WLI

Cattle futures were lower Wednesday with likely profit taking, pressure from softer Choice boxed beef cutout values and the bounce in Corn futures.

Toward the close, Live Cattle futures were an average of $1.90 lower. Feeder Cattle futures were an average of $3.03 lower.

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

Last week, FOB live prices were $201-$202/cwt. in the Southern Plains and $210-$212 in Nebraska and the Western Corn Belt. Dressed delivered prices were $328-$330 in Nebraska and $330 in the western Corn Belt.

Choice boxed beef cutout value was $1.91 lower Wednesday afternoon at $330.54/cwt. Select was $1.29 lower at $320.67.

Grain and Soybean futures were higher with South American weather premium, likely short covering, and despite looming potential Trump tariffs. Toward the close and through Sep ’25 contracts, Corn futures were mostly 6¢ to 11¢ higher. Kansas City Wheat futures were mostly 17¢ to 18¢ higher. Soybean futures were 14¢ to 15¢ higher.

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Major U.S. financial indices closed lower Wednesday in the wake of the Fed decision to pause interest rate cuts for now.

The Dow Jones Industrial Average closed 136 points lower. The S&P 500 closed 28 points lower. The NASDAQ was down 101 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 38¢ to 78¢ lower through the front five contracts.

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Slaughter cow prices are beginning their seasonal ascent, according to Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments.

“Some of the largest price advances on this class of animal will occur the next couple of months, but the price of slaughter cows will continue to grind higher into June and July,” Griffith says. “It is difficult to determine at this point if prices can move even higher in late summer, but slaughter cow prices will certainly remain strong through the latter portion of the summer months.”

As for calf prices, Griffith notes the relationship between steers and heifers bears watching, keeping heifer quality in mind.

“The price gap between the higher-quality heifers and steers will narrow if cattle producers decide to start rebuilding the cattle herd,” Griffith says. “If one is simply observing weekly weighted average prices, then heifers may be discounted more relative to steers when heifer retention takes place. This would occur because cow-calf producers are keeping a larger percentage of their best heifers, which means the quality of heifers being sold through the auction market may decline.”

Last week’s upward momentum in cash prices and stubbornly strong Choice boxed beef prices helped support gains in Cattle futures Tuesday.

Toward the close, Live Cattle futures were an average of $2.39 higher. Feeder Cattle futures were an average of $1.98 higher.

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $201-$202/cwt. in the Southern Plains and $210-$212 in Nebraska and the Western Corn Belt. Dressed delivered prices were $328-$330 in Nebraska and $330 in the western Corn Belt. 

Choice boxed beef cutout value was $2.37 higher Tuesday afternoon at $332.45/cwt. Select was $1.41 higher at $321.96.

Grain and Soybean futures see-sawed back to positive Tuesday, as traders parse South American weather, the threat of Trump tariffs and all of the rest.

Toward the close and through Sep ’25 contracts, Corn futures were 2¢ to 4¢ higher. Kansas City Wheat futures were 7¢ to 8¢ higher. Soybean futures were mostly 3¢ higher.

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Major U.S. financial indices closed higher Tuesday with a recovery bounce from the previous session’s pressure on artificial intelligence companies.

The Dow Jones Industrial Average closed 136 points higher. The S&P 500 closed 55 points higher. The NASDAQ was up 391 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 6¢ to 77¢ higher through the front five contracts.

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Total pounds of beef in freezers Dec. 31 were 4% more than the previous month but 5% less than the same time last year, according to the latest USDA Cold Storage report.

Frozen pork supplies were up 2% month to month but down 6% year over year.

Total red meat supplies in freezers were 3% more than the previous month but 5% less than last year.

Total frozen poultry supplies were up 1% month to month but down 8% year over year.

Last week’s hefty cash prices helped Live Cattle futures mostly gain Monday.

Toward the close, Live Cattle futures were an average of 80¢ higher, except for an average of 9¢ lower in the back three contracts. Feeder Cattle futures were an average of 90¢ lower, except for 70¢ higher in waning spot Jan.  

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

Last week, FOB live prices were steady to $1 higher in the Southern Plains at $201-$202/cwt., $7-$8 higher in Nebraska at $210-$212/cwt. and $6-$7 higher in the Western Corn Belt at $210-$212. Dressed delivered prices were $6-$8 higher in Nebraska at $328-$330 and $8-$10 higher in the western Corn Belt at $330.

The five-area direct weighted average FOB live steer price last week was $5.52 higher at $209.19/cwt. The weighted average dressed delivered steer price was $7.74 higher at $329.72.

Choice boxed beef cutout value was $2.16 higher Monday afternoon at $330.08/cwt. Select was $4.26 higher at $320.55.

Grain and Soybean futures eased lower Monday with pressure including growing concern about President Trump’s recent promise to increase tariffs Feb. 1.

Toward the close and through Sep ’25 contracts, Corn futures were 3¢ to 4¢ lower. Kansas City Wheat futures were 6¢ lower. Soybean futures were 6¢ to 10¢ lower.   

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Major U.S. financial indices closed mixed Monday with primary pressure on artificial intelligence companies.

The Dow Jones Industrial Average closed 289 points higher. The S&P 500 closed 88 points lower. The NASDAQ was down 612 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $1.38 to $1.55 lower through the front six contracts.

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Even though total feedlot placements were about 1.6% less last year than in 2023, Derrell Peel, Extension livestock marketing specialist at Oklahoma State University points out feedlots were able to hold monthly average inventories close to par by feeding cattle longer.

“With the slower turnover rate in place, feedlots will likely see inventories fall in 2025 with declining placements,” Peel explains, in his weekly market comments. “Days on feed in feedlots will likely remain large but are unlikely to continue increasing enough to hold feedlot inventories, as tight feeder supplies become more apparent.”

Negotiated cash fed cattle trade was active on very good demand in the North through Friday afternoon, according to the Agricultural Marketing Service. FOB live prices were $7 higher in Nebraska at $210-$212/cwt. and $6-$7 higher in the Western Corn Belt at $210-$212. Dressed delivered prices were $6-$8 higher In Nebraska at $328-$330 (a few up to $339) and $8-$10 higher in the western Corn Belt at $330 (a few up to $338).

Trade in the Southern Plains was mostly inactive on light demand with too few transactions to trend. For the week FOB live prices were steady in Kansas at $201. The previous week, FOB live prices were steady in the Texas Panhandle at $201.

Choice boxed beef cutout value was $3.04 lower Friday afternoon at $327.92/cwt. Select was 92¢ lower at $316.29. Week to week, Choice was $5.77 lower and Select was $3.54 lower.

Sharply higher cash fed cattle prices helped Cattle futures continue their upward trend on Friday.

Feeder Cattle futures were an average of $2.12 higher ($1.15 to $3.00 higher). Live Cattle futures were an average of $1.11 higher (10¢ higher to $3.67 higher in spot Feb).

Week to week on Friday, Live Cattle futures closed an average of $4.02 higher across a broad range and Feeder Cattle futures closed an average of $5.29 higher across a broad range.

Corn and Soybean futures retreated Friday on likely profit taking and Argentina’s reduction in export taxes for domestic producers.

Corn futures were mostly 2¢ to 3¢ lower through Jly ’26 and then 1¢ lower.

Soybean futures were 7¢ to 9¢ lower through near Aug and then mostly 3¢ lower.

Kansas City Wheat futures were 10¢-11¢ lower through May ’26.  

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 Major U.S. financial indices closed lower Friday with likely profit taking from the week’s strong gains.

The Dow Jones Industrial Average closed 140 points lower. The S&P 500 closed 17 points lower. The NASDAQ was down 99 points.

West Texas Intermediate Crude Oil futures on the CME were 4¢ higher to 21¢ lower through the front six contracts.

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Markets will likely view the latest monthly Cattle on Feed report as friendly with fewer placements than expected and total cattle on feed coming in on the lighter side of expectations.

Feedlots with 1,000 head or more capacity placed 1.64 million head in December, which was 3.3% less year over year and 5.1% less than average pre-report expectations.

In term of placement weights, 47% went on feed weighing 699 pounds or less, 40% weighing 700-899 pounds and 13% weighing 900 pounds or more.

Marketings in December of 1.74 million head l% more than the same time last year and 0.3% less than expectations.

Cattle on feed Jan. 1 of 11.8 million head were 107,000 head fewer year over year (-0.9%), which was 0.8% less than expectations.

Although 3% less year over year, heifers and heifer calves accounted for 39% of the on-feed inventory.

Cattle futures extended gains Thursday on bullish fundamentals and stronger outside markets.

Toward the close, Feeder Cattle futures were an average of 83¢ higher. Live Cattle futures were an average of 66¢ higher.

Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

So far this week, FOB live prices are steady in Kansas at $201/cwt.

Last week, FOB live prices were $201 in the Texas Panhandle, $203-$205 in Nebraska and $203-$206 in the western Corn Belt. Dressed delivered prices were $322 in Nebraska and $320-$322 in the western Corn Belt.

Choice boxed beef cutout value was $1.06 lower Thursday afternoon at $330.96/cwt. Select was 78¢ lower at $317.21.

Traders added some South American weather premium back into Corn and Soybean futures.

Toward the close and through Sep ’25 contracts, Corn futures were 4¢ to 5¢ higher. Kansas City Wheat futures were 4¢ lower. Soybean futures were 6¢ to 8¢ higher.

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Major U.S. financial indices closed higher again Thursday, supported by President Trump’s call for lower interest rates and lower oil prices.

The Dow Jones Industrial Average closed 408 points higher. The S&P 500 closed 32 points higher. The NASDAQ was up 44 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 54¢ to $1.16 lower through the front six contracts.