WLI

Cattle futures were softer again Friday with pressure from declining wholesale beef values and lower outside markets.

Live cattle futures closed an average of $1.26 lower.

Feeder Cattle futures closed an average of $2.34 lower, except for unchanged in spot Sep.

Week to week on Friday, Live Cattle futures closed an average of $3.60 lower and Feeder Cattle futures closed an average of $5.80 lower.

Negotiated cash fed cattle trade ranged from mostly inactive on moderate demand in the Southern Plains to limited on moderate demand elsewhere through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were steady in the Texas Panhandle at $242/cwt., steady to $1 higher in Kansas at $242-$243 and $2-$3 lower in the North at $242-$243. Dressed delivered prices were mostly $2 lower at mainly $383.

Choice boxed beef cutout value was $3.45 lower Friday afternoon at $410.76. Select was $2.58 lower at $385.19. Week to week on Friday, Choice was $4.65 lower and Select was $4.81 lower.

 Total cattle slaughter during the holiday-shortened week of 487,000 head was 78,000 head fewer than the previous week and 61,000 head fewer than the same week last year. Total year-to-date cattle slaughter of 19.9 million head was 1.5 million head fewer (-7.0%) than the same time last year. Total year-to-date beef production of 17.4 billion pounds was 747.7 million pounds less (-4.1%).

Grain and Soybean futures were lower Friday with 

Corn futures unchanged to 1¢ lower. Kansas City Wheat futures were mostly 1¢ lower. Soybean futures closed 3¢ to 6¢ lower through Sep ’26 and then 1¢ to 2¢ lower.

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Major U.S. financial indices closed lower Friday as concerns about the domestic economy ran ahead of optimism for interest rate cuts tied to a sluggish labor outlook.

Total nonfarm payroll employment changed little in August and has shown little change since April, according to the U.S. Bureau of Labor Statistics. The unemployment rate was also little changed at 4.3%.

Average hourly earnings for all employees on private nonfarm payrolls rose by 10¢ in August to $35.63. Over the past 12 months, average hourly earnings have increased by 3.7%.

The Dow Jones Industrial Average closed 220 points lower. The S&P 500 closed 20 points lower. The NASDAQ was down 7 points.

West Texas Intermediate Crude Oil futures (CME) were $1.30 to $1.61 lower through the front six contracts.

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Market access obstacles continued to weigh heavily on exports of U.S. beef, with the vast majority of plants still ineligible to ship to China, according to the U.S. Meat Export Federation (USMEF).

U.S. beef exports declined 19% year over year in July to 89,579 metric tons, and export value dropped 17% to $752.5 million, the lowest value since 2023, according to data released by USDA and compiled by the USMEF.

“The plant registration impasse with China unfortunately drags on, and it has left U.S. beef essentially shut out of the market after exporters worked through their eligible inventories,” explains Dan Halstrom USMEF president and CEO. “Demand elsewhere has remained fairly resilient, even in the face of higher pricing, but restoring access to China is clearly the urgent priority. Export value and share of production exported declined in July, reflecting the loss of competing bids from Chinese buyers.”

From January through July, exports were 8% below last year in volume (691,800 mt) and down 7.5% in value ($5.67 billion).

July beef exports equated to $368.09 per head of fed slaughter, down 12% from a year ago. Through July, the per-head average was down 4% to $403.89.

Cattle futures were mixed Tuesday after a strong start with likely pressure from more bearish outside markets.

Toward the close, Live cattle futures were narrowly mixed, from an average of 10¢ lower in six contracts to an average of 14¢ higher.

Feeder Cattle futures were mixed, from an average of 85¢ lower in four contracts to an average of $1.57 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 $2 higher in the Southern Plains at $242.00/cwt. and steady in the North at $245. Dressed delivered prices were steady at mainly $385.

The five-area direct weighted average FOB live fed steer price was 65¢ less week to week at $243.60/cwt. The dressed delivered fed steer price was 52¢ lower at $385.65.

Choice boxed beef cutout value was $1.99 lower Tuesday afternoon at $413.42. Select was $3.83 lower at $386.17.

Grain and Soybean futures were mixed Tuesday. 

Toward the close and through away Jly contracts, Corn futures were 2¢ to 5¢ higher on yield pressure. Trade uncertainty helped pressure Kansas City Wheat futures 8¢ to 9¢ lower and Soybean futures 11¢ to 14¢ lower.

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Major U.S. financial indices closed lower Tuesday with pressure tariff uncertainty stemming from Friday’s federal appeals court ruling that most of the tariffs imposed by the Trump administration are illegal.

The Dow Jones Industrial Average closed 249 points lower. The S&P 500 closed 44 points lower. The NASDAQ was down 175 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.60 to $1.69 higher through the front six contracts.

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Agricultural producer sentiment declined in August for the third consecutive month, according to the Purdue University-CME Group Ag Economy Barometer Index. It was 10 points lower month to month at 125. The Future Expectations Index drove the decline, falling 16 points to 123, the lowest level since last September. Conversely, the Current Conditions Index rose 2 points to 129.

“Sentiment differed widely among producers according to whether their operations focused mainly on crops or livestock,” according to Ag Barometer analysts. “Crop producers responded with much less optimism than their livestock counterparts, reflecting the profitability disparity between the two enterprises. Beef cattle operations, in particular, are experiencing record profitability as the smallest cattle inventory since 1951 has pushed cattle prices to record levels. This stands in sharp contrast to returns for crop production, which have weakened in 2025.”

The August barometer survey took place from Aug. 11-15, 2025.

Cattle futures regained the previous session’s losses and more on Friday as traders retrenched for the beginning of a new month.

Live cattle futures were an average of $2.70 higher and Feeder Cattle futures were an average of $3.89 higher.

Week to week on Friday, Live Cattle futures closed an average of $2.61 higher and Feeder Cattle futures closed an average of $3.23 higher.

Negotiated cash fed cattle trade ranged from moderate on moderate demand in Nebraska to mostly inactive on moderate demand elsewhere through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were $2 higher in the Southern Plains at $242.00/cwt. and steady in the North at $245. Dressed delivered prices were steady at mainly $385.

Choice boxed beef cutout value was $1.00 higher Friday afternoon at $415.41. Select was $4.16 higher at $390.00. Week to week on Friday, Choice boxed beef cutout value was $7.50 higher and Select was $6.34 higher.

Estimated total cattle slaughter last week of 565,000 head was 14,000 head more than the previous week but 52,000 head fewer than the same week last year. Estimated total year-to-date cattle slaughter of 19.5 million head was 1.4 million head fewer (-6.9%) than the same time last year. Estimated year-to-date beef production of 16.9 billion pounds was 707 million pounds less (-4.0%).

Grain and Soybean futures strengthened again Friday on likely month-end short covering. 

Corn futures were 8¢ to 12¢ higher through Jly ’26 and then mostly 2¢ to 5¢ higher with short covering at the end of the month and ahead of the long weekend. Week to week on Friday, Corn futures were an average of 8’5¢ higher through the front six contracts, supported by increasing belief that this year’s crop may be record-large but smaller than what USDA projected in the August World Agricultural Supply and Demand Estimates.

Also on Friday, Kansas City Wheat futures closed mostly 3¢ to 4¢ higher. Soybean futures closed mostly 5¢ to 7¢ higher.

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Major U.S. financial indices closed lower Friday with likely week-end and month-end position squaring.

The Dow Jones Industrial Average closed 92 points lower. The S&P 500 closed 41 points lower. The NASDAQ was down 249 points.

West Texas Intermediate Crude Oil futures (CME) were 59¢ to 62¢ lower through the front six contracts.

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When cattle prices ultimately peak and then decline, and to what degree, is unknown, however, current dynamics suggest strong prices for two more years, according to Andrew P. Griffith, agricultural economist at the University of Tennessee (UT).

With that in mind, Griffith provides insight to bred heifer values for those considering herd expansion. Based on UT research several years ago, he says young cows bred approximately six months were generally valued at 2.5 times the value of a 550 pound freshly weaned heifer.

“This means young, bred cows (today) would be valued near $4,700 per head for large frame cows with a proven history of producing calves,” Griffith explains in his weekly market comments. “Bred heifers tend to be discounted slightly due to having a higher risk of calving difficulties, rejecting a calf, and ultimately no history of rearing a calf. Thus, either side of $4,000 seems to be the going rate for these animals.”

Cattle futures closed lower Thursday with likely profit taking ahead of the long weekend.

Toward the close, Live cattle futures were an average of $2.03 lower. Feeder Cattle futures were an average of $2.87 lower, except for 55¢ higher in expiring Aug.

Negotiated cash fed cattle trade was moderate on moderate demand in Kansas through Thursday afternoon, according to the Agricultural Marketing Service. FOB live prices were $2 higher at $242/cwt.

Elsewhere, trade was mostly inactive on moderate demand. Last week, FOB live prices were $240 in the Texas Panhandle and $245 in the North. Dressed delivered prices were $385-$392 in Nebraska and $385-$390 in the western Corn Belt on a light test.

Choice boxed beef cutout value was $2.57 higher Thursday afternoon at $414.41. Select was $1.87 lower at $385.84.

Weekly net U.S. beef sales for 2025 the week ending Aug. 21 of 13,600 metric tons were 34% more than the previous week and 40% more than the prior four-week average. Increases were primarily for Japan, South Korea, Hong Kong, Mexico and Taiwan.

Grain and Soybean futures strengthened Thursday on likely month-end short covering. 

Toward the close and through away Jly contracts, Corn futures were 4¢ to 5¢ higher. Kansas City Wheat futures were 2¢ to 3¢ higher. Soybean futures fractionally mixed to 2¢ higher.

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Major U.S. financial indices closed higher Thursday with support including strong quarterly corporate earnings from artificial intelligence computing giant, Nvidia, and more domestic economic growth in the second quarter than expected.

Real gross domestic product (GDP) increased at an annual rate of 3.3% in the second quarter of 2025, according to the second estimate released by the U.S. Bureau of Economic Analysis.

The Dow Jones Industrial Average closed 71 points higher. The S&P 500 closed 20 points higher. The NASDAQ was up 115 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 15¢ to 20¢ higher through the front six contracts.

Cattle futures continued to push higher Wednesday. As the week wears on there is likely to be some profit taking ahead of the long weekend.

Toward the close, Live cattle futures were an average of 70¢ higher, except for 17¢ lower in waning spot Aug.

Feeder Cattle futures were an average of 96¢ higher.

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

Although too few to trend, there were some early live FOB trades in Kansas at $242/cwt.

Last week, FOB live prices were $240 in the Southern Plains and $245 in the North. Dressed delivered prices were $385-$392 in Nebraska and $385-$390 in the western Corn Belt on a light test.

Wholesale beef prices softened a touch. Choice boxed beef cutout value was $1.33 lower Wednesday afternoon at $411.84. Select was $3.05 lower at $387.71.

Grain and Soybean futures settled lower Wednesday. 

Toward the close and through away Jly contracts, Corn futures were 3¢ to 4¢ lower. Kansas City Wheat futures were 2¢ to 6¢ lower. Soybean futures 1¢ to 2¢ lower.

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Major U.S. financial indices crawled higher again Wednesday.

The Dow Jones Industrial Average closed 147 points higher. The S&P 500 closed 15 points higher. The NASDAQ was up 45 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 26¢ to 61¢ higher through the front six contracts.