50) and $6-$8 lower in the western Corn Belt at $368-$370.

The five-area direct weighted average FOB live fed steer price was $5.37 lower last week at $229.51. The weighted averaged dressed delivered fed steer price was $7.05 lower at $369.52.

Choice boxed beef cutout value was 93¢ lower Monday afternoon at $395.56. Select was $1.17 higher at $384.10.

Grain futures were lower Monday with none of the hoped-for support from the Acreage and Grain Stocks reports (see below).

Toward the close and through Mar ‘26 contracts, Corn futures were fractionally lower to 2¢ lower after 3¢ higher in spot Jly. Kansas City Wheat futures were 5¢ to 10¢ lower. Soybean futures were mostly 1¢ to 3¢ higher after 2¢ lower in the front two contracts.

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Major U.S. financial indices continued higher Monday, with growing optimism about trade talk progress.

The Dow Jones Industrial Average closed 275 points higher. The S&P 500 closed 32 points higher. The NASDAQ was up 105 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 14¢ to 57¢ lower through the front six contracts.

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Anyone expecting the typical fireworks following USDA’s much anticipated Acreage report published Monday were disappointed, as it came in close to estimates previously made in the Prospective Plantings (PP) report at the end of March.

Corn planted area for all purposes in 2025 was estimated at 95.2 million acres, up 5% or 4.61 million acres from last year, which was 123,000 fewer acres than estimated in the PP report. The total would be the third-highest planted acreage in the United States since 1944. Compared with last year, planted acreage was expected to be up or unchanged in 41 of the 48 estimating states. Area harvested for grain, projected at 86.8 million acres, would be 5% more than last year.

Soybean planted area for 2025 was estimated at 83.4 million acres, down 4% from last year and 115,000 fewer acres than in the PP report. Compared with last year, planted acreage was down or unchanged in 25 of the 29 estimating States.

All wheat planted area for 2025 was estimated at 45.5 million acres, down 1% from 2024 and 128,000 acres more than in the PP report. The 2025 winter wheat planted area, at 33.3 million acres, was down less than 1% from last year but up slightly from the previous estimate.

Cattle futures closed higher Friday, supported by stronger outside markets and resilient Choice wholesale beef values.

Live cattle futures were an average of $2.55 higher ($1.45 higher at the back to $4.10 higher toward the front). Feeder Cattle futures were an average of $4.04 higher. Week to week on Friday, Live Cattle futures closed an average of $2.12 higher and Feeder Cattle futures closed an average of $4.97 higher.

Negotiated cash fed cattle trade ranged from light to moderate in the western Corn Belt to light on moderate demand elsewhere through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were $3-$5 lower in the Southern Plains at $223-225/cwt., $5-$7 lower in Nebraska at $230 and $3-$6 lower in the western Corn Belt at $230-233. Dressed delivered prices were $8 lower in Nebraska at $368 (a few up to $373.50) and $6-$8 lower in the western Corn Belt at $368-$370.

Choice boxed beef cutout value was $1.44 higher Friday afternoon at $396.49. Select was $3.19 higher at $382.93.

Estimated total cattle slaughter last week of 560,000 head was the same as the previous week but 50,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 14.6 million head was 998,000 head fewer (-6.4%). Estimated year-to-date beef production of 12.7 billion pounds was 424 million pounds less (-3.2%) than the same time last year.

Grain and Soybean futures closed higher Friday with short covering and likely positioning ahead of Monday’s Acreage and Grain Stocks reports.

Corn futures were 4¢ to 7¢ higher through new-crop contracts and then 1¢ to 2¢ higher. Kansas City Wheat futures were 2¢ lower to fractionally higher through May ’26 and then 1¢ to 3¢ higher. Soybean futures were mostly 6¢ to 8¢ higher.

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Major U.S. financial indices closed sharply higher again Friday, with reports the U.S. and China had finalized a trade framework.

The Dow Jones Industrial Average closed 432 points higher. The S&P 500 closed 32 points higher. The NASDAQ was up 105 points.

West Texas Intermediate Crude Oil futures (CME) were 4¢ to 28¢ higher  through the front six contracts.

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Consumers continue to amaze many with their willingness to pay higher prices for beef.

“The weekly choice cutout has been increasing each week since mid-April,” says Josh Maples, Extension livestock economist at Mississippi State University, in a recent issue of Cattle Market Notes Weekly. He explains Choice beef values typically peak in April and May but reached their seasonal zenith the first week of July last year and in mid-June the previous year.

“The continued weekly increases have already pushed past when many would normally expect the seasonal peak to occur ahead of summer grilling season,” Maples says. “For reference, the only other time the cutout has been higher than $380/cwt. was a COVID-driven three-week period during May 2020.”

Choice boxed beef cutout value was $5.99 higher week to week on Friday at $396.49/cwt. It was $382.11 the previous Monday, which was 19% more year over year, according to Maples.

“Most markets have a temporary ceiling that can be identified. However, at this particular point in time, it is difficult to determine where the boxed beef market’s temporary ceiling is,” explains Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. “… The market has not found that price point yet. One may think the $400 mark would demonstrate resistance to wholesale buyers, but the strength of the bullish beef market would indicate it is just another mark. If Choice boxed beef prices fail to push past $400 then some will say it was resistance, but it could just be the market ran out of steam. Alternatively, if the market exceeds $400 then market observers will have something else to discuss. In short, the beef market is strong and appears to stay that way for a while.”