WLI

Cattle futures were mixed on Wednesday.

Toward the close, Live Cattle futures were an average of 65¢ lower, pressured in part by weakening post-holiday wholesale beef values.

Feeder Cattle futures were an average of $1.14 higher, except for an average of 72¢ lower in three contracts with support from the cash market.

Negotiated cash fed cattle trade was mostly inactive on light demand in Kansas and in the North through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $255/cwt. in Kansas, $255-$256 in Nebraska and mostly $255 in the western Corn Belt. Dressed delivered prices were mostly $403. The previous week, FOB live prices in the Texas Panhandle were $258.

Choice boxed beef cutout value was $4.57 lower Wednesday afternoon at $381.20/cwt. Select was $2.80 lower at $363.09.

Grain and Soybean futures were lower Wednesday with profit taking from the recent surge higher.

Toward the close and through near Mar contracts Corn futures were 7¢ to 10¢ lower.  Soybean futures were mostly 4¢ to 9¢ lower. Kansas City HRW Wheat futures were mostly 9¢ to 10¢ lower.

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Major U.S. financial indices closed mixed Wednesday, with resurgent Crude Oil prices and elevated tensions between the U.S. and Iran.

The Dow Jones Industrial Average closed 576 points lower. The S&P 500 closed 21 points lower. The NASDAQ was up 51 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $2.70 to $4.14 higher through the front six contracts.

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U.S. beef exports show signs of strengthening, based on data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

May beef exports totaled 91,925 metric tons (mt), down 5% from a year ago. However, value increased 2% to $818.1 million, bolstered by value increases in Taiwan, Japan, the ASEAN region, Central and South America and Egypt.

Export value per head of fed slaughter soared to $468 in May, the highest in nearly four years. Despite China’s mid-May renewal of expired U.S. beef plant registrations, May exports to China remained minimal as technical obstacles are yet to be resolved.

For January through May, beef exports were 10% below last year’s pace at 457,063 mt, while value fell 5% to $3.95 billion. When excluding China from these results, January-May beef exports were down less than 1% in volume and were 6% higher in value.

“Despite significant headwinds, we are seeing some encouraging trends on the beef side,” says Dan Halstrom, USMEF president and CEO. “Many facilities remain suspended and unable to export to China, while exporters overall remain reluctant to ship until technical obstacles are resolved and China agrees to meet its Phase One Agreement commitments. But Taiwan has been a major bright spot this year, and while exports to South Korea have trended lower, we expect an uptick in Korea’s demand when a higher tariff rate on Australian beef is triggered later this month.”

By mid-July, Korea’s imports of Australian beef are expected to exceed the safeguard threshold established in the Korea-Australia FTA. Through the end of the year, Korea’s tariff rate on Australian beef will increase from 5.3% to 24%. U.S. beef enters Korea at zero duty under the Korea-U.S. FTA. Australia triggered its beef safeguard for China on June 18 and has since faced a 55% tariff for exports entering that market.

Turning to pork, May exports were higher year-over-year, but volumes were significantly diminished by Mexico’s restrictions on pork offal items.

Pork exports totaled 245,874 metric tons (mt) in May, up 10% from a year ago, with value up 8% to $701 million. But exports in May 2025 were unusually low due to heightened trade tensions with China, which temporarily pushed China’s tariff rate on U.S. pork as high as 172%.

Cattle futures were lower Tuesday, led by Feeder Cattle.

Toward the close, Live Cattle futures were an average of 32¢ lower. Feeder Cattle futures were an average of $1.62 lower, except for 35¢ higher in spot Aug.

Negotiated cash fed cattle trade was mostly inactive on light demand in Kansas and in the North through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $255/cwt. in Kansas, $255-$256 in Nebraska and mostly $255 in the western Corn Belt. Dressed delivered prices were mostly $403. The previous week, FOB live prices in the Texas Panhandle were $258.

Choice boxed beef cutout value was 75¢ lower Tuesday afternoon at $385.77/cwt. Select was 2¢ higher at $365.89.

Grain and Soybean futures continued higher Tuesday with follow-through support.

Toward the close and through near Mar contracts, Corn futures were mostly 2¢ to 6¢ higher. Soybean futures were 4¢ to 18¢ higher. Kansas City HRW Wheat futures were 1¢ to 2¢ higher.

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Major U.S. financial indices closed lower Tuesday, amid resurgent Crude Oil prices and another round of selling chip stocks.

The Dow Jones Industrial Average closed 130 points lower. The S&P 500 closed 33 points lower. The NASDAQ was down 302 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.98 to $3.68 higher through the front six contracts, on renewed Iranian attacks on the Strait of Hormuz.

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Agricultural producer sentiment eroded last month, based on the Purdue University/CME Group Ag Economy Barometer. The overall index declined 6 points month to month to 113. The Current Conditions Index fell to an 18-month low of 102, while the Future Expectations Index declined 7 points.

High input costs remained producers’ top concern, with 47% identifying them as the biggest challenge facing their operation, followed by low crop and livestock prices at 23%. A related question revealed that 42% of respondents feel high input costs are limiting improvements in their financial position this year. The survey was conducted among 400 farmers across the nation from June 15-19.

“While high input costs remain the primary constraint on farm financial performance, producers are continuing to make decisions in a broader environment shaped by technology adoption, trade expectations and long-term land value outlook,” according to Michael Langemeier, the barometer’s principal investigator and director of Purdue’s Center for Commercial Agriculture.

Additional survey results illustrated the financial challenges facing producers. Just 12% of respondents said their farms were better off financially than a year ago, while only 22% expected their operations to improve over the next 12 months. Reflecting that cautious outlook, the Farm Capital Investment Index has continued its fall from the March 2026 survey to 40, its lowest level since September 2024.

When asked what was limiting improvement in their farm’s financial situation, 42% of respondents cited high input costs, while 17% specified low output prices. Weather risk (14%), policy uncertainty (11%), labor and equipment concerns (9%), and debt or financial pressure (8%) rounded out the remaining responses.

The latest survey included two questions about the use of artificial intelligence and other data-driven tools in agriculture. When asked about potential benefits, 23% of respondents cited increased production as the primary advantage, 14% cited reduced labor needs, and 11% cited reduced risk or uncertainty. However, a majority of respondents (52%) said they did not see a meaningful benefit from these tools.

Cattle futures were narrowly mixed on Monday.

Toward the close, Live Cattle futures were an average of 43¢ higher, despite last week’s lower cash fed cattle prices.

Feeder Cattle futures were an average of 37¢ lower, except for an average of 33¢ higher in two contracts, with recent cash pressure and higher grain futures prices.

Negotiated cash fed cattle trade was inactive on light demand in Kansas and in the North through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $3 lower in Kansas at $255/cwt., $3-$4 lower in Nebraska at mostly $255-$256 and mainly $5 lower in the western Corn Belt at mostly $255. Dressed delivered prices were mainly $5 lower at $403. The previous week, FOB live prices in the Texas Panhandle were $258.

The five-area direct weighted average FOB live fed steer price last week was $4.22 lower at $255.12/cwt. The weighted average dressed delivered fed steer price was $5.38 lower at $402.47.

Choice boxed beef cutout value was 59¢ lower Monday afternoon at $386.48/cwt. Select was $1.56 lower at $365.87.

Keeping in mind the holiday, total estimated cattle slaughter last week of 458,000 head was 79,000 head fewer than the previous week, and 16,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 13.8 million head was 1.3 million head fewer (-8.5%). Year-to-date estimated beef production of 12.3 billion pounds was 771.2 million pounds less (-5.9%).

Soybean futures roared higher Monday with reports China will reduce tariffs on U.S. agricultural imports, including soybeans. Corn and Wheat futures followed along, also supported by a drier weather outlook.

Toward the close and through near Mar contracts Corn futures were mostly 15¢ to 16¢ higher. Soybean futures were 38¢ to 48¢ higher. Kansas City HRW Wheat futures were 11¢ to 13¢ higher.

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Major U.S. financial indices closed higher Monday, buoyed by a rebound in chip stocks.

The Dow Jones Industrial Average closed 155 points higher. The S&P 500 closed 54 points higher. The NASDAQ was up 288 points.

West Texas Intermediate Crude Oil futures (CME) were 2¢ lower to 23¢ higher through the front six contracts.

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Pasture and range conditions eroded slightly last week, according to USDA’s Crop Progress report for the week ending July 5. Nationwide, 33% was rated as Good (27%) or Excellent (6%), compared to 34% the previous week and 45% the prior year. On the other end of the scale, 36% was in Poor (21%) or Very Poor condition (15%), which was 9% more than the same time last year.

Winter wheat harvest was 59% completed, which was 8% more than the same time last year and the five-year average. In terms of condition, 26% was rated Good (22%) or Excellent (4%), compared to 48% at the same time last year. Conversely, 47% was rated as Poor (27%) or Very Poor (20%), which was 29% more year over year.

Corn condition held steady week to week with 67% in Good (53%) or Excellent (14%) condition, compared to 74% a year earlier; 8% was rated as Poor (6%) or Very Poor (2%), which was 3% more than a year earlier.

Similarly, 64% of soybeans were rated in Good (53%) or Excellent (11%) condition, which was 1% less than the previous week and 2% less than the prior year; 8% was rated as Poor (6%) or Very Poor (2%), compared to 7% a year earlier.

Equity and futures markets were closed Friday in observance of Independence Day.

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

For the week, FOB live prices were $3 lower in Kansas at $255/cwt., $3-$4 lower in Nebraska at $255-$256 and $4-$5 lower in the western Corn Belt at $255-$256. Dressed delivered prices were mainly $5 lower at $403. The previous week, FOB live prices in the Texas Panhandle were $258.

Choice boxed beef cutout value was $4.19 lower Thursday afternoon at $387.07/cwt. Select was $2.26 lower at $367.43. Week to week on Thursday, Choice was $6.55 lower and Select was $7.31 lower. Choice was about $10 lower over the past two weeks.

Cattle futures closed lower Thursday with weaker negotiated cash fed cattle prices and softer wholesale beef values.

Live Cattle futures closed an average of $2.24 lower and Feeder Cattle futures down an average of $3.43.

Week to week on Thursday, Live Cattle futures closed an average of $5.75 lower and Feeder Cattle futures were an average of $12.15 lower.

Grain and Soybean futures closed mixed Thursday with profit taking ahead of the holiday weekend.

Corn futures closed mostly 1¢ to 2¢ lower, except for fractionally higher to 2¢ higher in the front two contracts. Soybean futures closed 1¢ to 3¢ lower, except for fractionally higher to 5¢ higher in the front three contracts. Kansas City HRW Wheat futures closed 1¢ to 3¢ higher.

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Major U.S. financial indices closed mixed on Thursday. Tech stocks tied to chips applied pressure. On the other hand, a more bearish jobs report than expected provided support with investors thinking it might keep the Fed from raising interest rates.

Non-farm payroll employment grew by 57,000 month to month and the unemployment rate was little changed at 4.2%, according to the U.S. Bureau of Labor Statistics.Average hourly earnings for all employees on private nonfarm payrolls rose by 13¢ in June to $37.64. Over the year, average hourly earnings have increased by 3.5%.

The Dow Jones Industrial Average closed 594 points higher. The S&P 500 closed fractionally higher. The NASDAQ was down 207 points.

West Texas Intermediate Crude Oil futures (CME) were 11¢ to 26¢ higher through the front six contracts.

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Calf and feeder cattle price trends were hard to come by during the holiday-shorted week with many auctions closed. However, the CME Feeder Cattle Index was $10.61 lower week to week on Thursday at $371.25/cwt.

Andrew P. Griffith, agricultural economist at the University of Tennessee, points out the Feeder Cattle Index was as high as $381.86 June 24, gaining more than $10 in eight days. With last week’s decline, the Index was still about $10 higher than spot Aug Feeder Cattle futures.

“This means the actual participants in the cattle market think cattle are more valuable than those trading futures contracts, as the futures contract price is dominated by traders and not hedgers,” Griffith says. “The benefit of this positive basis is for those who are physically marketing cattle. Producers selling cattle today are being paid more than the futures market is suggesting they will be worth in the future.”  

Conversely, Griffith explains the same fact makes managing price risk challenging for producers to utilize futures, options and LRP to manage price risk on cattle they intend to market days and weeks from today.

Cattle futures were narrowly mixed Wednesday with traders awaiting more negotiated cash fed direction.

Toward the close, Live Cattle futures were an average of 29¢ higher, except for an average of 39¢ lower in two contracts.

Feeder Cattle futures were narrowly mixed, from an average of 29¢ lower through the front half of the board to an average of 43¢ higher.

Negotiated cash fed cattle trade was light on moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. Early dressed delivered trades were $5 lower at $403/cwt. Last week, FOB live prices in the region were $258-$260.

Elsewhere, trade remained unestablished.

Last week, FOB live prices were $258 in the Southern Plains and mostly $260 in the western Corn Belt, where dressed delivered prices were $408.

Choice boxed beef cutout value was $1.90 lower Wednesday afternoon at $391.26/cwt. Select was $1.99 lower at $369.69.

Grain and Soybean futures were higher Wednesday with follow-through support from USDA’s Acreage and Grain Stocks reports.

Toward the close, and through near Mar contracts, Corn futures were 7¢ to 9¢ higher. Soybean futures were 3¢ to 9¢ higher. Kansas City HRW Wheat futures were 8¢ to 12¢ higher.

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Major U.S. financial indices closed lower Wednesday, with renewed pressure in chip stocks.

The Dow Jones Industrial Average closed 13 points lower. The S&P 500 closed 16 points lower. The NASDAQ was down 173 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 47¢ to $1.50 lower through the front six contracts.