Daily Market Highlights

Cattle futures closed higher Friday but continued the back and forth sideways path.

Live Cattle futures closed an average of 85¢ higher.

Feeder Cattle futures closed an average of $2.64 higher.

Week to week on Friday, Live Cattle futures closed an average of 90¢ higher (20¢ higher toward the front to $1.62 higher near the back), except for 77¢ lower in spot Oct. Feeder Cattle futures were an average of $2.77 higher (17¢ higher at the front to $4.27 higher toward the back).

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

For the week, FOB live prices were $2-$5 lower in Nebraska at $230/cwt. and mainly $2 lower in the western Corn Belt at $230. Dressed delivered prices were $5 lower at $360.

The previous week, FOB live prices were $237/cwt. in the Texas Panhandle and $235-$237 in Kansas.

Choice boxed beef cutout value was 95¢ lower Friday afternoon at $362.27/cwt. Select was $1.98 higher at $345.38. Week to week on Friday, Choice was $9.16 lower and Select was $7.06 lower.

Harvest pressure weighed on the grain complex Friday.

Corn futures closed mostly 2¢ lower. KC HRW Wheat closed 1¢ to 2¢ lower. Soybean futures closed mostly 4¢ to 5¢ lower.

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Major U.S. financial indices closed mixed Friday.  

The Dow Jones Industrial Average closed 238 points higher. The S&P 500 closed fractionally higher. The NASDAQ was down 63 points.

West Texas Intermediate Crude Oil futures (CME) closed 28¢ to 40¢ higher through the front six contracts.  

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Although wholesale beef values are under seasonal pressure, retail beef prices remain at historically high levels.

Andrew P. Griffith, agricultural economist at the University of Tennessee points out the Choice beef price in August was 15.7% higher year over year at $9.85 per pound and the all-fresh retail beef price was 12.6% higher at $9.18 per pound.

Conversely, in his weekly market comments, Griffith explains the retail pork price was 2.2% higher year over year in August at $5.01 per pound. The retail broiler price was 4.4% higher at $2.08 per pound.

“Relative prices are often a topic when discussing meat prices, but it is abundantly clear that pork and chicken are poor substitutes for beef as consumers continue to pull beef off the shelf despite pork and chicken being relatively cheaper than beef today compared to a year ago,” Griffith explains. “The retail price of beef is not expected to continue climbing at such a rapid pace, but they will likely be sustained for several more months.”

Cattle futures stepped lower Thursday, bowing to softer cash fed cattle prices and the continued seasonal decline in wholesale beef values. Some also suggested conditional FDA approval of an injectable from Zoetis for the prevention and control of New World screwworm might have been part of the pressure, speculating it might mean a quicker reopening of the Mexican border — emphasis on speculation.

Toward the close, Live Cattle futures were an average of 96¢ lower. Feeder Cattle futures were an average of $3.65 lower.

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

Although too few to trend, there were a few FOB live trades at $230/cwt. in Nebraska and at $228-$230 in the western Corn Belt. There were also a few dressed delivered trades in Nebraska at $360.  

So far this week, FOB live prices are $2-$5 lower at $230/cwt. in Nebraska and mainly $2 lower in the western Corn Belt at $230. Dressed delivered prices are $5 lower in Nebraska at $360.

Last week, FOB live prices were $237/cwt. in the Texas Panhandle, $235-$237 in Kansas and mostly $232 in the western Corn Belt, where dressed delivered prices were $365.

Choice boxed beef cutout value was $5.25 lower Thursday afternoon at $363.22/cwt. Select was $3.49 lower at $343.40.

Grain and Soybean futures rose Thursday with apparent short covering, as well as optimism tied to government chatter about trade talks with China.

Toward the close and through Jly contracts, Corn futures were 4¢ higher. KC HRW Wheat were 2¢ to 3¢ higher. Soybean futures were 7¢ to 9¢ higher.

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Major U.S. financial indices closed higher again Thursday with investors apparently betting on a brief government shutdown.  

The Dow Jones Industrial Average closed 78 points higher. The S&P 500 closed 4 points higher. The NASDAQ was up 88 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 75¢ to $1.05 lower.  

Cattle futures were firm in the deferred contracts Wednesday but weak up front with pressure from lower cash fed cattle prices.

Toward the close, Live Cattle futures were an average of 60¢ higher, except for an average of 38¢ lower in the front two contracts. Feeder Cattle futures were mixed, from an average of $1.02 lower in the front five contracts to an average of $1.16 higher.

Negotiated cash fed cattle trade ranged from inactive on light to moderate demand in the Southern Plains to light to moderate on moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service.

So far this week, FOB live prices are $2-$5 lower at $230/cwt. in Nebraska, where dressed delivered prices are $5 lower at $360.

Last week, FOB live prices were $237/cwt. in the Texas Panhandle, $235-$237 in Kansas and mostly $232 in the western Corn Belt, where dressed delivered prices were $365.

Choice boxed beef cutout value was $2.56 lower Wednesday afternoon at $368.47/cwt. Select was 36¢ lower at $346.89.

Grain and Soybean futures were mixed Wednesday.

Toward the close and through Jly contracts, Corn futures were 2¢ higher. KC HRW Wheat were 1¢ to 2¢ lower. Soybean futures were 12¢ to 13¢ higher.

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Major U.S. financial indices closed higher again Wednesday despite the government shutdown.  

The Dow Jones Industrial Average closed 43 points higher. The S&P 500 closed 22 points higher. The NASDAQ was up 95 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 24¢ to 38¢ lower.  

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Although losing seasonal ground, pasture and range conditions continue to be more positive year over year, according to the most recent USDA Crop Progress report for the week ending Sept 28: 32% rated as Good (25%) or Excellent (7%), which was 6% more than the same time a year earlier. On the other side of the scale, 35% was rated as Poor (23%) or Very Poor (12%), compared to 43% a year earlier.

Winter wheat planting was running a touch behind with 34% in the ground, compared to 37% a year earlier and 36% for the five-year average. 13% was emerged, which was the same as last year but 1% more than the average.

As for row crops, 71% of the corn crop was mature, which was 2% less than last year and 3% less than average. 18% was harvested, which was 2% less than a year earlier and 1% less than the average. 66% was rated as Good (49%) or Excellent (17%), which was 2% more than the previous year. 10% was rated as Poor (7%) or Very Poor (3%), down 2% from last year.

Similarly, 79% of soybeans were dropping leaves, which was on par with last year but 2% less than the average. 19% were harvested, which was 5% less than the same time last year and 1% less than the average. 62% was rated as Good (49%) or Excellent (13%), compared to 64% a year earlier. 11% was in Poor (8%) or Very Poor (3%) condition, which was the same as last year.

Cattle futures, especially Feeder Cattle bounced higher Tuesday, supported by likely month-end and quarter-end position squaring and the quarterly Grain Stocks report (see below).

Toward the close, Live Cattle futures were an average of $1.38 higher. Feeder Cattle futures were an average of $5.08 higher.

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

Last week, FOB live prices were $237/cwt. in the Texas Panhandle, $235-$237 in Kansas, $232-$235 in Nebraska and mostly $232 in the western Corn Belt. Dressed delivered prices were $365.

Choice boxed beef cutout value was 35¢ higher Monday afternoon at $371.03/cwt. Select was $1.64 lower at $347.25.

Corn futures wilted beneath harvest pressure and estimates of more than expected quarterly stocks.

Toward the close and through Jly contracts, Corn futures were 5¢ to 6¢ lower. KC HRW Wheat were mostly 8¢ to 11¢ lower. Soybean futures were 9¢ to 11¢ lower.

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Major U.S. financial indices crawled higher Tuesday despite growing prospects of a government shutdown.  

The Dow Jones Industrial Average closed 88 points higher. The S&P 500 closed 27 points higher. The NASDAQ was up 68 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 95¢ to $1.02 lower.  

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USDA’s quarterly Grain Stocks report for stocks as of Sept. 1 helped jolt futures lower Tuesday.

Old crop corn stocks in all positions of 1.53 billion bushels were 13% less year over year, but significantly more than the average trade guess.

Of the total corn stocks, 643 million bushels were stored on farms, down 18% from a year earlier. Off-farm stocks, at 888 million bushels, were down 10% from a year ago.

Turning to soybeans, old crop stored in all positions totaled 316 million bushels, down 8% from September a year earlier. Soybean stocks stored on farms totaled 91.5 million bushels, which was 18% less year over year. Off-farm stocks of 225 million bushels were 3% less.  

Finally, all wheat stored in all positions on Sept. 1 totaled 2.12 billion bushels, up 6% from a year ago. On-farm stocks were estimated at 692 million bushels, up 4% from last September. Off-farm stocks of 1.43 billion bushels were 7% more.

Cattle futures wandered on both sides of steady on Monday, favoring a slightly softer tone.

Toward the close, Live Cattle futures were an average of 35¢ lower. Feeder Cattle futures were an average of 78¢ lower across a wide range.

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

Last week, FOB live prices were $237/cwt. in the Texas Panhandle, $235-$237 in Kansas, $232-$235 in Nebraska and mostly $232 in the western Corn Belt. Dressed delivered prices were $365.

The weighted average five-area direct FOB live fed steer price last week was $4.86 lower at $232.65/cwt. The weighted average dressed delivered fed steer price was $5.91 lower at $364.97.

Choice boxed beef cutout value was 75¢ lower Monday afternoon at $370.68/cwt. Select was $3.55 lower at $348.89.

Corn and Soybean futures trended lower on Monday with harvest pressure.

Toward the close and through Jly contracts,

Corn futures were fractionally lower. Soybean futures were 4¢ lower. KC HRW Wheat were 1¢ to 2¢ higher.

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Major U.S. financial indices closed higher Monday, led by tech stocks.

The Dow Jones Industrial Average closed 68 points higher. The S&P 500 closed 17 points higher. The NASDAQ was up 107 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $2.03 to $2.53 lowerthrough the front six contracts, pressured by news that OPEC+ intends to increase production..

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Cash fed cattle prices are experiencing expected seasonal weakness as wholesale beef values decline and consumers move beyond the last official grilling day of the summer. Calf prices are turning more variable, too, as a wider variety of spring-born calves begin coming to town. But prices remain historically high for all classes, in response to dwindling cattle numbers and continued robust consumer beef demand. The fewest beef cows in decades and sluggish herd expansion mean the same bullish supply fundamentals should persist for at least a couple more years.

USDA’s National Weekly Feeder and Stocker Cattle Summary provides current price perspective. For the week ending Sept. 27, steers weighing 600-700 lbs. sold for an average price of $415.52/cwt. in the north-central region, which was $149.29 more year over year. For same-weight steers, the average was $391.76 in the south-central region and $359.81 in the Southeast, which was $129.78 and $120.77 more year over year, respectively.

More broadly, Glynn Tonsor, agricultural economist at Kansas State University (K-State) offered price forecasts from the Livestock Marketing Information Center during the recent K-State Beef Stocker Conference. Projected average prices for Southern Plains steer calves weighing 500-600 lbs. are $395-$405/cwt. this year, $419-$431 next year and $427-442 in 2027. For feeder steers weighing 700-800 lbs. in the same region, prices are forecast to average $323-$328 this year, $344-356 next year and $352-$367 in 2027. That’s with the annual five-area direct weighted average fed steer price projected at $225-$230 this year, $239-$251 next year and $242-257 in 2027.

So, prices should continue to increase, but at a slower pace than the last couple of years.

Cattle futures mostly firmed on Friday.

Live Cattle futures closed an average of 92¢ higher, except for 25¢ lower and unchanged in the front two contracts.

Feeder Cattle futures closed an average of $1.68 higher.

Week to week on Friday, Live Cattle futures closed mixed, from an average of $1.12 lower in the front four contracts to an average of 72¢ higher. Feeder Cattle futures closed an average of $4.65 higher (see below).

Negotiated cash fed cattle trade ranged from inactive on light demand in the Texas Panhandle to light on moderate demand in the North, through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were $3 lower in the Texas Panhandle at $237/cwt., $3-$5 lower in Kansas, at $235-$237, $3-$4 lower in Nebraska at $232-$235 and $4-$5 lower in the western Corn Belt at mostly $232. Dressed delivered prices were $5 lower in Nebraska at $365 and $3-$11 lower in the western Corn Belt at $365.

Choice boxed beef cutout value was 54¢ lower Friday afternoon at $371.43/cwt. Select was $1.01 lower at $352.44.

Grain futures closed lower Friday. Corn futures closed 1¢ to 3¢ lower. KC HRW Wheat closed 6¢ to 7¢ lower. However, Soybean futures closed 1¢ to 2¢ higher.

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Major U.S. financial indices closed higher Friday, buoyed by the August Personal Consumption Expenditures Price Index that was line with expectations. Excluding food and energy, it was 2.9% higher year over year on a seasonally adjusted basis, according to the U.S. Bureau of Economic Analysis.  

The Dow Jones Industrial Average closed 299 points higher. The S&P 500 closed 38 points higher. The NASDAQ was up 99 points.

West Texas Intermediate Crude Oil futures (CME) were 64¢ to 74¢ higher through the front six contracts.

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Weekly gains in Feeder Cattle futures were supported by last Monday’s rally, which was tied to news of New World screwworm being confirmed just 70 miles south of the U.S. border, likely quashing resumption of Mexican cattle imports to the United States for a longer period. Support also included the previous week’s monthly Cattle on Feed report with placements on the low side of expectations. Arguably, comments from USDA suggesting imminent government plans to incentivize beef cow herd expansion added lift and uncertainty. Various rumors swirled about direct payments to producers for heifer retention and the like.

U.S. Secretary of Agriculture, Brooke Rollins, clarified USDA’s position at Thursday’s Agriculture Outlook Forum in Kansas City.

“We have no current plans to offer payment to beef producers. We see how the government getting involved can completely distort markets. No plan is even under consideration to insert ourselves through payments into the beef cattle industry,” Rollins explained. “But our plan will focus on opening up more working lands, expanding our risk mitigation tools for our beef cattle industry, and hopefully inspiring our next generation of farmers who hold this great nation in their hands.” She added details of the plan will be announced in mid-October.

Cattle futures stepped lower Thursday as wholesale beef prices continue to fall and with early weekly cash fed cattle trade weaker.

Toward the close, Live cattle futures an average of $2.60 lower. Feeder Cattle futures were an average of $5.49 lower, except for 2¢ higher in spot Sep.

Negotiated cash fed cattle trade was light on moderate demand in the Texas Panhandle and light to moderate on moderate demand in Kansas through Thursday afternoon, according to the Agricultural Marketing Service. In the North, trade was moderate on moderate demand.

For the week, FOB live prices are $3 lower in the Southern Plains at $237/cwt., $3-$4 lower in Nebraska at $232-$235 and $4-$5 lower in the western Corn Belt at $232. Dressed delivered prices are $5 lower in Nebraska at $365 and $3-$11 lower in the western Corn Belt at $365.

Choice boxed beef cutout value was $5.42 lower Thursday afternoon at $371.97/cwt. Select was $2.97 lower at $353.45.

Grain and Soybean futures firmed Thursday with support including Argentina’s renewal of its agricultural export tax.

Toward the close and through Jly contracts, Corn futures were fractionally higher to 1¢ higher. Kansas City Wheat futures were 4¢ to 5¢ higher. Soybean futures were 2¢ to 3¢ higher.

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Major U.S. financial indices closed lower Thursday, once again led by tech stocks and with traders awaiting Friday’s monthly personal consumption expenditures price index for clues about how willing the Fed might be to cut interest rates further.

The Dow Jones Industrial Average closed 173 points lower. The S&P 500 closed 33 points lower. The NASDAQ was down 113 points.

Cattle futures softened Wednesday and consolidated with some likely profit taking and waiting for weekly cash fed cattle direction.

Toward the close, Live cattle futures were an average of $1.72 lower. Feeder Cattle futures were an average of $3.27 lower, except for 55¢ higher in spot Sep.

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

Last week, FOB live prices were $240/cwt. in the Southern Plains, $236-$238 in Nebraska and $236-$237 in the western Corn Belt. Dressed delivered prices were $370 in Nebraska and $368-$376 in the western Corn Belt.

Choice boxed beef cutout value was $3.41 lower Wednesday afternoon at $377.39/cwt. Select was $3.48 lower at $356.42.

Grain and Soybean futures were lower Wednesday.

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

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Major U.S. financial indices closed lower Wednesday, once again led by tech stocks.

The Dow Jones Industrial Average closed 171 points lower. The S&P 500 closed 18 points lower. The NASDAQ was down 75 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 97¢ to $1.40 higher through the front six contracts.

Cattle futures closed mainly higher Tuesday with follow-through support from the previous day’s New World screwworm news.

Toward the close, Live cattle futures were mixed from an average of 98¢ lower in the front four contracts to an average of $1.08 higher. Feeder Cattle futures were an average of $2.94 higher.

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

Last week, FOB live prices were $240/cwt. in the Southern Plains, $236-$238 in Nebraska and $236-$237 in the western Corn Belt. Dressed delivered prices were $370 in Nebraska and $368-$376 in the western Corn Belt.

Choice boxed beef cutout value was 59¢ lower Tuesday afternoon at $380.80/cwt. Select was $2.19 lower at $359.90.

Soybean futures were firm to higher.

Toward the close and through Jly contracts, Corn futures were 2¢ to 4¢ higher. Kansas City Wheat futures were 8¢ to 9¢ higher. Soybean futures were fractionally higher to 1¢ higher.

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Major U.S. financial indices closed lower Tuesday, led by tech stocks.

The Dow Jones Industrial Average closed 88 points lower. The S&P 500 closed 36 points lower. The NASDAQ was down 215 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.05 to $1.37 higher through the front six contracts.

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Closure of the U.S. border to cattle imports from Mexico continues to drive declines in Southern Plains feedlot numbers, while numbers increase in the North.

Reflecting on the latest monthly Cattle on Feed report, David Anderson, Extension livestock economist at Texas A&M University notes, Sept. 1 on-feed numbers in Texas were 9.9% fewer year over year and the least for the month since 2016.

Conversely, Anderson points out 4.7% more cattle were on feed year over year in Nebraska and 3.1% more in Kansas. Numbers were also higher in Iowa and South Dakota.

“Clearly, the border closure to cattle from Mexico is taking its toll,” Anderson explains, in the most recent issue of In the Cattle Markets. “Feeder cattle imports from Mexico normally increase seasonally in the Fall, so the disparity in regional feeding inventories is likely to grow, including Nebraska supplanting Texas as the largest cattle feeding state.”

Total cattle on feed Sept. 1 of 11.08 million head were 118,000 head fewer (-1.1%), according to the September Cattle on Feed report. The number represents feedlots with 1,000 head or more capacity. Placements of 1.78 million head in August were 196,000 head fewer (-9.9%) than the same time a year earlier.

“Placements have declined more than the on-feed inventory up to this point aided by a slower turnover rate in feedlots,” explains Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. “Smaller calf crops and limited feeder cattle supplies mean there is less cattle available for feedlot production. Feedlot production and beef production are expected to continue to decline into 2027.”

Cattle futures stormed higher Monday, fueled by news that New World screwworm was confirmed just about 70 miles south of the U.S. border (see below) and traders thinking it will prevent Mexican cattle imports for even longer. Last week’s Cattle on Feed report may have provided some added lift.

Toward the close, Live cattle futures were an average of $3.75 higher. Feeder Cattle futures were an average of $8.01 higher.

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

Last week, FOB live prices were steady in the Southern Plains at $240/cwt., $2-$4 lower in Nebraska at $236-$238 and $3-$4 lower in the western Corn Belt at $236-$237. Dressed delivered prices were $5-$8 lower in Nebraska at $370 and $2 to $7 lower in the western Corn Belt at $368-$376.

The five-area direct weighted average FOB live fed steer price last week was $1.82 lower at $237.51. The weighted average dressed delivered fed steer price was $5.27 lower at $370.88.

Choice boxed beef cutout value was 66¢ lower Monday afternoon at $381.39/cwt. Select was $2.17 higher at $362.09.

Soybean futures led the grain complex lower again Monday, pressured by Argentina lowering its export tax for a time.

Toward the close and through away Jly contracts, Corn futures were 2¢ lower. Kansas City Wheat futures were 5¢ lower. Soybean futures were 13¢ to 14¢ lower.

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Major U.S. financial indices closed higher again Monday with follow-through support.

The Dow Jones Industrial Average closed 166 points higher. The S&P 500 closed 29 points higher. The NASDAQ was up 157 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 4¢ lower to 6¢ higher through the front six contracts.

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Late Sunday, Mexico’s National Service of Agro-Alimentary Health, Safety, and Quality (SENASICA) confirmed a new case of New World screwworm (NWS) in Sabinas Hidalgo, located in the state of Nuevo León, less than 70 miles from the U.S.-Mexico border.

This is now the northernmost detection of NWS during this outbreak, and the one most threatening to the American cattle and livestock industry, according to USDA. Sabinas Hidalgo is located near the major highway from Monterrey, Nuevo Leon, to Laredo, Texas, which is one of the most heavily trafficked commercial thoroughfares in the world.

“Protecting the United States from NWS is non-negotiable and a top priority of the Trump Administration,” says U.S. Secretary of Agriculture Brooke L. Rollins. “This is a national security priority. We have given Mexico every opportunity and every resource necessary to counter NWS since announcing the NWS Bold Plan in June 2025. Nevertheless, American ranchers and families should know that we will not rely on Mexico to defend our industry, our food supply, or our way of life. We are firmly executing our five-pronged plan and will take decisive action to protect our borders, even in the absence of cooperation. Furthermore, we will pursue aggressive measures against anyone who harms American livestock.”

The previous northernmost detection was reported on July 9, 2025, in Veracruz, approximately 370 miles farther south. Preliminary reports from SENASICA indicate that the affected animal—an 8-month-old heifer—had recently been moved to a certified feedlot in Nuevo León from a region in southern Mexico with known active NWS cases. The potential link to animal movement underscores the non-negotiable need for Mexico to fully implement and comply with the U.S.–Mexico Joint Action Plan for NWS in Mexico, according to USDA.

Currently, U.S. ports remain closed to imports of cattle, bison, and horses from Mexico.