WLI

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.”

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.