Daily Market Highlights

Cattle futures paused from the recent surge on Wednesday.

Live Cattle futures closed narrowly mixed, from an average of 13¢ lower in four contracts to an average of 19¢ higher.

Feeder Cattle futures closed from an average of 34¢ lower, except for an average of 8¢ higher in three contracts.

Cattle futures were mainly higher through mid-day Thursday.

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 $235/cwt. in Kansas, $234-$235 in Nebraska and mainly $235 in the western Corn Belt. Delivered prices were $362.

FOB live prices in the Texas Panhandle the previous week were $233.

Many anticipate sharply higher cash fed cattle prices when gets underway this week.

Choice boxed beef cutout value was $2.06 higher Wednesday afternoon at $366.48/cwt. Select was $1.39 lower at $349.16.

Grain and Soybean futures were narrowly mixed Wednesday.

Corn futures closed 2¢ to 3¢ higher through Mar ‘27. KC HRW Wheat closed fractionally lower. Soybean futures closed mostly fractionally higher to 1¢ higher.

Cattle futures rolled higher Tuesday, supported by cash.

Live Cattle futures closed an average of $1.76 higher. Feeder Cattle futures closed an average of $4.31 higher. They’re taking a breather so far on Wednesday.

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 $235/cwt. in Kansas, $234-$235 in Nebraska and mainly $235 in the western Corn Belt. Dressed delivered prices were $362.

FOB live prices in the Texas Panhandle the previous week were $233.

Choice boxed beef cutout value was 51¢ higher Tuesday afternoon at $364.42/cwt. Select was 80¢ higher at $350.55.

Grain futures were higher Tuesday, especially Wheat on likely short covering and technical buying.

KC HRW Wheat closed 5¢ to 7¢ higher. Corn futures closed 1¢ to 2¢ higher through Jly ’26 and then unchanged to fractionally mixed. Soybean futures closed mostly 1¢ to 2¢ lower.

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Major U.S. financial indices closed mixed Tuesday amid volatility stemming from escalating trade tensions with China and the lingering U.S. government shutdown.

The Dow Jones Industrial Average closed 202 points higher. The S&P 500 closed 13 points lower. The NASDAQ was down 172 points.

West Texas Intermediate Crude Oil futures (CME) closed 73¢ to 80¢ lower through the front six contracts.

Cattle futures continued to churn higher Monday.

Toward the close, Live Cattle futures were an average of $1.12 higher. Feeder Cattle futures were an average of $2.18 higher, except for 12¢ lower in spot Oct.

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 $2-$3 higher in Kansas at $235/cwt., $4-$5 higher in Nebraska at $234-$235 and mostly $5 higher in the western Corn Belt at mainly $235. Dressed. Delivered prices were $2 higher at $362.

FOB live prices in the Texas Panhandle the previous week were $233.

The weighted average five-area direct FOB live fed steer price last week was $3.31 higher at $234.07/cwt. The weighted average dressed delivered fed steer price was $2.88 higher at $362.52.

Choice boxed beef cutout value was $1.66 lower Monday afternoon at $363.91/cwt. Select was $3.36 higher at $349.75.

Grain and Soybean futures were mixed Monday.

Toward the close and through Jly contracts, Corn futures were 1¢ to 2¢ lower. KC HRW Wheat were 1¢ to 2¢ lower. Soybean futures were mostly 1¢ to 3¢ higher on easing trade tensions with China, at least for the day.

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Major U.S. financial indices closed higher Monday. Presumably it was a softer tone from the White House regarding previously threatened higher tariffs on China, which drove indices sharply lower the previous session.

The Dow Jones Industrial Average closed 587 points higher. The S&P 500 closed 102 points higher. The NASDAQ was up 490 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 69¢ to 82¢ higher through the front six contracts.

Cattle futures started Friday’s session lower with traders apparently taking some profits from the week’s bullish gains. Then cash fed cattle trade erupted with significantly higher prices and futures were off to the races again.

Live Cattle futures closed an average of $2.45 higher. Feeder Cattle futures closed an average of $2.96 higher.

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

Based on the last established trades reported for the week, FOB live prices were $4-$5 higher in Nebraska at $234-$235/cwt. and $2-$5 higher in the western Corn Belt at $232-$235. Dressed delivered prices were $2 higher in Nebraska at $362. There were also some dressed delivered trades in the Western Corn Belt at $362, but too few to trend; price the previous week was $360.

FOB live prices in the Southern Plains the previous week were $232-$233.

Choice boxed beef cutout value was 35¢ higher Friday afternoon at $365.57/cwt. Select was $2.06 higher at $346.39.

Soybean futures sank Friday in response to heightened trade tensions between China and the U.S. cast further doubt about a resolution between the two countries, which might lead to increased pressure on U.S. agricultural commodity exports.

Soybean futures closed mostly 10¢ to 15¢ lower.  Corn futures closed 4¢ to 5¢ lower through Jly ’26 and then 1¢ to 2¢ lower. KC HRW Wheat closed mostly 6¢ lower.

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Major U.S. financial indices closed sharply lower Friday after U.S. President Trump threatened to increase tariffs on China in retaliation for that nation’s increased restrictions on its rare earth mineral exports.

The Dow Jones Industrial Average closed 878 points lower. The S&P 500 closed 182 points lower. The NASDAQ was down 820 points.

Oil futures also sank in response to the U.S.-China standoff. West Texas Intermediate Crude Oil futures (CME) were $2.27 to $2.61 lower through the front six contracts.

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Pasture and range conditions across wide swaths of cattle country continue to provide one of the necessary ingredients for beef cow herd expansion.

Analysts with the Livestock Marketing Information Center (LMIC) point to the latest available USDA Crop Progress report for the week ending Sept 28, which rated 32% of the nation’s pasture and range in Good or Excellent condition, which was 6% more than a year earlier. On the other side of the scale, 35% was rated as Poor or Very Poor which was 8% less than a year earlier.

“In the Southern Plains, current conditions are among the best observed in the past decade, with the share of Poor and Very Poor acres down 19.5% from the same week last year,” LMIC analysts explain, in the latest Livestock Monitor. “The Great Plains have not fared quite as well, though major improvements since early summer have brought conditions back close to the 10-year average, with poor and very poor ratings down 11.4% year over year.”

Feed costs are also lower. Hay prices in August averaged $158 per ton, down 4.8% year over year and 36% less than the peak in August 2022, according to LMIC.

Moreover, LMIC analysts say Grass-Cast forecasts indicate aboveground net primary production (ANPP) of grasslands through 2025 should remain positive relative to the 36-year average.

“The Southern Plains, along with parts of northwest South Dakota, southwest North Dakota and southeast Montana are expected to see growth exceeding 15%,” LMIC analysts say. “Most other areas of the Great Plains are forecast to remain near the long-term average, though some northern regions could experience declines of 5% to 15%.”

Cattle futures continued to climb Thursday supported by fundamental strength and increasing odds of steady to higher cash fed cattle trade this week.

Toward the close, Live Cattle futures were an average of $1.75 higher. Feeder Cattle futures were an average of $5.19 higher.

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

Last week, FOB live prices were mostly $233/cwt. in the Southern Plains, and $230 in the North. Dressed delivered prices were $360.

Choice boxed beef cutout value was 94¢ lower Thursday afternoon at $365.22/cwt. Select was 91¢ lower at $344.33.

Grain and Soybean futures were lower Thursday, continuing the sideways back and forth with no USDA data — due to the government shutdown — such as the monthly World Agricultural Supply and Demand Estimates, to offer direction.

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

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Major U.S. financial indices closed lower Thursday.

The Dow Jones Industrial Average closed 243 points lower. The S&P 500 closed 18 points lower. The NASDAQ was down 18 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 85¢ to $1.12 lower through the front six contracts.

Traders pushed Cattle futures higher Wednesday, supported by increasing odds that wholesale beef values are near their seasonal bottom and eyes apparently fixed on tightening supplies.

Toward the close, Live Cattle futures were an average of $1.82 higher. Feeder Cattle futures were an average of $5.40 higher.

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

Last week, FOB live prices were mostly $233/cwt. in the Southern Plains, and $230 in the North. Dressed delivered prices were $360.

Choice boxed beef cutout value was 19¢ higher Wednesday afternoon at $366.16/cwt. Select was $3.64 lower at $345.24.

Grain futures were higher Wednesday bolstered by hopes of a government aid package and lower reported yields.

Toward the close and through Jly contracts, Corn futures were 1¢ to 2¢ higher. KC HRW Wheat were 1¢ higher. Soybean futures were mostly 3¢ to 7¢ higher.

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Major U.S. financial indices closed mainly higher Wednesday as tech stocks rebounded from the previous session.

The Dow Jones Industrial Average closed 1 point lower. The S&P 500 closed 39 points higher. The NASDAQ was up 255 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 35¢ to 57¢ higher through the front six contracts.

Cattle futures were higher again Tuesday, helped along by the previous day’s announcement of another New World screwworm detection in northern Mexico and a day of higher wholesale beef values.

Toward the close, Live Cattle futures were an average of $1.31 higher. Feeder Cattle futures were an average of $3.71 higher.

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

Last week, FOB live prices were mostly $233/cwt. in the Southern Plains, and $230 in the North. Dressed delivered prices were $360.

Choice boxed beef cutout value was $2.63 higher Tuesday afternoon at $365.97/cwt. Select was 91¢ higher at $348.88.

Grain futures were lower Tuesday, while Soybean futures gained.

Toward the close and through Jly contracts, Corn futures were 2¢ to 3¢ lower. KC HRW Wheat were 3¢ to 4¢ lower. Soybean futures were 1¢ to 3¢ higher.

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Major U.S. financial indices closed lower Tuesday, pressured by tech stocks and the lingering U.S. government shutdown.  

The Dow Jones Industrial Average closed 91 points lower. The S&P 500 closed 25 points lower. The NASDAQ was down 153 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 10¢ to 35¢ higher through the front six contracts.

Cattle futures bounced higher Monday, likely due in part to the U.S. standing pat on Brazilian beef import tariffs, at least for now.

Toward the close, Live Cattle futures were an average of $2.33 higher. Feeder Cattle futures were an average of $5.73 higher.

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

Last week, FOB live prices were $4 lower in the Texas Panhandle at $233/cwt.; $4-$5 lower in Kansas at $232-$233, $2-$5 lower in Nebraska at $230 and mainly $2 lower in the western Corn Belt at $230. Dressed delivered prices were $5 lower at $360.

The five-area direct weighted average FOB live fed steer price was $1.89 lower at $230.76. The weighted average dressed delivered fed steer price was $5.33 lower at $359.64.

Choice boxed beef cutout value was $1.07 higher Monday afternoon at $363.64/cwt. Select was $2.59 higher at $347.97.

Grain and Soybean futures were mixed to start the week.

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

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Major U.S. financial indices closed mixed again on Monday, amid the backdrop of the continued government shutdown.  

The Dow Jones Industrial Average closed 63 points lower. The S&P 500 closed 24 points higher. The NASDAQ was up 161 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 84¢ to 90¢ higher through the front six contracts.

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Beef cow slaughter is down about 40% since 2022, enough to stabilize the beef cow inventory, according to Derrell Peel, Extension livestock marketing specialist at Oklahoma State University.

“However, the small beef replacement heifer inventory — down about 27% from the cyclical peak in 2017 — means that prospects for herd growth in 2026 are very limited. Unless heifer retention accelerates late in 2025, herd growth in 2027 will also be limited,” Peel explains in his weekly market comments.

So far, Peel says there is no data confirming that producers, collectively, are retaining enough heifers to initiate herd rebuilding. 

“Prices are expected to peak some months after heifer retention begins, and at this point, are projected to move higher into 2026, depending on the pace of heifer retention, and perhaps beyond,” Peel says. “A sharp peak followed by a pronounced drop seems unlikely at this point. Prices are likely to remain elevated for much of the remainder of the decade with a gentle peak somewhere along the way … It looks increasingly like that peak is being pushed into the last part of the decade.”

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.