WLI

Cattle futures closed higher Tuesday as traders retrenched with expectations of cash fed cattle prices at least mirroring last week’s hefty gains.

Toward the close, Live cattle futures were an average of $2.25 higher. Feeder Cattle futures were an average of $2.79 higher.

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

Last week, FOB live prices were $228-$230/cwt. in the Texas Panhandle, mostly $230 in Kansas, $240-$241 in Nebraska and mostly $240 in the western Corn Belt. Dressed delivered prices were $380.

Choice boxed beef cutout value was 65¢ higher Tuesday afternoon at $377.72. Select was $2.00 lower at $362.58.

Apparent continued short covering helped Corn futures firm Tuesday while improved crop conditions weighed on Soybean futures (see below).

Toward the close and through away Jly contracts, Corn futures were mostly 1¢ higher. Kansas City Wheat futures were unchanged to fractionally mixed. Soybean futures were 2¢ to 6¢ lower.

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Although the latest inflation data was in line with expectations, its stickiness helped weigh on major U.S. financial indices Tuesday.

The Consumer Price Index for All Urban Consumers increased 0.3% on a seasonally adjusted basis in June, after rising 0.1% in May, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 2.7% before seasonal adjustment.

The Dow Jones Industrial Average closed 436 points lower. The S&P 500 closed 24 points lower. The NASDAQ was up 37 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 25¢ to 31¢ lower through the front six contracts.

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Pasture and range conditions continue improved from the same time last year, according to the latest USDA Crop Progress report for the week ending July 13.

Nationwide, 46% of range and pasture was in Good (33%) and Excellent (13%) condition, compared to 41% a year ago. On the other end of the scale, 28% was rated as Poor (17%) or Very Poor (11%) compared to 29% last year.

States with 35% or more of pasture and range ranked as Poor or Very Poor included Arizona (80%), Montana (65%), Nebraska (37%), Nevada (90%), New Mexico (39%) and Oregon (38%).

Row crop progress and condition also continued on a positive plane.

Corn — 74% in Good (57%) and Excellent (17%) condition, which was 6% more year over year. Likewise, 4% less was in Poor (4%) or Very Poor (1%) condition.

Soybeans — 70% in Good (58%) and Excellent (12%) condition, which was 2% more year over year and 4% more week to week. On the other end of the scale, 5% was in Poor (4%) or Very Poor (1%) condition compared to 8% last year.

Winter wheat — harvest was 63% complete, compared to 70% a year ago and 64% for the five-year average.

Cattle futures reversed Monday on likely profit taking from last week’s heady gains as traders await this week’s cash fed cattle direction and eye seasonally slumping wholesale beef values.

Toward the close, Live cattle futures were an average of $1.92 lower. Feeder Cattle futures were an average of $4.82 lower.

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

Last week, FOB live prices were $4-$6 higher in the Texas Panhandle at $228-$230/cwt., mostly $5 higher in Kansas at mainly $230, $9-$10 higher in Nebraska at $240-$241 and mostly $6-$10 higher in the western Corn Belt at mainly $240. Dressed delivered prices were $12 higher at $380.

Last week’s weighted average five-area direct FOB live fed steer price was $7.78 higher at $237.21/cwt. The weighted average dressed delivered fed steer price was $9.91 higher at $379.21.

Choice boxed beef cutout value was $1.57 lower Monday afternoon at $377.07. Select was $1.91 lower at $364.58.

Grain and Soybean futures were mixed Monday.

Toward the close and through Mar ‘26 contracts, Corn futures were 4¢ to 9¢ higher. Kansas City Wheat futures were 2¢ lower to 2¢ higher. Soybean futures were mostly unchanged to 7¢ lower.  

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Major U.S. financial indices were little changed, but to the upside Monday, as investors parsed whirling tariff rhetoric.

The Dow Jones Industrial Average closed 88 points higher. The S&P 500 closed 8 points higher. The NASDAQ was up 54 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 67¢ to $1.56 lower through the front six contracts.

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Wholesale beef values are declining seasonally, but weekly average Choice boxed prices remain 19.1% higher year over year and have averaged 12.6% more year over year each week in the first half of the year, according to Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments.

“Higher average boxed beef prices reflect generally strong beef demand coupled with declining beef production, especially in the second quarter of the year,” Peel explains. “Total beef production is down 1.7% year over year through the first half of the year but is down 4.8% in the second quarter.  Fed (steer + heifer) slaughter was down 6.3% in the second quarter, leading to a 4.1% year-over-year decrease in fed beef production. Total cow slaughter continued lower, down 11.0% in the second quarter, leading to an 8.5% drop in non-fed beef production for the period.”

Moreover, Peel notes all beef primals are priced above year-ago levels with the Rib primal up 7.0%, Loin primal up 19.3%; Chuck primal up 20.2% and the Round primal up 16.4% year over year. He explains prices for Brisket, Short Plate and Flank primals are also sharply higher year over year, as are prices for lean and fatty trimmings.

Cattle futures strengthened Friday on the back of the week’s sharply higher fed cattle prices.

Live cattle futures closed an average of $2.06 higher. Feeder Cattle futures closed an average of $3.42 higher.

From Monday through Friday, Live Cattle futures closed an average of $5.51 higher. Feeder Cattle futures closed an average of $10.72 higher.

Negotiated cash fed cattle trade ranged from limited on moderate demand to moderate-to-heavy on good demand through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were $4 higher in the Texas Panhandle at $228/cwt., $4-$5 higher in Kansas at $228-$230, $8-$10 higher in Nebraska at $240 and $5-$6 higher in the western Corn Belt at $235-$240. Dressed delivered prices were $12 higher at $380.

Choice boxed beef cutout value was $6.02 lower Friday afternoon at $378.64. Select was $4.37 lower at $366.49.

Estimated total cattle slaughter last week of 568,000 head was 94,000 head more than the previous week but 37,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 15.6. million head was 1.1 million head fewer (-6.5%) than the same period a year ago. Estimated year-to-date beef production of 13.6 billion pounds was 473.6 million pounds less (-3.4%).

Grain and Soybean futures were lower Friday.

Corn futures closed mostly 2¢ to 4¢ lower, despite lower estimated stocks in the World Agricultural Supply and Demand Estimates (see below) with traders apparently banking on yields higher than current USDA estimates.

Kansas City Wheat futures closed 8¢ to 10¢ lower. Soybean futures closed 4¢ to 8¢ lower.  

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Major U.S. financial indices closed lower Friday on more tariff battling from the White House, including announcement of a 35% tariff on Canadian imports beginning Aug. 1.

The Dow Jones Industrial Average closed 279 points lower. The S&P 500 closed 20 points lower. The NASDAQ was down 45 points.

West Texas Intermediate Crude Oil futures (CME) were $1.31 to $1.88 higher through the front six contracts.

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USDA’s Economic Research Service (ERS) left projected average five-area direct fed steer prices unchanged for the remainder of this year, compared to the previous month, in the July World Agricultural Supply and Demand Estimates (WASDE). Prices were forecast at $226/cwt. in the third quarter and $229 in the fourth quarter for an annual average of $221.31. Next year’s forecast annual average price was $229 with $227 in the first quarter.

That was with this year’s beef production estimated 170 million pounds less than the previous month at 26.2 billion pounds. The total would be 796 million pounds less (-2.9%) than last year.

Among other WASDE highlights…

Corn

The 2025/26 U.S. corn outlook was for smaller supplies, domestic use and ending stocks. Corn beginning stocks were reduced 25 million bushels to 1.3 billion, reflecting an increase in exports that was partly offset by lower feed and residual use for 2024/25.

Corn production for 2025/26 was forecast 115 million bushels less on lower planted and harvested area from the June 30 Acreage report. The yield was unchanged at 181.0 bushels per acre. With supply falling more than use, ending stocks declined 90 million bushels. The season-average farm price received by producers was unchanged at $4.20 per bushel.

Cattle futures were mixed to higher Thursday with Feeder Cattle receiving additional support from reclosure of the southern border to Mexican cattle imports due to New World screwworm.

Toward the close, Live cattle futures were mixed, from an average of 45¢ lower to an average of 24¢ higher. Feeder Cattle futures were an average of $1.02 higher.

Negotiated cash fed cattle trade ranged from limited on moderate demand in the western Corn Belt to mostly inactive on moderate demand elsewhere through Thursday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early FOB live trades in the western Corn Belt at $235/cwt.

Last week, FOB live prices were $224/cwt. in the Texas Panhandle, $224-$225 in Kansas, $230-$232 in Nebraska and $230-$234 in the western Corn Belt. Dressed delivered prices were $368.

Choice boxed beef cutout value was $1.79 lower Thursday afternoon at $384.66. Select was $2.41 lower at $370.86.

Grain and Soybean futures firmed Thursday with likely short covering ahead of Friday’s World Agricultural Supply and Demand Estimates.

Toward the close and through Mar ‘26 contracts, Corn futures were mostly 4¢ lower to 1¢ higher. Kansas City Wheat futures were 10¢ higher. Soybean futures were mostly 3¢ to 7¢ higher.  

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Major U.S. financial indices closed higher Thursday.

The Dow Jones Industrial Average closed 192 points higher. The S&P 500 closed 17 points higher. The NASDAQ was up 19 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 92¢ to $1.49 lower through the front six contracts.

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USDA shuttered southern ports to Mexican cattle imports again yesterday, following a new case of New World Screwworm (NWS) reported in Veracruz, 370 miles south of the U.S. Mexico border.

“This new northward detection comes approximately two months after northern detections were reported in Oaxaca and Veracruz, less than 700 miles away from the U.S. border, which triggered the closure of our ports to Mexican cattle, bison, and horses on May 11, 2025,” according to the USDA announcement.

“The United States has promised to be vigilant—and after detecting this new NWS case, we are pausing the planned port reopening’s to further quarantine and target this deadly pest in Mexico. We must see additional progress combatting NWS in Veracruz and other nearby Mexican states in order to reopen livestock ports along the Southern border,” says U.S. Secretary of Agriculture Brooke Rollins. “Thanks to the aggressive monitoring by USDA staff in the U.S. and in Mexico, we have been able to take quick and decisive action to respond to the spread of this deadly pest.”

Cattle futures continued mainly higher Wednesday, with positive outside markets and growing optimism about cash fed cattle prices this week.

Toward the close, Live cattle futures were an average of $1.06 higher. Feeder Cattle futures were an average of $1.60 higher.

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

Last week, FOB live prices were $224/cwt. in the Texas Panhandle, $224-$225 in Kansas, $230-$232 in Nebraska and $230-$234 in the western Corn Belt. Dressed delivered prices were $368.

Choice boxed beef cutout value was $6.59 lower Wednesday afternoon at $386.45. Select was $5.19 lower at $373.27.

Grain futures firmed Wednesday on likely short covering, while Soybean futures kept searching for a bottom.

Toward the close and through Mar ‘26 contracts, Corn futures were 1¢ to 2¢ higher. Kansas City Wheat futures unchanged to 4¢ higher. Soybean futures closed 5¢ to 13¢ lower.

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Major U.S. financial indices closed higher Wednesday, led. By tech stocks.

The Dow Jones Industrial Average closed 217 points higher. The S&P 500 closed 37 points higher. The NASDAQ was up 192 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 4¢ to 18¢ lower through the front six contracts.