Daily Market Highlights

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Cattle futures closed lower again Monday with likely continued profit taking and positioning ahead of month-end and quarter-end.

Toward the close, Live Cattle futures were an average of $1.49 lower. Feeder Cattle futures were an average of $2.16 lower.

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

Last week, FOB live prices were $258/cwt. in the Southern Plains, which was steady to $2 lower in the Texas Panhandle and $2 lower in Kansas. FOB live prices were steady in the western Corn Belt at mostly $260 and steady to $2 lower in Nebraska at $258-$260. Dressed delivered prices were $408, which was steady in Nebraska and $3 higher in the western Corn Belt.

The five-area direct weighted average FOB live fed steer price last week was 29¢ lower at $259.34/cwt. The weighted average dressed delivered fed steer price was 75¢ higher at $407.75.

Grain and Soybean futures were lower again Monday with follow-through pressure from positive weather, month- and quarter-end, as well as positioning ahead of Tuesday’s Acreage and Grain Stocks reports.

Toward the close, and through near Mar contracts, Corn futures were 12¢ to 13¢ lower. Soybean futures were 16¢ to 19¢ lower. Kansas City HRW Wheat futures were 7¢ to 13¢ lower.

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Major U.S. financial indices closed higher Monday, supported of new optimism regarding the ceasefire between the U.S. and Iran.

The Dow Jones Industrial Average closed 306 points higher. The S&P 500 closed 86 points higher. The NASDAQ was up 522 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.01 to $1.32 higher through the front six contracts.

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Although feedlot inventories in June were 2.1% less year over year, Derrell Peel, Extension livestock marketing specialist at Oklahoma State University points out it reflects marketings decreasing more than placements.

“In the past 12 months, feedlot placements have decreased 6.1% while feedlot marketings have decreased 7.8%, Peel explains in his weekly market comments. “Decreased feedlot flows (placements and marketings) follow from ever tighter feeder cattle supplies. The 2025 calf crop was the eighth consecutive smaller calf crop and was the smallest in 84 years. The resulting slowdown in feedlot production, while maintaining feedlot inventories, is accomplished by an increase in average feedlot days on feed and heavier final weights for fed cattle. The Kansas Focus on Feedlots data shows average of 188 days on feed for the last year, with recent months up to 198 days.  Final fed steer weights in Kansas feedlots have increased 105 pounds in the past 18 months, currently averaging 1,523 pounds.”

Reduced feedlot flow leads to less fed cattle slaughter. Through the first half of this year, Peel explains fed cattle (steer and heifer) slaughter was 8.7% less year over year.

“Decreased fed cattle slaughter is partially offset by increased carcass weights,” Peel says. “Steer carcass weights are currently 968 pounds. Steer carcass weights have averaged 35 pounds heavier thus far in 2026. Heifer carcass weights are currently 884 pounds and are averaging 26.6 pounds more than one year ago.” He adds cow slaughter is 5.3% less so far this year, leading to an 8.1% decline in total cattle slaughter.

Total beef production is down 5.5% year over year through the first half of 2026, according to Peel with average fed beef production the lowest since 2017 and non-fed beef production the lowest since 2006. 

“Average monthly commercial beef production is at the lowest level since late 2016,” Peel says. “Total beef production is projected to be down 4.5-5.0% in 2026, compared to last year, and is expected to decrease again in 2027 to the lowest beef production since 2015.”

Listen to more of Peel’s insights here.

Negotiated cash fed cattle trade remained largely undeveloped through Friday afternoon. The only established trade for the week, based on USDA reports, was mostly steady FOB live prices in the western Corn Belt at $260/cwt. Late-day private reports suggested unevenly steady prices across a broader area.

The previous week, FOB live prices were $258-$260/cwt. in the Southern Plains and mostly $260 in Nebraska. Dressed delivered prices the previous week were mostly $408 in Nebraska and $405 in the western Corn Belt on a light test.

Choice boxed beef cutout value was $5.29 lower Friday afternoon at $391.03/cwt. Select was $3.16 lower at $371.58.

Estimated total cattle slaughter last week of 537,000 head was 11,000 head more than the previous week but 24,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 13.3 million head was 1.3 million head fewer (-8.7%) than the same time last year. Year-to-date estimated beef production of 11.9 billion pounds was 766.4 million pounds less (-6.0%).

“Year-to-date through mid-June, weekly steer dressed weights have ranged from a low of 973 pounds to a high of 989 pounds with an average of 982 pounds. On average, this is an increase of about 34 pounds (+4%) compared to the same period last year,” say analysts with the Livestock Marketing Information Center, in the June 19 Livestock Monitor.

Cattle futures closed lower Friday with likely profit taking, positioning ahead of the weekend, lower wholesale beef prices and wonderment about where cash fed cattle prices would eventually land for the week.

Live Cattle futures were an average of $1.10 lower, except for 5¢ higher in spot Jun. Feeder Cattle futures were an average of $3.79 lower.

Keeping in mind futures markets were closed the previous Friday, week to week on Thursday, Live Cattle futures closed an average of $1.66 higher. Feeder Cattle futures were an average of $5.42 higher.

Grain and Soybean futures were lower Friday with likely positioning ahead of next week’s acreage and grain stocks reports, looming month end and quarter end.

Corn futures were mostly unchanged to 2¢ lower through Sep ’27 and then mostly fractionally higher. Soybean futures were mostly fractionally lower to 1¢ lower. Kansas City HRW Wheat futures were mostly 9¢ to 11¢ lower with continued harvest pressure.

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Major U.S. financial indices closed lower Friday, as investors continued to turn away from tech stocks.

The Dow Jones Industrial Average closed 44 points lower. The S&P 500 closed 3 points lower. The NASDAQ was down 60 points.

West Texas Intermediate Crude Oil futures (CME) closed an average of $2.33 lower through the front six contracts.

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USDA’s latest monthly Cold Storage report continues in line with snug cattle supplies and reduced beef production. Total pounds of beef in freezers May 31 were down slightly from the previous month and down 1% year over year.

Total red meat supplies in freezers were also down slightly from the previous month and down 1% from last year. However, frozen pork supplies were up slightly from the previous month and up slightly from last year.

Total frozen poultry supplies were 4% more than the previous month and 2% more than a year earlier.

Cattle futures crawled higher Thursday.

Toward the close, Live Cattle futures were an average of 49¢ higher, except for 5¢ lower in near Dec. Feeder Cattle futures were an average of 66¢ higher.

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

Last week, FOB live prices were $258-$260/cwt. in the Southern Plains and mostly $260 in the North. Dressed delivered prices were mostly $408 in Nebraska and $405 in the western Corn Belt on a light test.

Choice boxed beef cutout value was $2.62 lower Thursday afternoon at $396.32/cwt. Select was $3.40 lower at $374.74.

Grain and Soybean futures were higher Thursday with likely technical buying and added weather premium.

Toward the close, and through near Mar contracts, Corn futures were mostly 7¢ to 8¢ higher. Soybean futures were 19¢ to 22¢ higher. Kansas City HRW Wheat futures were 2¢ to 4¢ higher.

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Major U.S. financial indices closed mixed Thursday. Pressure included tech stocks and inflation.

The Personal Consumption Expenditures Price Index (PCE) for May increased 0.4% and was 4.1% higher year over year, according to the U.S. Bureau of Economic Analysis. Excluding food and energy, the PCE increased 0.3% in May and was 3.4% higher than a year earlier.

The Dow Jones Industrial Average closed 71 points higher. The S&P 500 closed fractionally lower. The NASDAQ was down 118 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.06 to $1.18 higher through the front six contracts.

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Rural economic prospects improved in June, according to the Creighton University Rural Mainstreet Index (RMI), which climbed 6.9 points month to month to 52.6, the highest level since July 2023. The RMI is based on a survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy. It ranges between 0 and 100 with 50 representing growth neutral.

“More than half, or 52.6%, of bankers reported that small business growth in their service area was stable, while 42.1% indicated modest declines. The remaining 5.3% reported modest growth for small business in their area,” says Ernie Goss, the Jack A. MacAllister chair in regional economics at Creighton University’s Heider College of Business.

The farm and ranchland index increased for the second consecutive month, rising to 55.3 in June from 50.1 in May.

“Though farm and ranchland values have been holding up much better than farm income, weak farm income, lower farm liquidity and tougher credit standards have restrained farmland values,” according to Goss.

Although still weak, the June farm equipment sales index also increased, rising to 28.9 in June from 18.2 in May. However, the index was below growth neutral for the 34th consecutive month.

“The 2026 conflict in Iran and tariffs on imported steel/aluminum has created even more volatility in the agricultural sector, impacting agricultural equipment sales by tightening farmer operating margins via increasing input costs,” Goss explains.

Overall, rural bankers remain pessimistic about economic growth for their area over the next six months. The June economic confidence index moved to 42.1 from 34.8 in May.

When asked to name the top federal action needed to drive farm and ranch income higher, 41.9% named lowering global tariffs; approximately 26.3% said passage of a 5-year farm bill.

Cattle futures were higher Wednesday. Toward the close, Live Cattle futures were an average of $1.09 higher. Feeder Cattle futures were an average of $3.18 higher.

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

Last week, FOB live prices were $258-$260/cwt. in the Southern Plains and mostly $260 in the North. Dressed delivered prices were mostly $408 in Nebraska and $405 in the western Corn Belt on a light test.

Choice boxed beef cutout value was $1.37 lower Wednesday afternoon at $398.94/cwt. Select was $2.92 lower at $378.14.

Grain and Soybean futures were mostly lower on Wednesday. Toward the close, and through near Mar contracts, Corn futures were 3¢ lower. Soybean futures were 7¢ to 9¢ lower. Kansas City HRW Wheat futures were fractionally lower to 2¢ higher.

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Major U.S. financial indices closed mixed Wednesday with continued pressure from the selloff in chip stocks.

The Dow Jones Industrial Average closed 182 points higher. The S&P 500 closed 7 points lower. The NASDAQ was down 110 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $2.38 to $3.39 lower through the front six contracts.

Cattle futures trended lower Tuesday with likely profit taking.

Toward the close, Live Cattle futures were an average of 97¢ lower. Feeder Cattle futures were an average of $1.06 lower.

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

Last week, FOB live prices were $258-$260/cwt. in the Southern Plains and mostly $260 in the North. Dressed delivered prices were mostly $408 in Nebraska at $405 in the western Corn Belt on a light test.

Choice boxed beef cutout value was $4.25 higher Tuesday afternoon at $400.31/cwt., the highest level since March. Select was $5.47 higher at $381.06.

Positive growing conditions and crop progress continued to challenge grain and Soybean futures Tuesday.

Toward the close, and through near Mar contracts, Corn futures were 1¢ to 2¢ lower. Soybean futures were 1¢ lower to 1¢ higher. Kansas City HRW Wheat futures were 12¢ to 14¢ lower with likely added harvest pressure.

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Major U.S. financial indices closed lower Tuesday, pressured by tech stocks, specifically shares related to memory chips.

The Dow Jones Industrial Average closed 45 points lower. The S&P 500 closed 107 points lower. The NASDAQ was down 579 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 12¢ to 47¢ lower through the front six contracts.

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Stalwart domestic consumer beef demand may be showing signs of wear, based on the latest Meat Demand Monitor (MDM).

“Consumer frustrations with their finances continue to grow by a larger subset of the U.S. population,” according to Glynn Tonsor, agricultural economist at Kansas State University. “Specifically, the latest Meat Demand Monitor base report notes 39% of U.S. residents indicate their household finances are worse than in May of 2025 – the highest on record for May since the MDM series launched in 2020. This corresponds with weaker beef demand per the MDM for the month of May and is a cautionary point regarding the broader risk at hand to beef demand’s historically strong run that truly has been the largest economic force underpinning cattle and beef prices.”

At the same time, in the latest issue of In the Cattle Markets from the Livestock Marketing Information Center, Tonsor points out consumers have, thankfully, taken news of New World screwworm in stride this far.

Cattle futures were higher Monday, responding to last week’s higher negotiated cash fed cattle prices, supportive outside markets and the friendly placement number in Thursday’s Cattle on Feed report.

Toward the close, Live Cattle futures were an average of $1.69 higher. Feeder Cattle futures were an average of $4.14 higher.

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

Last week, FOB live prices were $3-$4 higher in the Texas Panhandle at $258-$260/cwt., $2-$4 higher in Kansas at $258-$260, mainly $2-$5 higher in Nebraska at mostly $260 and $2 higher in the western Corn Belt at $257-$260. Dressed delivered prices were mainly $3 higher in Nebraska at $408 and steady to $2 higher in the western Corn Belt at $405 in a light test.

The weighted averaged five-area direct FOB live fed steer price last week was $3.55 higher at $259.63. The weighted average dressed delivered fed steer price was $2.12 higher at $407.

Choice boxed beef cutout value was $1.69 higher Monday afternoon at $396.06/cwt. Select was $3.51 higher at $375.79.

Grain and Soybean futures continued to wilt Monday beneath the heat of positive growing conditions and crop progress (see below).

Toward the close, and through near Mar contracts, Corn futures were 4¢ to 6¢ lower. Soybean futures were fractionally lower to 7¢ lower. Kansas City HRW Wheat futures were 10¢ to 12¢ lower.

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

The Dow Jones Industrial Average closed 148 points higher. The S&P 500 closed 27 points lower. The NASDAQ was down 351 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.33 to $1.82 lower through the front six contracts.

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Pasture and range conditions improved slightly last week, according to USDA’s Crop Progress report for the week ending June 21. Nationwide, 33% was rated as Good (26%) or Excellent (7%), compared to 37% the previous year. On the other end of the scale, 37% was in Poor (20%) or Very Poor condition (17%), which was 8% more than the same time last year.

States with 40% or more pasture and range ranked as Poor or Very Poor included: Arizona (75%), Colorado (63%), Montana (46%), Nebraska (73%), New Mexico (43%), North Carolina (53%), Utah (54%), Virginia (53%), West Virginia (63%) and Wyoming (60%).

Winter wheat harvest continues to progress more rapidly than usual with 40% completed, which was 22% more than the same time last year and 16% more than the five-year average.

Corn condition held steady with the previous week with 68% was in Good (56%) or Excellent (12%) condition, compared to 70% a year earlier; 6% was rated as Poor (5%) or Very Poor (1%), the same as a year earlier.

Similarly, 66% of soybeans were rated in Good (56%) or Excellent (10%) condition, the same as the previous week and year; 6% was rated as Poor (5%) or Very Poor (1%), compared to 7% a year earlier.

Negotiated cash fed cattle trade ranged from limited on moderate demand in Nebraska to mostly inactive on light demand elsewhere through Friday afternoon, according to the Agricultural Marketing Service. Although established trade was undeveloped through Friday afternoon, there were private reports of FOB live bids at $258-$260 in various regions.

The previous week, FOB live prices were $255-$256/cwt. in the Texas Panhandle, mostly $256 in Kansas and $255-$258 in the North. Dressed delivered prices were $403-$405.

Choice boxed beef cutout value was 45¢ higher Friday afternoon at $394.37/cwt. Select was $2.67 lower at $372.08. Week to week on Friday, Choice boxed beef cutout value was $2.44 higher, while Select was 64¢ lower.

Estimated total cattle slaughter last week of 526,000 head was 2,000 head more than the previous week but 32,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 12.8 million head was 1.2 million head fewer (-8.9%) than the same time a year earlier. Estimated year-to-date beef production of 11.5 billion pounds was 758.9 million pounds less (-6.2%).

Futures markets were closed Friday, in observance of Juneteenth.

Week to week on Thursday, Live Cattle futures closed an average of $4.12 higher. Feeder Cattle futures closed an average of $9.97 higher. During the same period Corn futures closed an average of 4’2¢ higher through the front six contracts.

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Equity markets were closed Friday, but major U.S. financial indices were up on the week, stemming from the announced peace deal between the U.S. and Iran. Week to week on Thursday, Crude Oil futures (WTI-CME) closed an average of $9.28 lower through the front six contracts.

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Cattle markets continue to fade news of New World screwworm (NWS) arriving in the United States, helped in part by the fact so few infections have been confirmed. As of last Friday, there had been a total of 12 cases since the first confirmed detection June 3, affecting domestic cattle, goats and a single dog, most all in four Texas counties, according to USDA’s NWS Confirmed Detections dashboard.

The most profound impact on domestic cattle markets to date stems from continued closure of the U.S. border to Mexican feeder cattle imports. When Mexican feeder cattle are again eligible for export to the United States, they might not return to levels before the U.S. border was closed due to NWS.

For one thing, Derrell Peel, Extension livestock marketing specialist at Oklahoma State University points out the Mexican cattle and beef industries evolved significantly during the past two decades.

“Beef production in Mexico has increased an average of 2% per year in the last decade. This is the result of increased cattle slaughter, about 1.6% annually, and increasing carcass weights,” Peel explains in his weekly market comments. “Average cattle carcass weights have increased from about 600 pounds 25 years ago to roughly 710 pounds currently. The Mexican beef industry evolved from predominantly grass-fed production to current production where most cattle are fed in feedlots. This, along with improved cattle genetics and management, has led to increased carcass weights.”

Peele notes Mexican cattle exports averaged 1.2 million head over the last 25 years and typically represent 14-16% of the calf crop.   

“Cattle and beef trade between Mexico and the U.S. has evolved from a long history of cattle exports to the U.S. to include Mexico becoming a major beef export destination for the U.S., and recently with Mexico becoming a significant source of U.S. beef imports,” Peel says. “The increasingly integrated trade relationship adds value to the beef industries in both countries.

“Not exporting feeder cattle to the U.S. means that more cattle are staying in Mexico to be finished for beef production. It also likely means that fewer cattle are being imported from Central America, which has been a source of supplemental cattle supply in recent years. Mexican beef imports will likely decrease, and beef exports will increase in the absence of cattle exports.  Production systems and supply chains will continue to evolve in Mexico.”

Listen to more of Peel’s insights here.

Cattle futures softened Thursday with the lack of negotiated cash fed cattle direction, positioning ahead of the three-day weekend and monthly Cattle on Feed report (see below), as well as potential profit taking.

Toward the close, Live Cattle futures were an average of $1.14 lower. Feeder Cattle futures were an average of 75¢ lower.

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

Last week, FOB live prices were $255-$256/cwt. in the Texas Panhandle, mostly $256 in Kansas and $255-$258 in the North. Dressed delivered prices were $403-$405.

Choice boxed beef cutout value was 58¢ lower Thursday afternoon at $393.92/cwt. Select was $2.51 lower at $374.75.

Grain and Soybean futures softened Thursday as traders positioned ahead of the Juneteenth holiday and without bullish news.

Toward the close, and through near Mar contracts, Corn futures were 3¢ to 4¢ lower. Soybean futures were 7¢ to 10¢ lower. Kansas City HRW Wheat futures were mostly 8¢ to 9¢ lower.

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

The Dow Jones Industrial Average closed 72 points higher. The S&P 500 closed 80 points higher. The NASDAQ was up 496 points.

Through mid-afternoon, West Texas Intermediate crude futures on the CME were 27¢ to 63¢ lower through the front six contracts.

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Markets will likely view the monthly Cattle on Feed report as neutral to friendly with fewer placements than expected.

Feedlots with 1,000 head or more capacity placed 1.7 million head in May, which was 183,000 head fewer (-9.7%) than the same time last year and nearly 4% less than analyst estimates ahead of the report.

In terms of placement weights, 33% went on feed weighing 600 lbs. or less, 50% weighing 700-899 lbs. and 17% weighing 900 lbs. or more.

Marketings in May of 1.6 million head were 207,000 head fewer (11.8%) less, and 1% less than pre-report estimates.

Cattle on feed June 1 of 11.7 million head were 239,000 more year over year (2.1%), which was slightly less than expectations ahead of the report.

Cattle futures took a breather on Wednesday with likely profit taking and positioning ahead of Friday’s Cattle on Feed report.

Toward the close, Live Cattle futures were an average of 41¢ lower, except for 62¢ higher in spot Jun. Feeder Cattle futures were an average of 68¢ higher.

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

Last week, FOB live prices were $255-$256/cwt. in the Texas Panhandle, mostly $256 in Kansas and $255-$258 in the North. Dressed delivered prices were $403-$405.

Choice boxed beef cutout value was $5.08 lower Wednesday afternoon at $394.50/cwt. Select was 41¢ higher at $377.26.

Grain and Soybean futures were higher on Wednesday.

Toward the close, and through near Mar contracts, Corn futures were mostly 6¢ to 7¢ higher. Soybean futures were mostly 3¢ to 4¢ higher. Kansas City HRW Wheat futures were 18¢ to 19¢ higher.

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Major U.S. financial indices closed lower Wednesday, pressured by increased Treasury yields, in response to the Fed’s suggestion they might increase interest rates later this year to battle inflation.

The Dow Jones Industrial Average closed 507 points lower. The S&P 500 closed 91 points lower. The NASDAQ was down 354 points.

Through mid-afternoon, West Texas Intermediate crude futures on the CME were 9¢ to 45¢ lower through the front six contracts.

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USDA’s Economic Research Service (ERS) lowered expected feeder steer prices a touch for the remainder of this year, compared to the previous month, in the June Livestock, Dairy and Poultry Outlook.

Based on recent price data, the ERS lowered projected prices for 750-800 lbs., basis Oklahoma City, by $2 in the third and fourth quarters to $378/cwt. and $382, respectively. The forecast annual average price also declined $2 to $375.22. The first-quarter price next year was unchanged at $378.

As mentioned in Cattle Current last week, the ERS left the projected five-area direct average fed steer price unchanged for the remainder of this year, in the June World Agricultural Supply and Demand Estimates (WASDE). Forecast prices are $252/cwt. in the third quarter and $255 in the fourth quarter with an annual average price of $250.16. The first-quarter price next year was projected to be $250.

That was with beef production this year projected to be 109 million pounds less than last month (-0.4%) at 25.4 billion pounds. The total would be 565 million pounds less (-2.2%) than last year.

Cattle futures gained more steam on Tuesday, supported by the recent bounce in wholesale beef values and thoughts cash fed cattle prices could gain this week.

Toward the close, Live Cattle futures were an average of $4.52 higher. Feeder Cattle futures were an average of $6.56 higher.

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

Last week, FOB live prices were $255-$256/cwt. in the Texas Panhandle, $256 in Kansas and $255-$258 in the North. Dressed delivered prices were $403-$405.

Choice boxed beef cutout value was $4.53 higher Tuesday afternoon at $399.58/cwt. Select was 44¢ higher at $376.85.

Grain and Soybean futures were mixed on Tuesday.

Toward the close, and through near Mar contracts, Corn futures were 1¢ lower to 2¢ higher. Soybean futures were 9¢ to 11¢ higher on reports of China purchases. Kansas City HRW Wheat futures were 1¢ to 6¢ lower.

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Major U.S. financial indices were mixed Tuesday with follow-through support from the U.S.-Iran peace agreement but pressure from tech stocks.

The Dow Jones Industrial Average closed 328 points higher. The S&P 500 closed 42 points lower. The NASDAQ was down 307 points.

Through mid-afternoon, West Texas Intermediate crude futures on the CME were $1.91 to $4.12 lower through the front six contracts.

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Even as New World screwworm dominates headlines and impacts some producers, Stephen Koontz, agricultural economist at Colorado State University notes lower new-crop feed prices will likely have a more pronounced market-level impact.

In a recent issue of In the Cattle Markets, Koontz points to the significant decline in feed-based futures prices the last few weeks, with Corn (Dec ‘26) down 20%, Wheat (Jly’26) down about 10% and Soybean Meal (Dec ’26) down more than 7%.

“These changes have occurred well ahead of the USDA Acreage report due out at the end of this month,” Koontz says. “…The futures market is communicating that drought and other production risks are substantially mitigated. Or at least that is what the funds think.”

Currently subdued grain prices should help support calf and feeder cattle prices, according to Koontz.

“The corn price, in isolation, has the ability to reduce costs of gain by 10-15¢ per pound of gain, and with lower other feeds, then the costs of gain will remain modest compared to the past five years,” Koontz explains. “Be aware, these price changes don’t impact feed in the bunk but rather have the potential to impact costs of gain into 2027 and the value of this year’s calves.”