Daily Market Highlights

Cattle futures opened higher Monday, supported by the lower July feedlot placements in Friday’s Cattle on Feed report but then turned negative with pressure including last week’s lower negotiated cash fed cattle prices and negative psychology surrounding Monday’s re-opening of the port of entry in Douglas, Ariz., to feeder cattle imports from Mexico. 

Toward the close, Live Cattle futures were an average of $3.04 lower. Feeder Cattle futures were an average of $4.05 lower.

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

FOB live prices last week were mostly $2-$3 lower in Nebraska at mainly $225-$226/cwt. and $2-$5 lower in the western Corn Belt at mostly $225. Dressed delivered trades were mostly $7-$12 lower in Nebraska at mainly $355-$356 and mainly $7-$13 lower in the western Corn Belt at mostly $355.

Last week’s weighted average five-area direct FOB live fed steer price was $3.51 lower at $225.01. The weighted average dressed delivered fed steer prices was $9.54 lower at $355.54.

Choice boxed beef cutout value was unchanged Monday afternoon at $385.69/cwt. Select was $3.70 higher at $365.02.

Grain and Soybean closed mixed on Monday.

Toward the close and through the front four contracts, Corn futures were 6¢ to 7¢ higher, as traders tried to price lower expected yields.

Soybean futures were 8¢ to 14¢ lower, pressured by bean oil.

Kansas City HRW Wheat were 2¢ to 3¢ lower. 

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Major U.S. financial indices closed mixed on Monday, pressured by chip stocks.

The Dow Jones Industrial Average closed 140 points higher. The S&P 500 closed 21 points lower. The NASDAQ was down 200 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.19 to $2.04 lower through the front six contracts.

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USDA re-opened the port of entry to Mexican Feeder cattle imports on Monday, amid plenty of wonderment about how many cattle are set to cross, what kind of cattle and how fast.

For historic perspective, Derrell Peel, Extension livestock marketing specialist at Oklahoma State University explains Mexican cattle imports averaged 1.17 million head per year from 2004 to 2023, ranging from 702,600 head in 2008 to 1.47 million head in 2012. 

“Mexican cattle imports are highly correlated to drought conditions in Mexico, with severe drought causing unsustainable spikes in cattle imports which tend to average out,” Peel says in his weekly market comments. “A five-year moving average of Mexican cattle imports only shows about 222,000 head variation across years.”

On average, Peel explains 36% of annual Mexican cattle imports cross from September through December. 

“If the border was fully open, the average of 1.17 million head annually implies that roughly 421,000 head could cross by the end of the year. Based on history, it might be possible for 90-100,000 head of cattle to cross at the Douglas port in the last four months of the year,” Peel says. “If we suppose that Santa Teresa and Columbus, New Mexico open one month later, an additional 125-175,000 head could be imported by the end of the year. It is unlikely that many, if any, spayed heifers will be imported initially, so the above estimates are likely too high.”

Moreover, Peel notes it will likely take several weeks for ports to return to full capacity. 

“For the remainder of 2026, up to 250,000 head total might be possible but 150,000 head is probably a more reasonable estimate of Mexican cattle imports by the end of the year,” Peel says.

Cattle futures were able to fade early pressure from President Trump’s announcement to waive tariffs for 90 days on imported beef products for ground beef (see below). 

Live Cattle futures closed an average of 78¢ higher, except for an average of 19¢ lower in the front two contracts.

Feeder Cattle futures closed an average of $1.27 higher, except for 55¢ lower in spot Aug.

Negotiated cash fed cattle trade was light to limited on moderate demand in the North through Friday afternoon, according to the Agricultural Marketing Service.

Based on the last established trade for the week, FOB live prices were mostly $225-$226/cwt., which was $2-$3 lower in Nebraska and $3-$4 lower in the western Corn Belt. Dressed delivered trades were $6-$12 lower in Nebraska at mostly $356 and mainly $7-$13 lower in the western Corn Belt at mostly $355. FOB live prices in Kansas the previous week were $228.

Choice boxed beef cutout value was $4.24 lower Friday afternoon at $385.69/cwt. Select was $2.42 lower at $361.32. However, week to week on Friday, Choice was $10.39 higher and Select was $10.08 higher.

Estimated total cattle slaughter last week of 223,000 head was 6,000 head more than the previous week but 33,000 head less than the same week last year. Estimated year-to-date cattle slaughter of 17.4 million head was 1.5 million head fewer (-8%) than the same time a year earlier. Year-to-date estimated beef production of 15.5 billion pounds was 900.5 million pounds less (-5.5%).

Corn and Soybean futures edged higher Friday, with follow-through support from the week’s Pro Farmer yield. estimates.

Corn futures closed 5¢ higher through Jly ’27 and then 2¢ to 6¢ higher.

Soybean futures closed mostly 1¢ to 2¢ higher.

Kansas City HRW Wheat closed 3¢ to 6¢ lower through Jly ’27 and then mostly 2¢ lower. 

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Major U.S. financial indices closed higher Friday, trying to recover from the week’s pressure driven by higher treasury yields.

The Dow Jones Industrial Average closed 517 points higher. The S&P 500 closed 33 points higher. The NASDAQ was up 113 points.

West Texas Intermediate Crude Oil futures (CME) closed 17¢ to 35¢ higher through the front six contracts.

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Markets could view the latest Cattle on Feed report as friendly with fewer placements than expected.

Feedlots with 1,000 head or more capacity placed 1.4 million head in July, which was 176,000 head fewer (-11%) than the previous year and 4.5% less than the average of analyst expectations ahead of the report.

In terms of placement weights, 37% went on feed weighing 699 lbs. or less, 45% weighing 700-899 lbs. and 18% weighing 900 lb. or more.

Marketings in July of 1.6 million head was 129,000 head fewer (-7.4%) year over year, which was in line with expectations ahead of the report.

Cattle on feed Aug. 1 of 11.1 million head was 195,000 head more (1.8%) than the previous year and 0.7% less than expectations.

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President Donald Trump announced a temporary 90-day waiver on out-of-quota tariffs for up to 300,000 metric tons of imported “product” for ground beef. The administration states the move aims to slash domestic consumer beef prices. According to his Truth social post, “We have a commitment that this beef will be sold at 25 percent below current market prices.”

The news pressured Cattle futures early in Friday’s session, as any hint of government intervention typically does. Cooler heads prevailed by the end the session, at least for the day.

“NCBA is disappointed by the President’s statement. While America’s cattle producers share the goal of keeping groceries affordable for consumers, flooding the market with government-subsidized, below-market beef is not the way to rebuild the American cattle herd,” said Colin Woodall, chief executive officer of the National Cattlemen’s Beef Association (NCBA), following Friday’s announcement. “Cattle markets have already turned sharply lower this morning, to the detriment of farmers and ranchers. This is a critical time of year for cattle producers, as we approach the season where they are making decisions regarding their herds. Cattle farmers and ranchers are responding to strong market signals and historically high demand, and we are already working to rebuild after years of ongoing drought, high input costs and other challenges that have reduced U.S. cattle numbers. Today’s announcement and other market interventions throw cold water on the prospect of herd expansion and sacrifices long-term stability for short term messaging.”

Cattle futures lost ground Wednesday with pressure including lower early negotiated cash fed cattle prices and surging corn prices.  

Toward the close, Live Cattle futures were an average of $2.13 lower, except for 5¢ higher and unchanged at the back.

Feeder Cattle futures were an average of $4.64 lower.

Negotiated cash fed cattle trade was limited on moderate demand in the North through Wednesday afternoon, according to the Agricultural Marketing Service.

Although too few transactions to trend, there were some early dressed trades in Nebraska at $355-$360/cwt. Also, too few to trend, there were some early dressed trades in the western Corn Belt at $355-$356 and some FOB live trades at $225.

Last week, FOB live prices were $228 in Kansas, $225-$230 in Nebraska and $228-$230 in the western Corn Belt. Dressed delivered prices were $362-$368.

Choice boxed beef cutout value was $3.84 higher Wednesday afternoon at $394.99/cwt. Select was $2.12 lower at $364.17. This Choice-Select spread was the widest since December 2024.

Grain and Soybean futures were higher Wednesday, supported by lower corn and yield estimated by private-firm crop tours.

Toward the close and through the front four contracts, Corn futures were 9¢ to 10¢ higher. Soybean futures were 16¢ to 20¢ higher. Kansas City HRW Wheat were 15¢ to 16¢ higher. 

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Major U.S. financial indices closed higher Wednesday, supported by lower treasury bond yields, thanks to the Treasury Department announcing it will at least double the size of its government debt purchases, beginning Sept. 9.

The Dow Jones Industrial Average closed 119 points higher. The S&P 500 closed 16 points higher. The NASDAQ was up 41 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 63¢ lower to 48¢ higher.

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Tyson Food’s recent closure of beef packing and fabrication facilities underscores the sector’s ongoing challenges amid historically low cattle numbers.

“There is too much packing capacity in the cattle and beef sector for the number of animals that have been available in the past few years and will likely be available in the next few years. Beef packers have been routinely losing $200-$400 per head on every head slaughtered and fabricated since 2023 and likely earlier,” says Stephn Koontz, agricultural economist at Colorado State University.

In the Aug. 17 issue of In the Cattle Markets, Koontz explains labor, supplies and energy for operations are a minor portion of a plant’s weekly total cost.

“Most of the cost is for the facility and inputs that cannot be much changed. Even labor is relatively inflexible. Contracts usually guarantee 36 hours per shift per week. If a shift operates, then it does so – and generates costs – through Thursday,” Koontz says. “Low-cost slaughter and fabrication plants have costs of about $300 per head when operating at five days per week capacity. High-cost plants are short of the $500 per head neighborhood. Running the plant at a reduced number of days per week – less than four – does not reduce the total costs. These costs are spread over fewer animals.”

Moreover, plants modestly smaller than the typical large commercial plant have total costs in the $600-$800 per head range, according to Koontz.

“These economies of size efficiencies are why we have the industry we have – the few very large plants – that is currently in overcapacity with respect to the number of animals,” Koontz says.

Cattle futures were mostly higher Tuesday supported by stronger early-week wholesale beef values and perhaps some lift on news that Cargill’s packing facility at Ft. Morgan, Colo., will resume operations.

Toward the close, Live Cattle futures were an average of 72¢ higher.  Feeder Cattle futures were an average of 80¢ higher, except for 27¢ lower in the front contract.

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

Although too few transactions to trend, there were some early dressed trades in Nebraska at $359/cwt.

Last week, FOB live prices were $228 in Kansas, $225-$230 in Nebraska and $228-$230 in the western Corn Belt. Dressed delivered prices were $362-$368.

Choice boxed beef cutout value was $11.58 higher Tuesday afternoon at $391.15/cwt. Select was $2.03 higher at $366.29.

Grain and Soybean futures were mixed to lower Tuesday with likely profit taking.

Toward the close and through the front four contracts, Corn futures were 1¢ to 2¢ lower.  Soybean futures were 1¢ lower to 1¢ higher. Kansas City HRW Wheat were 10¢ to 16¢ lower. 

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Major U.S. financial indices closed lower again Tuesday, pressured by higher crude oil prices and treasury yield rates fueled by inflation concerns.

The Dow Jones Industrial Average closed 116 points lower. The S&P 500 closed 53 points lower. The NASDAQ was down 355 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 33¢ to 44¢ higher through the front six contracts.

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USDA’s Economic Research Service (ERS) slashed expected feeder steer prices for this year and next in the August Livestock, Dairy and Poultry Outlook.

Compared to the previous month, based on recent price weakness, ERS reduced projected prices by $17/cwt. in the third and fourth quarters of this year to $363 and $365, respectively. The annual 2026 projected price average declined $8.50 to $367.26.

Prices are basis a Medium and Large #1 feeder steer weighing 750-800 lbs. and selling at Oklahoma City.

Factoring in weaker price momentum, additional feeder calf imports, due to reopening the border with Mexico, and recognizing a smaller calf crop this year, ERS reduced forecast prices $8 in the first quarter of next year to $370 and $10 in the second quarter to $375. The 2027 annual price was $8.25 lower at $373.75.

As mentioned in Cattle Current last week, the ERS cut projected five-area direct weighted average fed steer prices for the remainder of this year and the first half of next year in the August World Agricultural Supply and Demand Estimates (WASDE).

Compared to the previous month, based on recent weaker than expected demand for fed cattle, forecast prices for this year declined $13 in the third quarter to $255/cwt. and $10 in the fourth quarter to $255 for an annual average of $251.10, which was $5.75 lower.

That was with this year’s beef production estimated to be 321 million pounds less (-0.1%) than last month at 24.97 billion pounds. The total would be 1 billion pounds less (-4%) than the previous year’s total. Beef production was lowered due to a slower rate of steer, heifer and cow slaughter through the end of the year.

For next year, fed steer prices declined $5 to $250 in the first quarter and $255 in the second quarter with an annual average price of $254.

Cattle futures tried to firm Monday after last week’s bearish news but were mostly slightly lower.

Live Cattle futures were an average of 13¢ lower, except for an average of 48¢ higher in two nearby contracts.

Feeder Cattle futures were mixed from an average of 74¢ lower to an average of 34¢ higher. Cattle futures were mixed through mid-morning today.

Negotiated cash fed cattle trade was inactive on light demand in the North through Monday afternoon.

Last week, FOB live prices were $7 lower in Kansas at $228/cwt., $5-$10 lower in Nebraska at $225-$230 and $5-$7 lower in the western Corn belt at $228-$230. Dressed delivered prices were $2-$8 lower at $362-$368.

The five-area direct weighted average FOB live fed steer price last week was $6.69 lower at $228.52. The weighted average dressed delivered fed steer price was $6.03 lower at $365.08.

Choice boxed beef cutout value was $4.27 higher Monday afternoon at $379.57/cwt. Select was $13.02 higher at $364.26.

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

Through Jly ’27, Corn futures were 5¢ to 6¢ higher, Soybean futures were 18¢ to 23¢ higher and Kansas City HRW Wheat were 3¢ to 4¢ higher.

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Major U.S. financial indices closed lower Monday with higher oil prices and increasing pessimism about finding a solution to the U.S.-Iran war.

The Dow Jones Industrial Average closed 272 points lower. The S&P 500 closed 40 points lower. The NASDAQ was down 84 points.

West Texas Intermediate Crude Oil futures (CME) closed $2.10 to $2.34 higher through the front six contracts.

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One market bright spot Monday came with news that Union workers at the Cargill plant in Ft. Morgan, Colo., voted overwhelmingly to ratify a work agreement with the company, according to various reports. Those same reports suggest production could resume at the facility in September for the first time since April.

Cattle futures continued lower Friday but closed off session lows. Pressure included lower negotiated cash fed cattle prices for the week and response to Tyson’s Thursday announcement that the company was ending operation of its beef packing facility in Joslin, Ill., its case ready facility in Eagle Mountain, Utah and seeking a buyer for its packing facility in Pasco, Wash.

Live Cattle futures closed an average of $1.24 lower. Feeder Cattle futures closed an average of $3.11 lower. Week to week on Friday, Live Cattle futures were an average of $4.96 lower, and Feeder Cattle futures were down an average of $8.61.

Negotiated cash fed cattle trade was limited on moderate demand in the North through Friday afternoon. FOB live prices for the week were $7 lower in Nebraska at mostly $228/cwt. and $5-$7 lower in the western Corn belt at $228-$230. Dressed delivered prices were $5-$8 lower in Nebraska at $362-$365 and $2-$8 lower in the western Corn Belt at $362-$368.

Trade was limited on light demand in Kansas with no established trade for the week. FOB live prices there the previous week were $235.

Choice boxed beef cutout value was 60¢ lower Friday afternoon at $375.30/cwt. Select was $2.00 higher at $351.24. Week to week on Friday, Choice was $10.94 higher and Select was $1.13 lower.

Estimated total cattle slaughter last week of 517,000 head was 8,000 head more than the previous week but 27,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 16.9 million head was 1.5 million head fewer (-8%) than the same time a year earlier. Estimated year-to-date beef production of 15.1 billion pounds was 874.7 million pounds less (-5.5%).

Grain and Soybean futures roared back Friday, led by wheat.

Kansas City HRW Wheat closed 22¢ to 33¢ higher through Sep ’27 and then 15¢ to 19¢ higher with added risk premium for export disruptions in the Black Sea. 

Soybean futures closed 5¢ to 11¢ higher through Aug ’27. 

Corn futures closed 9¢ to 11¢ higher through Jly ’27 and then mostly 5¢ to 6¢ higher, supported by tighter ending stocks. Week to week on Friday, they were an average of 18’4¢ higher through the front six contracts, supported by the recent World Agricultural Supply and Demand Estimates

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Major U.S. financial indices closed lower Friday.

The Dow Jones Industrial Average closed 107 points lower. The S&P 500 closed 13 points lower. The NASDAQ was down 73 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) closed 67¢ to $1.15 higher through the front six contracts.

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Last week’s monthly Consumer Price Index for July — up 3.4% over the last 12 months — underscored the continued inflation pressure facing U.S. consumers.

“Grocery store food prices were up 3.0% with meat department prices up 5.4%,” say analysts with the Livestock Marketing Information Center (LMIC) in the Aug. 14 Livestock Monitor. “Food purchased for away-from-home consumption was up 3.4%. Grocery store beef prices spearheaded July grocery store price trends. Overall beef prices were up 9.4% from July 2025. Fresh ground beef prices were up 9.0%, and steak prices were up 9.6%. Beef roasts, which are normally out of their peak demand season, had posted prices that were up 13.5% from the prior July.”

For comparison, LMIC analysts point out July fresh chicken prices in the grocery store were 2.5% less year over, while pork prices were basically the same.

“Prospects for grocery store meat prices could support a topping out of beef prices in the second half of the year,” LMIC analysts say. “At the wholesale level, lean beef trim prices have held steady instead of rising since the second half of the spring. Last year, prices for lean beef trim were moving significantly higher during these months. Fifty-percent lean beef trimmings prices have been decisively lower in the last three months, a sharp contrast to a year ago. Strip loin and round prices at the wholesale level have also been in a downtrend in recent months.”

Cattle futures were lower again, pressured by weaker early cash fed cattle prices and perhaps prescience about news from Tyson later in the day that it was shuttering its packing facility in Joslin, Ill., ending production at its case ready facility in Eagle Mountain, Utah and seeking a buyer for its packing facility in Pasco, Wash. (see below).

Toward the close, Live Cattle futures were an average of $2.58 lower. Feeder Cattle futures were an average of $1.68 lower.

Negotiated cash fed cattle trade was moderate on moderate to good demand in Nebraska through Thursday afternoon, according to the Agricultural Marketing Service. FOB live prices were $2 lower than the previous day and $7 lower than last week at mostly $228/cwt. Dressed delivered prices were $2 lower than the previous day and mostly $5-$8 lower than last week at $362-$365.

Trade was limited on moderate demand in the western Corn Belt. Although too few transactions to trend, there were some early FOB live trades at $228-$230 and some dressed delivered trades at $360-$368. Prices there last week were $235 and $370, respectively.

In Kansas, trade was mostly inactive on light demand. FOB live prices last week were $235.

Choice boxed beef cutout value was $3.62 higher Thursday afternoon at $375.90/cwt. Select was 57¢ lower at $349.24.

Grain and Soybean futures were mainly lower Thursday with likely profit taking from the previous session’s strong gains tied to support from the August World Agricultural Supply and Demand Estimates.

Toward the close and through the front four contracts, Corn futures were 8¢ lower. Soybean futures were fractionally lower to 2¢ higher. Kansas City HRW Wheat were fractionally higher to 3¢ lower.  

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Major U.S. financial indices closed higher Thursday.

The Dow Jones Industrial Average closed 69 points higher. The S&P 500 closed 50 points higher. The NASDAQ was up 214 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 90¢ to $2.13 lower through the front six contracts.

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Tyson Foods announced Thursday that it will end operations at its Joslin, Illinois, beef facility and its Eagle Mountain, Utah, case-ready facility. You likely recall the company closed its plant at Lexington, Neb. early this year and reduced production at its plant in Amarillo, Texas. Additionally, Tyson Foods is pursuing the sale of its Pasco, Washington, beef facility.

According to the company statement, “Tyson Foods will anchor its beef business around three strategically located beef facilities in the central United States: Dakota City, Neb.; Holcomb, Kan. and Amarillo, Texas, to create a more competitive footprint amidst one of the most historic cattle shortages the country has ever experienced. Recent USDA cattle inventory data, which included continued evidence of limited heifer retention, indicates these supply constraints are likely to persist, requiring strategic action.” 

Cattle futures stepped lower Wednesday, pressured in part the continued decline in open interest.

Toward the close, Live Cattle futures were an average of $2.48 lower. Feeder Cattle futures were an average of $4.93 lower.

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

There were some early dressed delivered trades in Nebraska mostly $2 lower at mainly $368/cwt. Last week, FOB live prices were $235.

Elsewhere last week, FOB live prices were $235 and dressed delivered prices in the western Corn Belt were mostly $370.

Choice boxed beef cutout value was 97¢ higher Wednesday afternoon at $372.28/cwt. Select was 1¢ higher at $349.81.

Grain and Soybean futures rallied higher on Wednesday, supported by the August World Agricultural Supply and Demand Estimates (see below), which reduced projected yield for corn and soybeans, while increasing forecast harvested acres for both.

Toward the close and through the front four contracts, Corn futures were 19¢ to 20¢ higher. Soybean futures were 11¢ to 14¢ higher. Kansas City HRW Wheat were 20¢ to 22¢ higher with added premium for disruptions to exports from Ukraine and Russia.

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Major U.S. financial indices closed mixed Wednesday. Support included positive inflation news.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1% on a seasonally adjusted basis in July after falling 0.4% percent in June, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 3.4% before seasonal adjustment.

The Dow Jones Industrial Average closed 21 points lower. The S&P 500 closed 20 points higher. The NASDAQ was up 143 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were narrowly mixed, from 6¢ lower to 20¢ higher through the front six contracts.

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USDA’s Economic Research Service (ERS) cut projected five-area direct weighted average fed steer prices for the remainder of this year and the first half of next year in the August World Agricultural Supply and Demand Estimates (WASDE).

Compared to the previous month, based on recent weaker than expected demand for fed cattle, forecast prices for this year declined $13 in the third quarter to $255/cwt. and $10 in the fourth quarter to $255 for an annual average of $251.10, which was $5.75 lower.

That was with this year’s beef production estimated to be 321 million pounds less (-0.1%) than last month at 24.97 billion pounds. The total would be 1 billion pounds less (-4%) than the previous year’s total. Beef production was lowered due to a slower rate of steer, heifer and cow slaughter through the end of the year.

For next year, fed steer prices declined $5 to $250 in the first quarter and $255 in the second quarter with an annual average price of $254.

Among other WASDE highlights…

Corn

The 2026/27 U.S. corn outlook was for lower supplies, unchanged domestic use, larger exports, and smaller ending stocks. Corn production was forecast at 16.0 billion bushels, up just 13 million from last month with a 1.2-million acre increase in harvested area that was largely offset by a reduced yield forecast. This would be the second largest U.S. corn harvest on record. The season’s first survey-based corn yield forecast was down 2.3 bushels per acre from last month to 180.7 bushels per acre. Corn beginning stocks were lowered 75 million bushels to 1.9 billion, reflecting raised exports for 2025/26.

Total U.S. corn use for 2026/27 was forecast 75 million bushels higher to 16.3 billion. Exports were raised 75 million bushels to 3.3 billion, reflecting increased global demand and constrained exports for Ukraine. With use rising more than supply, ending stocks were lowered 137 million bushels to 1.7 billion.

The season-average corn price received by producers was raised 10¢ per bushel to $4.50, reflecting tighter ending stocks and expectations for futures and cash prices to date.

Soybeans

U.S. 2026/27 soybean production was projected at 4.5 billion bushels, up 44 million due to a higher harvested area and a slightly lower yield. Harvested area was revised up 1.4 million acres from the July projection to 85.8 million on higher acreage for Missouri, Mississippi, and Minnesota. The first survey-based soybean yield forecast of 52.7 bushels per acre was 0.3 bushels less than last month’s projection and last year’s record yield. Soybean supplies for 2026/27 were projected up 39 million bushels from last month as higher production was partly offset by lower beginning stocks due to a slight increase to crush in the prior marketing year.

Prices were unchanged for 2026/27 with the U.S. season-average soybean farm price forecast at $11.40 per bushel, the soybean meal price at $310 per short ton and the soybean oil price at 70¢ cents per pound.

Wheat

The outlook for 2026/27 U.S. wheat was for lower supplies, unchanged domestic use and exports, and smaller ending stocks. Supplies were reduced on lower production, which was forecast at 1,531 million bushels, down 5 million from last month on decreased harvested area and yield. Projected 2026/27 ending stocks were reduced 5 million bushels to 717 million, down 22% from last year. The projected 2026/27 season-average farm price was raised 20¢ per bushel to $6.20 on a lower stocks-to-use ratio and expectations for futures and cash prices for the remainder of the marketing year.

Cattle futures lost some steam Tuesday but were mostly higher.

Live Cattle futures were narrowly mixed, from an average of 41¢ lower in the front four contracts to an average of 38¢ higher.

Feeder Cattle futures were an average of 64¢ higher, except for 78¢ lower in the front contract.

Negotiated cash fed cattle trade was mostly inactive on light demand through Tuesday afternoon, according to the agricultural Marketing Service.

FOB live prices last week were mostly $235/cwt. Dressed delivered prices were mostly $370.

Choice boxed beef cutout value was 6¢ lower Tuesday afternoon at $371.31/cwt. Select was $1.04 lower at $349.80.  

Grain and Soybean futures were lower on Tuesday, pressured by more moisture and positioning ahead of Wednesday’s World Agricultural Supply and Demand Estimates.

Toward the close and through the front four contracts, Corn futures were 1¢ lower.  Soybean futures were 10¢ to 11¢ lower. Kansas City HRW Wheat were 12¢ to 14¢ lower.

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Major U.S. financial indices softened Tuesday with higher crude oil prices and defensiveness ahead of the CPI report due on Wednesday.

The Dow Jones Industrial Average closed 183 points lower. The S&P 500 closed 24 points lower. The NASDAQ was down 159 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 2¢ lower to $1.27 higher through the front six contracts.

Cattle futures were mainly higher Friday, helped along by last week’s stronger negotiated cash fed cattle prices.

Toward the close, Live Cattle futures an average of $1.23 higher. Feeder Cattle futures were an average of $1.09 higher, except for an average of 98¢ lower in the front two contracts.

Negotiated cash fed cattle trade was inactive on light demand through Monday afternoon, according to the agricultural Marketing Service.

FOB live prices last week were mostly $235/cwt., which was $2 higher in Kansas, $2-$3 higher in Nebraska and mostly steady to $3 higher in the western Corn Belt. Dressed delivered prices were mostly $370, which was $5-$10 higher in Nebraska and mostly $10 higher in the western Corn Belt.

Last week’s five-area direct weighted average FOB live fed steer price was $2.15 higher at $235.21. The weekly weighted average dressed delivered fed steer price was $8.50 higher at $371.11.

Choice boxed beef cutout value was $7.06 higher Monday afternoon at $371.42/cwt. Select was $1.53 lower at $350.84.

Grain and Soybean futures were mixed again on Monday with likely continued positioning ahead of Wednesday’s World Agricultural Supply and Demand Estimates.

Toward the close and through the front four contracts, Corn futures were unchanged to fractionally lower. Soybean futures were 3¢ to 4¢ higher. Kansas City HRW Wheat were 1¢ lower to 1¢ higher.

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Major U.S. financial indices closed little changed but to the low side on Monday as crude oil prices increased on the U.S.-Iran war.

The Dow Jones Industrial Average closed 60 points lower. The S&P 500 closed 4 points lower. The NASDAQ was down 85 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $2.96 to $3.56 higher through the front six contracts.

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“Cattle and beef markets are expected to continue recovering from the summer correction, but the persistent summer doldrums may make it a slow grind for the next few weeks,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University.

In his weekly market comments, Peel points out recent hot temperatures have added market pressure, taking a seasonal toll on consumer demand

“Wholesale beef values have turned slightly higher in the past week with sputtering attempts at a last kick higher for Labor Day demand,” Peel notes. “Prolonged triple digit heat in many regions is making that more difficult. After a brief August boost, average boxed beef prices typically decrease to the end of the year, although tenderloin and ribeye prices move seasonally higher to the end of the year.  Strong boxed beef prices in the second half of 2025 may be hard to match this year, even with good demand.”

Listen to more of Peel’s market insights here.