WLI

Negotiated cash fed cattle trade was light on moderate demand in Nebraska and limited on light demand in Kansas through Thursday afternoon, according to the Agricultural Marketing Service.

Although too few to trend, there were some early FOB live trades in Nebraska at $230/cwt. and a few in Kansas at $223-$225.

Last week, FOB live prices were $228 in the Southern Plains, $235-$237 in Nebraska and $235-$238 in the western Corn Belt. Dressed delivered prices were $376.

Choice boxed beef cutout value was 11¢ higher Thursday afternoon at $395.05. Select was $3.45 higher at $379.74.

Cattle futures continued to mainly hover Thursday.

Toward the close, Live cattle futures were an average of 13¢ lower except for 32¢ higher in near Aug. Feeder Cattle futures were an average of 55¢ higher.

Grain and Soybean futures continued to dredge lower Thursday with follow-through bearishness and likely trepidation over next Monday’s Acreage and Grain Stocks reports.

Toward the close and through Mar ‘26 contracts, Corn futures were 1¢ lower. Kansas City Wheat futures were 5¢ lower. Soybean futures were 1¢ to 3¢ lower.

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Major U.S. financial indices closed sharply higher Thursday, buoyed by easing geopolitical worries and a bullish reading on the jobs front. Initial unemployment insurance claims for the week ending June 21 were 10,000 fewer than the previous week at 236,000, according to the U.S. Department of Labor. That was less than the trade expected.

The Dow Jones Industrial Average closed 404 points higher. The S&P 500 closed 48 points higher. The NASDAQ was up 194 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 40¢ to 66¢ higher through the front six contracts.

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Total pounds of beef in freezers May 31 were 3% less than the previous month and 1% less than a year earlier, according to the latest USDA Cold Storage report.

Frozen pork supplies were down 1% from the prior month and down 7% from the same time last year.

Total red meat supplies in cold storage were 2% less than the previous month and down 4% from last year.

On the other side of the meat case, total frozen poultry supplies were up 2% month to month but down 6% year over year.

Cattle futures eased mainly lower again Wednesday as traders awaited direction from weekly cash fed cattle trade.

Toward the close, Live cattle futures were an average of 53¢ lower except for 37¢ higher toward the back.

Feeder Cattle futures were an average of 64¢ lower.

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.

Based on the latest established trade, FOB live prices last week were $228/cwt. in the Southern Plains, $235-$237 in Nebraska and $235-$238 in the western Corn Belt. Dressed delivered prices were $376.

Choice boxed beef cutout value was 69¢ higher Wednesday afternoon at $394.94. Select was $6.12 lower at $376.29.

Grain and Soybean futures were lower again Wednesday with favorable domestic weather and bullish production overseas.

Toward the close and through Mar ‘26 contracts, Corn futures were 5¢ to 7¢ lower. Kansas City Wheat futures were 10¢ to 11¢ lower. Soybean futures were 17¢ to 21¢ lower.

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Major U.S. financial indices closed narrowly mixed Wednesday.

The Dow Jones Industrial Average closed 106 points lower. The S&P 500 closed fractionally higher. The NASDAQ was up 61 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 17¢ lower to 48¢ higher through the front six contracts.

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Creighton University’s Rural Mainstreet Index (RMI) rose 7.9 points month to month in June to 51.9, edging above growth neutral for just the third time in two years. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.

“Despite the significant increase for the month, on average, bankers expect approximately one in four farmers to experience negative income for farmers in their area,” says Ernie Goss, Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business.

Overall, rural bankers remain pessimistic about economic growth for their area over the next six months. The June confidence index increased to a frail 37.0 from May’s 30.0. “Weak grain prices and negative farm cash flows, combined with tariff retaliation concerns, pushed banker confidence lower,” Goss explains.

The RMI is based on a monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy.

Cattle futures eased mainly lower Tuesday, apparently waiting to see the week’s cash fed cattle direction, despite higher outside markets and a surge in Choice wholesale beef value.

Toward the close, Live cattle futures were an average of 53¢ lower except for 30¢ higher in near Aug. Feeder Cattle futures were an average of 40¢ lower, except for 42¢ higher in Apr.

Negotiated cash fed cattle trade ranged from limited on light demand in Nebraska to inactive on light demand elsewhere through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, based on the latest established trade, FOB live prices were $7 lower in the Southern Plains at $228/cwt., $5 lower in Nebraska at $235-$237 and $3-$5 lower in the western Corn Belt at $235-$238. Dressed delivered prices were $4 lower at $376.

Choice boxed beef cutout value was $4.03 higher Tuesday afternoon at $394.25. Select was 69¢ lower at $382.41.

Grain and Soybean futures continued lower Tuesday with weather and another sharp decrease in Crude Oil futures.

Toward the close and through Mar ‘26 contracts, Corn futures were 4¢ to 5¢ lower. Kansas City Wheat futures were 14¢ to 15¢ lower. Soybean futures were mostly 9¢ to 12¢ lower.

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Major U.S. financial indices closed sharply higher Tuesday as Crude Oil futures tumbled for a second consecutive day and traders bet on the nascent truce between Iran and Israel.

The Dow Jones Industrial Average closed 507 points higher. The S&P 500 closed 67 points higher. The NASDAQ was up 281 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $3.15 to $3.49 lower through the front six contracts.

Cattle futures closed mixed but firmer Monday.

Toward the close, Live cattle futures were mixed, from an average of 40¢ lower to an average of 28¢ higher.

Feeder Cattle futures were an average of 71¢ higher.

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

Last week, based on the latest established trade, FOB live prices were $7 lower in the Southern Plains at $228/cwt., $5 lower in Nebraska at $235-$237 and $3-$5 lower in the western Corn Belt at $235-$238. Dressed delivered prices were $4 lower at $376.

The weekly five-area direct weighted average FOB live fed steer price was $4.03 lower at $234.88. The weekly weighted average dressed delivered fed steer price was $3.48 lower at $376.57.

Choice boxed beef cutout value was 28¢ lower Monday afternoon at $390.22. Select was $6.15 higher at $383.10.

Grain and Soybean futures continued lower Monday with weather and the sharp decrease in Crude Oil futures (see below).

Toward the close and through Mar ‘26 contracts, Corn futures were 7¢ to 10¢ lower. Kansas City Wheat futures were 12¢ to 13¢ lower. Soybean futures were 10¢ to 14¢ lower.

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Major U.S. financial indices gained Monday with Crude Oil futures shoved sharply lower on what traders viewed as tame Iranian retaliation to U.S. air strikes over the weekend.

The Dow Jones Industrial Average closed 374 points higher. The S&P 500 closed 57 points higher. The NASDAQ was up 183 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $3.90 to $6.58 lower through the front six contracts.

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Feedlot inventories will continue eroding over time, and likely at a faster pace, says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments.

“The feedlot is like a water tank with placements as the inflow and marketings as the outflow. Slower inflow is more than offset by slower outflow and helps keep the inventory (stock level) of the feedlots temporarily higher than the flows would indicate,” Peel explains.

Using his water tank analogy, Peel explains the inflow of feedlot placements during the past six months are 4.4% less compared to the same period last year, while the outflow of markets was at a slower pace of 3.1%.

However, feedlot inventories remain relatively higher than the flows might suggest.

Cattle on feed June 1, in yards with more than 1,000 head capacity were 1% less year over year, according to the latest Cattle on Feed report. Peel says the on-feed inventory has averaged 1.2% less year over year for the past seven months.

“… The fact is that feedlot production and beef production are falling and will continue to fall, probably faster, in the coming months,” Peel says.

Cattle futures closed lower Friday after early support, likely pressured by softer cash fed cattle prices, weaker Choice wholesale beef values and perhaps some positioning ahead of the monthly Cattle on Feed report (see below).

Live cattle futures closed an average of $1.38 lower. Feeder Cattle futures closed an average of $1.51 lower. Week to week on Friday, Live Cattle futures closed an average of $2.00 lower and Feeder Cattle futures closed an average of $3.91 lower.

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

Although too few to trend, there were some early FOB live trades in the Texas Panhandle at $228/cwt. Prices in the Southern Plains the previous week were $235.

For the week, FOB live prices were $4-$6 lower in Nebraska at $236/cwt. and $3-$4 lower in the western Corn Belt at $236-$238. Dressed delivered prices were $4 lower at $376.

Choice boxed beef cutout value was $4.92 lower Friday afternoon at $390.50. Select was $2.36 higher at $376.95.

Estimated total cattle slaughter last week of 554,000 head was 4,000 head fewer than the previous week and 62,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 14 million head was 955,000 fewer (-6.4%) than the same time last year. Year-to-date estimated beef production of 12.2 billion pounds was 398.2 million pounds less (-3.2%).

Turning to grains, futures were lower Friday with likely profit taking and favorable precipitation and weather.

Corn futures closed 2¢ to 4¢ lower. Kansas City Wheat futures closed mostly 5¢ to 8¢ lower. Soybean futures closed mostly 4¢ to 7¢ lower.

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Major U.S. financial indices were narrowly mixed Friday with pressure from tech stocks and tensions surrounding the Israel-Iran conflict.

The Dow Jones Industrial Average closed 35 points higher. The S&P 500 closed 13 points lower. The NASDAQ was down 98 points.

West Texas Intermediate Crude Oil futures (CME) closed mixed through the front six contracts, from 21¢ lower to 34¢ higher.

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Markets will likely view Friday’s monthly Cattle on Feed report as neutral to supportive with fewer placements than expected.

Feedlots with 1,000 head or more capacity placed 1.9 million head in May, which was 160,000 head fewer than the previous year (-7.8%) and 2% less than average pre-report estimates.

In terms of placement weights, 33% went on feed weighing 699 pounds or less, 51% weighing 700-899 pounds and 16% weighing 900 pounds or more.

Feedlots marketed 1.8 million head in May, which was 197,000 head fewer (-10.1%) than the previous year, which was in line with estimates ahead of the report.

Likewise, cattle on feed June 1 were as expected with 11.4 million head, which was 112,000 head fewer (-1%) than the same time last year.