Daily Market Highlights

Cattle futures eased mostly lower Thursday with likely profit taking, the lack of direction in weekly cash fed cattle trade and positioning ahead of USDA’s Cattle report due to be published on Friday.

Toward the close, Live Cattle futures were an average of $1.o5 lower. Feeder Cattle futures were an average of $1.27 lower, except for $1.00 higher in expiring Jan.

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

Last week, FOB live prices were $234-$236/cwt. in the Texas Panhandle, $233-$236 in Kansas, $234-$236 in Nebraska and mainly $235 in the western Corn Belt.

Dressed delivered prices were $370 in Nebraska and $365-$370 in the western Corn Belt.

Choice boxed beef cutout value was $2.08 lower Thursday afternoon at $367.66/cwt. Select was $2.85 lower at $360.72.

Grain and Soybean futures were mixed Thursday.

Toward the close, through near Sep contracts, Corn futures were 1¢ higher. KC HRW Wheat futures were 5¢ higher. Soybean futures were 1¢ to 3¢ lower.

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Major U.S. financial indices closed mixed Thursday, pressure from tech stocks.

The Dow Jones Industrial Average closed 59 points higher. The S&P 500 closed 9 points lower. The NASDAQ was down 172 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.40 to $2.20 higher through the front six contracts with added risk premium based on tensions between the U.S. and Iran.

Cattle futures were higher Wednesday, helped by early cash fed cattle bids on the upper end of last week’s range.

Toward the close, Live Cattle futures were an average of $1.10 higher. Feeder Cattle futures were an average of $2.93 higher.

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

Last week, FOB live prices were $234-$236/cwt. in the Texas Panhandle, $233-$236 in Kansas, $234-$236 in Nebraska and mainly $235 in the western Corn Belt.

Dressed delivered prices were $370 in Nebraska and $365-$370 in the western Corn Belt.

Choice boxed beef cutout value was $1.63 higher Wednesday afternoon at $369.74/cwt. Select was $1.62 lower at $363.57.

Grain and Soybean futures were higher Wednesday, helped along by the declining U.S. dollar value.

Toward the close, through near Sep contracts, Corn futures were 3¢ to 4¢ higher, supported by President Trump’s claim that a deal is near for making gasolene blended with ethanol available year-round.

KC HRW Wheat futures were 9¢ higher with likely short covering.

Soybean futures were 6¢ to 8¢ higher.

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Major U.S. financial indices closed little changed on Wednesday, with the Fed leaving interest rates unchanged, as was widely anticipated.

“Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has shown some signs of stabilization. Inflation remains somewhat elevated,” according to the FOMC statement.

The Dow Jones Industrial Average closed 12 points higher. The S&P 500 closed fractionally lower. The NASDAQ was up 40 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 69¢ to $1.13 higher through the front six contracts.

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David Anderson, Extension livestock economist at Texas A&M University provides further perspective about the percentage of heifers on feed published in the latest Cattle on Feed report.

As noted in Cattle Current earlier this week, the 4.44 million heifers on feed Jan. 1 were 140,000 head fewer (-3.1%) year over year, representing 38.7% of the on-feed mix, which was the same as a year earlier.

“It was the fewest Jan. 1 heifers on feed since 2019,” Anderson says in the late-January issue of In the Cattle Markets from the Livestock Marketing Information Center. But he points out last year’s number included spayed heifers imported from Mexico before the border was closed.

“Approximately 145,000 fewer spayed heifers were imported from Mexico in the months leading up to Jan. 1, 2026, compared to Jan. 1, 2025. So, the decline in heifers on feed could largely reflect fewer imports rather than a significant decline in domestic heifer feeders being placed,” Anderson explains. “While the decline in heifers on feed suggests some more herd retention, the reduction in supplies from Mexico and heifers as a percent of all cattle on feed indicates little herd rebuilding from additional heifer retention.”

USDA’s Cattle report with overall inventory numbers will be published Friday afternoon.

Cattle futures meandered Tuesday, awaiting weekly cash direction.

Toward the close, Live Cattle futures were an average of 24¢ lower, except for an average of 2¢ higher in the back two contracts. Feeder Cattle futures were narrowly mixed, from an average of 29¢ lower in five contracts to an average of 19¢ higher.

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

Last week, FOB live prices were $234-$236/cwt. in the Texas Panhandle, $233-$236 in Kansas $234-$236 in Nebraska and mainly $235 in the western Corn Belt.

Dressed delivered prices were $370 in Nebraska and $365-$370 in the western Corn Belt.

Choice boxed beef cutout value was 79¢ lower Tuesday afternoon at $368.11/cwt. Select was $1.93 lower at $365.19.

Grain and Soybean futures were mixed Tuesday.

Toward the close, through near Sep contracts, Corn futures were 1¢ lower. KC HRW Wheat futures were 1¢ to 2¢ higher. Soybean futures were 3¢ to 5¢ higher.

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Major U.S. financial indices closed mixed on Tuesday, supported by tech stocks, but pressured by health care.

The Dow Jones Industrial Average closed 408 points lower. The S&P 500 closed 28 points higher. The NASDAQ was up 215 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.31 to $1.93 higher through the front six contracts.

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Rural bankers remain pessimistic about economic growth for their area over the next six months, according to the latest Creighton University Rural Main Street Index. However, the January confidence index rose to 44.0, its highest reading since February 2023, and up from 40.9 in December.

“Despite $12 billion of federal farm support, weak grain prices and negative farm cash flows, combined with tariff retaliation concerns, continue to weigh on banker confidence,” explains Ernie Goss, the Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business. “More than one of three bankers, (34.7%) indicated that their local economy was currently in a recession. Another 26.9% expect their local economy to experience recession conditions in the first half of 2026.”

The overall Rural Mainstreet Index was 52.0 in January, rising 1.9 points month to month and reaching the highest level since July 2023. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral. It is based on a monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy.

Last week’s stronger cash fed cattle prices helped Cattle futures continue higher on Monday.

Toward the close, Live Cattle futures were an average of $1.10 higher.  Feeder Cattle futures were an average of $2.35 higher

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

Last week, FOB live prices were steady to $3 higher in Kansas at $233-$236/cwt., mostly $1-$3 higher in Nebraska at $234-$236, and mostly $3 higher in the western Corn Belt at mainly $235. Prices in the Texas Panhandle were $234-$236; there was no recent tests for a comparison.

Dressed delivered prices were mostly $5 higher in Nebraska at mainly $370 and $2-$3 higher in the western Corn Belt at $365-$368.

The five-area direct weekly weighted average FOB live fed steer price was $2.20 higher at $234.70/cwt. The weekly weighted average dressed delivered fed steer price was $4.16 higher at $368.80.

Choice boxed beef cutout value was 2¢ lower Monday afternoon at $368.90/cwt. Select was $4.73 higher at $367.12.

Grain and Soybean futures were lower Monday on likely profit taking.

Toward the close, through near Sep contracts, Corn futures were fractionally lower to 2¢ lower. KC HRW Wheat futures were 9¢ to 11¢ lower. Soybean futures were 4¢ to 7¢ lower.

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Major U.S. financial indices closed higher on Monday.

The Dow Jones Industrial Average closed 313 points higher. The S&P 500 closed 34 points higher. The NASDAQ was up 100 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 3¢ to 37¢ lower through the front six contracts.

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Derrell Peel, Extension livestock marketing specialist at Oklahoma State University provides further perspective on the monthly Cattle on Feed report, in his weekly market comments.

Peel notes total feedlot placements during the last six months account for 92% of the current feedlot inventory and were down 8.2% year over year. As mentioned in the previous Cattle Current, feedlots with 1,000 head or more capacity placed 5.4% fewer cattle year over year in December, according to the latest report.

December marketings were 1.8% more than a year earlier. Peel explains it was the first increase in monthly marketings in eight months, but total marketings for the past six months were down 6.9% year over year.

The on-feed inventory Jan. 1 of 11.5 million head was 3.2% less than a year earlier, representing the 14^thconsecutive month of declining inventories, according to Peel. “Average feedlot inventories for the past year (12-month moving average) are now at the lowest level since September 2018 and are down 3.8% from the cyclical peak in September 2022,” he says.

Listen to more or Peel’s market insights here.

Cattle futures closed higher Friday with stronger negotiated cash fed cattle prices and wholesale beef values’ continued gains. Reaction to the latest Cattle on Feed report could vary (see below).

Live Cattle futures were an average of $1.18 higher (67¢ higher toward the back to $2.52 higher in spot Feb). Feeder Cattle futures were an average of 66¢ higher.

Week to week on Friday, Live Cattle futures closed an average of $2.47 higher. Feeder Cattle futures closed an average of $3.80 higher.

Negotiated cash fed cattle prices through Friday afternoon were mainly higher with trade ranging from moderate to active on good demand in Nebraska to moderate on good demand in other regions, according to the Agricultural Marketing Service.

For the week, FOB live prices were $1-$3 higher in Nebraska at $234-$236/cwt., mostly $3 higher in the western Corn Belt at mainly $235 and unevenly steady in Kansas at mostly $233. Prices in the Texas Panhandle were $234-$236; there was no recent tests for a comparison.

Dressed delivered prices were mostly $5 higher in Nebraska at mainly $370 and $2-$3 higher in the western Corn Belt at $365-$368.

Choice boxed beef cutout value was $1.47 higher Friday afternoon at $368.92/cwt. Select was 66¢ higher at $362.39. Week to week on Friday, Choice boxed beef cutout value was $6.54 higher and Select was $2.20 higher. The Choice-Select spread was $4.34 wider week to week on Friday at $6.53

Estimated total cattle slaughter last week of 535,000 head was 27,000 head fewer than the previous week and 59,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 1.8 million head was 272,000 head fewer (-13.1%) than the same time last year. Estimated year-to-date beef production of 1.6 billion pounds was 195.5 million pounds less (-10.8%).

Grain and Soybean futures continued higher Friday, supported by export demand, weather risk in the U.S. on intensity of the current winter storm and hotter drier conditions in South America.

Corn futures were 3¢ to 6¢ higher through Mar ‘27. KC HRW Wheat futures were 9¢ to 15¢ higher. Soybean futures were 3¢ to 6¢ higher.

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Major U.S. financial indices closed mixed on Friday.

The Dow Jones Industrial Average closed 285 points lower. The S&P 500 closed 2 points higher. The NASDAQ was up 65 points.

West Texas Intermediate Crude Oil futures (CME) were $1.29 to $1.71 higher through the front six contracts.

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Markets will likely view Friday’s Cattle on Feed report as neutral to either side of even depending on the perspective.

Feedlot with 1,000 head or more capacity placed 1.6 million head in December, which was 88,000 head fewer (-5.4%) than the same time last year. Ahead of the report, various estimates pegged placements at 5-7% less, so the USDA number is either in line with estimates or placements were about 1.5% more than anticipated.

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

December marketings of 1.8 million head were 31,000 head more than the previous year (1.8%), which was in line with pre-report estimates.

The on-feed inventory Jan. 1 of 11.5 million head was 373,000 head fewer (-3.2%), also in line with the consensus of pre-report estimates.

This month’s report also included the number of steers and heifers on feed. Heifers represented 38.7% of the on-feed mix at the beginning of the year, which was the same as a year earlier.

“Shocking in these values is the percentage of heifers on feed being up from October (+0.6%) and flat with last January,” say analysts with the Livestock Marketing Information Center, in the latest Livestock Monitor. “This inventory level has the ratio of steers to heifers at 1.58 steers per heifer on feed which is down from last year’s high of 1.66 observed in April. For context, expansion occurred following the last cycle in 2015, during which this ratio was over 2 steers observed per heifer. Increases in that value followed lows reported during 2011 when that ratio had been bouncing between 1.6 to 1.7 for the couple of years prior. While the influence of beef on dairy in the feedlot mix is unknown, at face value, the current report does not paint a large expansionary picture for the Cattle report next week.”

Cattle futures were narrowly mixed Friday, awaiting the week’s cash fed cattle direction and likely positioning ahead of Friday’s monthly Cattle on Feed report.

Toward the close, Live Cattle futures were an average of 18¢ lower, except for unchanged to an average of 3¢ higher in three contracts. 

Feeder Cattle futures were an average of 41¢ higher, except for unchanged in one contract.

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

Last week, FOB live prices were $233/cwt. in Kansas, mostly $233 in Nebraska and mostly $232 in the western Corn Belt. Dressed delivered prices were mostly $365 in Nebraska and $363-$365 in the western Corn Belt.

Choice boxed beef cutout value was $1.34 higher Thursday afternoon at $367.45/cwt. Select was 72¢ lower at $361.73.

Grain and Soybean futures firmed Thursday, led by Kansas City Wheat, with likely weather premium for the massive and frigid winter storm predicted for much of the country.

Toward the close, through near Sep contracts, Corn futures were 1¢ to 2¢ higher. KC HRW Wheat futures were 5¢ to 6¢ higher. Soybean futures were mostly 1¢ to 3¢ higher.

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Major U.S. financial indices closed higher again Thursday on declining trade worries, recovering more of the steep losses that began the trading week.

The Dow Jones Industrial Average closed 306 points higher. The S&P 500 closed 37 points higher. The NASDAQ was up 211 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 30¢ to 49¢ higher through the front six contracts.

Cattle futures continued higher Wednesday, supported by more bullish outside markets, recently higher wholesale beef values and likely positioning ahead of Friday’s monthly Cattle on Feed report, which many expect to be bullish. Estimates ahead of the report see December placement down about 5%, December marketings about 2% more due to an extra marketing day and total cattle on feed Jan. 1 more than 2% less year over year.

Toward the close, Live Cattle futures were an average of 46¢ higher. Feeder Cattle futures were an average of $1.33 higher.

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

Last week, FOB live prices were $233/cwt. in Kansas, mostly $233 in Nebraska and mostly $232 in the western Corn Belt. Dressed delivered prices were mostly $365 in Nebraska and $363-$365 in the western Corn Belt.

Choice boxed beef cutout value was $1.35 higher Wednesday afternoon at $366.11/cwt. Select was $2.61 higher at $362.45.

Grain futures were lower on Wednesday, but Soybean futures were higher with support likely including short covering and weather risk based on South American weather.

Toward the close, through near Sep contracts, Corn futures were mostly fractionally lower to 2¢ lower. KC HRW Wheat futures were 2¢ to 3¢ lower.

Soybean futures were 10¢ to 12¢ higher.

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Major U.S. financial indices closed sharply higher Wednesday, as President Trump reversed course once again, backing off threatened tariffs on countries opposing his plans to take control of Greenland.

The Dow Jones Industrial Average closed 588 points higher. The S&P 500 closed 78 points higher. The NASDAQ was up 270 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 30¢ to 49¢ higher through the front six contracts.

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So far this week, calf and feeder cattle prices at auction are following last week’s uneven trend.

Nationwide, last week, feeder steers and heifers sold mostly $5/cwt. lower to $5 higher, according to the Agricultural Marketing Service (AMS).

“Demand remains good to very good with the best demand for grazing weights and prices are still at high levels even if auctions aren’t setting new records every day,” say AMS analysts. 

Last week’s trade volume of 451,100 head at auction, direct and via video-internet was 32,400 head fewer than the previous week but about 25,000 head more than the same week last year.

Cattle futures firmed Tuesday and regained some of the steep losses from the previous session, which was tied to the unfounded rumor of New World screwworm in the U.S. Gains to start the week were likely limited to bearish outside markets (see below).

Toward the close, Live Cattle futures were an average of $1.17 higher. Feeder Cattle futures were an average of $1.61 higher.

Negotiated cash fed cattle trade ranged from limited on light to moderate demand in the western Corn Belt to inactive elsewhere through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some FOB live trades in the western Corn Belt at $232/cwt.

Last week, FOB live prices were $233/cwt. in Kansas, mostly $233 in Nebraska and mostly $232 in the western Corn Belt. Dressed delivered prices were mostly $365 in Nebraska and $363-$365 in the western Corn Belt.

Choice boxed beef cutout value was 43¢ higher Tuesday afternoon at $364.76/cwt. Select was 49¢ lower at $359.84.

Grain and Soybean futures were down on worries about potential new U.S. tariffs and retaliation from the countries affected.

Toward the close, through near Sep contracts, Corn futures were unchanged to fractionally mixed. KC HRW Wheat futures were 2¢ to 3¢ lower. Soybean futures were 4¢ lower.

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Major U.S. financial indices closed sharply lower Tuesday, driven down by more threats from President Trump to impose steep tariffs on a wide range of trading partners opposing his threat to take control of Greenland.

The Dow Jones Industrial Average closed 872 points lower. The S&P 500 closed 143 points lower. The NASDAQ was down 561 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 14¢ to 19¢ lower through the front six contracts.

Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Monday afternoon.

Last week, FOB live prices were $233/cwt. in Kansas, mostly $233 in Nebraska and mostly $232 in the western Corn Belt. Dressed delivered prices were mostly $365 in Nebraska and $363-$365 in the western Corn Belt.

The five-area direct weighted average FOB live fed steer price last week was 64¢ higher at $232.50. The weighted average dressed delivered fed steer price was 35¢ lower at 364.64.

Choice boxed beef cutout value was $1.95 higher Monday afternoon at $364.33/cwt. Select was 14¢ higher at $360.33.

Futures and equities markets were closed Monday. Traders on Tuesday will be looking to see where sentiment lands following Friday’s down day in Cattle futures and ahead of Friday’s monthly Cattle on Feed report.

Cattle futures closed lower Friday with likely technical selling and profit taking ahead of the three-day weekend magnified by confirmation of more cases of New World screwworm (NWS) near the Texas border and an unconfirmed rumor of a case discovered on this side of the U.S. border.

Live Cattle futures closed an average of $3.55 lower. Feeder Cattle futures closed an average of $7.23 lower.

Week to week on Friday, Live Cattle futures closed mixed, from an average of 5¢ lower in four contracts (mostly up front), to an average of 28¢ higher. During the same period, Feeder Cattle futures closed an average of $1.16 higher (17¢ to $1.95 higher), except for 85¢ lower in the back contract.

Weekly negotiated cash fed cattle trade got underway Friday with prices mainly steady to higher.

Through the afternoon, trade ranged from moderate to active on good demand in Nebraska and was  moderate on good demand in Kansas and the western Corn Belt.

FOB live prices were steady to $1 higher in Kansas at $233/cwt., $1 higher in Nebraska at $233 and steady in the western Corn Belt at mostly $232. Dressed delivered prices were steady in Nebraska at mostly $365 and steady to $2 lower in the western Corn belt at mostly $363-$365.

Choice boxed beef cutout value was $1.62 higher Friday afternoon at $362.38/cwt. Select was 48¢ higher at $360.19.

Estimated total cattle slaughter last week of 562,000 head was 9,000 head more than the previous week but 39,000 head fewer (-6.5%)than the same week last year. Year-to-date estimated total cattle slaughter of 1.3 million head was 220,000 head fewer (-14.9%) than the same time last year.

Estimated beef production last week of 503.4 million pounds was 10.1 million pounds more than the previous week but 21.2 million pounds less (-4.0%) than the same week last year. Estimated year-to date beef production of 1.1 billion pounds was 163.9 million pounds less (-12.7%).

Grain and Soybean futures closed higher on Friday with likely short covering and positioning ahead of the three-day weekend.

Corn futures closed 2¢ to 4¢ higher through Jly ’27, perhaps also supported by lingering doubts about USDA’s high yield estimates. However, they were down an average of 18’4¢ through the front six contracts week to week on Friday, pressured by USDA’s continued high yield estimates in the January World Agricultural Supply and Demand Estimates.

KC HRW Wheat futures closed 8¢ to 10¢ higher with an added boost from weather premium tied to weekend weather forecasts.

Soybean futures closed mostly 4¢ higher.

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Major U.S. financial indices closed little changed Friday.

The Dow Jones Industrial Average closed 83 points lower. The S&P 500 closed 4 points lower. The NASDAQ was down 14 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 25¢ to 28¢ higher through the front six contracts.

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USDA’s Economic Research Service (ERS) increased projected feeder steer prices (750-800 lbs., Oklahoma City) for 2026 in the January Livestock, Dairy and Poultry Outlook. Compared to the previous month, forecast prices increased by $12 to $352/cwt. in the first quarter, $355 in the second quarter and $359 in the third quarter for an annual average price of $357.

“Starting off 2026, weekly prices for slaughter steers and feeder steers have recovered more than 60% of the decline from their respective highs last year to the lows that occurred in November,” ERS analysts say. They explain feeder steer prices last year peaked at $383.48 in Oklahoma City the middle of October. Prices then declined $66 over the course of six weeks to $317.71. By Jan. 5, prices were $362.34, which was $93 more year over year, representing a 68% recovery from the late-2025 price decline.

As mentioned in Cattle Current earlier last week, USDA increased slightly the projected five-area direct weighted average fed steer price, in the January World Agricultural Supply and Demand Estimates (WASDE). Compared to the previous month, expected prices were $232/cwt. in the first quarter, $234 in the second and $237 in the third for an annual average of $236, which was $1 higher.

Similar to the feeder steer price trajectory, five-aera direct weighted average FOB live fed steer prices peaked last year at $244.25/cwt. the week ending August 24, 2025. Prices declined nearly $33 to $211.53 the week ending November 30, 2025. Prices had recovered 62% by the middle of this month.

Estimated beef production for this year of 25.74 billion pounds was projected slightly higher than the previous month and would be 265 million pounds less (-1%) than the forecast total for 2025.