Daily Market Highlights

Cattle futures were higher Monday, supported by last week’s strong gains in cash fed cattle prices.

Toward the close, Live cattle futures were an average of $1.40 higher. Feeder Cattle futures were an average of $3.04 higher.

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

Last week, FOB live prices were mostly $1-$3 higher in the Texas Panhandle at 221 to mostly $223/cwt., $1-$3 higher in Kansas at mainly $222, $5-$6 higher in Nebraska at $235-$237 and $1 to $6 higher in the western Corn Belt at $230-$237. Dressed delivered prices were $3-$5 higher in Nebraska at $365-$370 and $6-$11 higher in the western Corn Belt at $371.

The weighted average five-area direct FOB live fed steer price last week was $2.97 higher at $229.94. The weighted average dressed delivered fed steer price was $6.32 higher at $368.06.

Choice boxed beef cutout value was 34¢ lower Monday afternoon at $366.00/cwt. Select was $1.46 higher at $358.11.

Turning to the grain complex, Corn and Soybean futures were lower again Monday, pressured by increasing trade tension between China and the U.S., favorable weather and crop progress.

Toward the close and through Mar ‘26 contracts, Corn futures were 2¢ to 4¢ lower. Soybean futures were 7¢ to 9¢ lower. Kansas City Wheat futures were 4¢ to 5¢ higher.

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Major U.S. financial indices recovered from early pressure tied to tariff rhetoric to settle higher Monday.

The Dow Jones Industrial Average closed 35 points higher. The S&P 500 closed 24 points higher. The NASDAQ was up 128 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $2.01 to $2.34 higher, boosted by OPEC’s decision to maintain, rather than expand production.  

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Choice boxed beef cutout value last week was 16.5% higher year over year, increasing 7.7% over seven weeks, according to Derrell Peel, Extension livestock marketing specialist at Oklahoma State University.

“Cutout values typically increase to a seasonal peak in May but the increase this year has been more pronounced than usual, owing to generally strong beef demand and recently declining beef production,” Peel explains in his weekly market comments. “The increase in boxed beef cutout values from March to May has been roughly twice the normal seasonal increase over this period.”

Peel points out fed steer slaughter has been 5.5% less year over year during the last seven weeks, while fed heifer slaughter has been 5.8% lower with total fed slaughter down 5.6%.

“This contrasts with 2024, when steer slaughter was up 0.4% and heifer slaughter was down a scant 0.3% year over year, leading to total fed slaughter up 0.3% for the year,” Peel says.

Non-fed slaughter is 9.7% less year over year for the first 19 weeks of this year, according to Peel. He explains beef cow slaughter during that time is 17% less, dairy cow slaughter is 8.4% less and total cow slaughter is down 12.8%.

Cattle futures closed lower Friday with week-end and month-end position squaring and profit taking.

Live cattle futures closed an average of 43¢ lower. Feeder Cattle futures closed an average of 93¢ lower.

Week to week on Friday, Live Cattle futures closed an average of 86¢ lower (32¢ to $1.10 lower), recovering much of steep early-week losses tied to unfounded rumors of New World screwworm being detected in the U.S.  Feeder Cattle futures closed an average of $1.23 lower week to week.

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

Last week, FOB live prices were mostly $1-$3 higher in the Texas Panhandle at $221 to mostly $223/cwt., $1-$3 higher in Kansas at mainly $222, $5-$6 higher in Nebraska at $235-$237 and steady to $5 higher in the western Corn Belt at $230-$235. Dressed delivered prices were $3-$5 higher in Nebraska at $365-$370 and $6-$11 higher in the western Corn Belt at $371.

Estimated total cattle slaughter last week of 477,000 head was 93,000 head fewer than the previous week (keeping in mind the holiday-shortened week) and 62,000 head fewer than the same week last year. Year-to-date total estimated cattle slaughter of 12.3 million head was 825,000 head fewer (-6.3%) than the same time last year. Estimated year-to-date beef production of 10.7 billion pounds was 323.5 million pounds less (-2.9%).

Choice boxed beef cutout value was 25¢ higher Friday afternoon at $366.34/cwt. Select was $3.01 higher at $356.65. Week to week on Friday, Choice was $4.79 higher and Select was $5.33 higher.

Turning to the grain complex, Corn and Soybean futures were lower Friday, pressured by favorable weather, renewed trade uncertainty and position squaring to round out the month and week.

Corn futures closed 1¢ to 4¢ lower through Jly ’26 and then fractionally higher to 3¢ higher. Soybean futures closed 9¢ to 12¢ lower through Aug ’26, and then mostly 5¢ lower. Kansas City Wheat futures closed fractionally higher to 1¢ higher.

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Major U.S. financial indices closed little changed Friday with support from a softer inflation reading than expected.

The personal consumption expenditures price index increased 0.2% month to month in May, according to the U.S. Bureau of Labor Statistics. It was 2.1% higher year over year.

The Dow Jones Industrial Average closed 54 points higher. The S&P 500 closed fractionally lower. The NASDAQ was down 62 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 15¢ to 65¢ lower through the front six contracts. 

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Higher average fed cattle prices and lower average cost of gain lifted projected net cattle feeding returns in the most recent Historical and Projected Kansas Feedlot Net Returns from Kansas State University. Keep in mind the projections do not consider price risk management.

Projected net returns for fed steers range from $461.89 per head in May to $243.23 in October with feedlot cost of gain ranging from $98.71/cwt. in July to $102.55 in October. Projected net fed steer returns turn negative for the next three months in the series, ranging from -$65.80 per head in November to -$161.88 in January 2026 with feedlot cost of gain ranging from $101.91 to $104.68/cwt.

Similarly, projected net fed heifer returns are positive from May through November, ranging from $416.22 per head in May to $56.93 in October with feedlots cost of gain ranging from $105.95/cwt. in May to $110.10 in October. Projected net fed heifer returns are negative in December (-$95.14 per head) and January (-$171.53) with feedlot cost of gain ranging from $107.55 to $110.08/cwt.

Cattle futures rebounded from the early-week sell-down on Thursday, supported by stronger negotiated cash fed cattle prices and higher post-holiday wholesale beef values. Lower Corn futures added support.

Toward the close, Live cattle futures were an average of $1.82 higher ($1.50 to $2.17 higher). Feeder Cattle futures were an average of $4.10 higher.

Negotiated cash fed cattle trade was light to moderate on good demand in the Southern Plains through Thursday afternoon, according to the Agricultural Marketing Service. FOB live prices were $222/cwt., which was $2 higher in the Texas Panhandle and $2-$3 higher in Kansas.

Trade was limited on good demand in the North with too few transactions to trend. However, private sources suggested higher prices than last week were in play. Last week, FOB live prices were $230-$231 in Nebraska, where dressed delivered prices were $360-$367. Prices in the western Corn Belt last week were $229-$231 and $360-$365, respectively.

Choice boxed beef cutout value was 67¢ higher Thursday afternoon at $366.09/cwt. Select was $1.90 higher at $353.64.

Grain and Soybean futures were mixed Thursday.

Toward the close and through Mar ‘26 contracts, Corn futures were 2¢ to 4¢ lower with apparent continued fund selling. Kansas City Wheat futures were 6¢ to 7¢ higher on likely short covering. Soybean futures were 1¢ lower to 2¢ higher.

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Major U.S. financial indices closed higher Thursday amid more White House tariff confusion.

The Dow Jones Industrial Average closed 117 points higher. The S&P 500 closed 23 points higher. The NASDAQ was up 74 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 92¢ to $1.12 lower through the front six contracts. 

Cattle futures were lower again Wednesday with funds likely taking more risk off the table following the previous session’s jolt.

Toward the close, Live cattle futures were an average of $1.16 lower. Feeder Cattle futures were an average of $2.65 lower.

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

FOB live prices last week were $220/cwt. in the Texas Panhandle, $219-$221 in Kansas, $230-$231 in Nebraska and $229-$231 in the western Corn Belt. Dressed delivered prices were $360-$367 in Nebraska and $360-$365 in the western Corn Belt.

Choice boxed beef cutout value was $3.57 higher Wednesday afternoon at $365.42/cwt. Select was 91¢ higher at $351.74.

Grain and Soybean futures ground sideways to lower Wednesday.

Toward the close and through Mar ‘26 contracts, Corn futures were 3¢ to 8¢ lower. Kansas City Wheat futures were unchanged to 1¢ higher. Soybean futures were 12¢ to 14¢ lower.

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Major U.S. financial indices closed lower Wednesday.

The Dow Jones Industrial Average closed 244 points lower. The S&P 500 closed 32 points lower. The NASDAQ was down 98 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 37¢ to 69¢ higher through the front six contracts. 

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Beef in cold storage April 30 of 418.1 million pounds was 2% less than the previous month and year, according to the latest USDA Cold Storage report.

Frozen pork supplies of 455.8 million pounds were 11% more than the previous month but 9% less year over year.

Total frozen red meat supplies of 893.6 million pounds were 5% more than the previous month but 6% less than the same time last year.

On the other side of the case, there were 1.1 billion pounds of poultry in freezers, which was slightly less than a month earlier and down 5% from a year earlier.

Cattle futures were lower Monday but off session lows by the end of the day, despite last week’s higher cash fed cattle prices and neutral Cattle on Feed report. There were some unfounded rumors of unfounded rumors that could have spooked funds and set loose the algos early in the session, but there’s no telling.

Toward the close, Live cattle futures were an average of $1.25 lower (60¢ lower at the front to $2.27 lower at the back).

Feeder Cattle futures were an average of $1.52 lower (32¢ lower at the back to $2.07 lower at the front).

Negotiated cash fed cattle trade was mostly inactive on moderate demand in all major cattle feeding regions through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

When the counting was finally done last week, FOB live prices were steady in the Texas Panhandle at $220/cwt., unevenly steady in Kansas at $219-$221, mostly $1-$2 higher in Nebraska at $230-$231 and mainly $1-$2 higher in the western Corn Belt at mostly $230. Dressed delivered prices were $2-$9 higher in Nebraska at $330-$367 and $2-$7 higher in the western Corn Belt at $360-$365 in a light test.

The weekly weighted average five-area direct FOB live fed steer price was 52¢ higher at $226.97/cwt. The weekly weighted average dressed delivered steer price was $4.07 higher at $361.74.

Choice boxed beef cutout value was 30¢ higher Monday afternoon at $361.85/cwt. Select was 49¢ lower at $350.84.

Corn and Wheat futures were lower Tuesday on the improved domestic weather outlook.

Toward the close and through Mar ‘26 contracts, Corn futures were 1¢ to 5¢ lower. Kansas City Wheat futures were 14¢ lower. Soybean futures were unchanged to 1¢ higher.

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Major U.S. financial indices rose Tuesday with investors cheering the White House delay on hefty EU tariffs — another day of on-again, off again headline trading.

The Dow Jones Industrial Average closed 740 points higher. The S&P 500 closed 118 points higher. The NASDAQ was up 461 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 32¢ to 44¢ lower through the front six contracts. 

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Creighton University’s overall Rural Mainstreet Index (RMI) rose 4 points month to month in May to 44 but remained below growth neutral for the 20^th time in the last 21 months. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.

“The economic outlook for 2025 farm income remains weak according to bank CEOs,” according to Ernie Goss, the Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business. “Almost one in four bankers rate tariff retaliation from trading partners as the top risk facing farmers in 2025 while 68.0% ranked lower farm commodity prices as the major risk factor for farmers.”

The RMI is based on a monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy.

The farmland price index slumped below growth neutral for the 12th time in the past 13 month, dropping to 39.6 from 41.7 in April.

“Elevated interest rates, higher input costs and volatility from tariffs have put downward pressure on ag land prices. Only 8.0% of bank CEOs are bullish on farmland prices for 2025,” Goss says.

Overall, rural bankers remain pessimistic about economic growth for their area over the next six months. The May confidence index slumped to 30.0 from 36.0 in April.

Cattle futures were mostly higher again Friday, buoyed by the week’s stronger cash fed cattle prices and seasonally stronger wholesale beef values.

Live cattle futures closed an average of 32¢ higher, except for an average of 9¢ lower in two contracts.

Feeder Cattle futures closed an average of $1.06 higher.

Week to week on Friday, Live Cattle futures were an average of $4.09 higher and Feeder Cattle futures were an average of $3.52 higher.

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

Although too few transactions to trend in any region, there were some FOB live trades at mostly $222/cwt. in the Southern Plains, where prices last week were mostly $220.

For the week, FOB live prices were $1-$2 higher at $230-$231 in Nebraska and $230 in the western Corn Belt. Dressed delivered prices were mostly $2 higher at mainly $360, with some up to $370 in Nebraska and some up to $365 in the western Corn Belt.

Choice boxed beef cutout value was 58¢ higher Friday afternoon at $361.55/cwt. Select was $2.37 higher at $351.32.

Estimated total cattle slaughter last week of 570,000 head was 4,000 head more than the previous week but 32,000 head fewer than the same week a year earlier. Year-to-date estimated total cattle slaughter of 11.8 million head was 763,000 head fewer (-6.1%) than the same time last year. Estimated year-to-date beef production of 10.3 billion pounds was 277.9 million pounds less (-2.6%) than the same time last year.

Grain and Soybean futures softened Friday with threatened tariffs from the Trump Administration and potential profit taking and short covering ahead of the holiday weekend.

Corn futures closed mostly 1¢ to 3¢ lower. However, they were an average of 15’5¢ higher week to week on Friday, fueled by apparent short covering and speculation ending stocks could decline. 

Kansas City Wheat futures closed mostly fractionally lower to 1¢ lower. Soybean futures closed 3¢ to 7¢ lower through Mar ’26 and then 2¢ lower.

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Major U.S. financial indices drooped lower Friday beneath the weight of more tariff threats from the White House.

The Dow Jones Industrial Average closed 256 points lower. The S&P 500 closed 39 points lower. The NASDAQ was down 188 points.

West Texas Intermediate Crude Oil futures (CME) closed 21¢ to 33¢ higher through the front six contracts. 

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Markets will likely view Friday’s monthly Cattle on Feed report as neutral, with slightly more placements and marketings than average estimates ahead of the report.

Feedlots with 1,000 head or more capacity placed 1.6 million head in April, which was 43,000 head fewer (-2.6%) year over year.

In terms of placement weights, 33% went on feed weighing 699 pounds or less, 51% weighing 700-899 pounds and 16% weighing 900 pounds or more.

Marketings in April of 1.8 million head were 47,000 head fewer (-2.5%) than the same month last year.

Cattle on feed May 1 of 11.4 million head were 178,000 head fewer (-1.5%)

Cattle futures were higher Thursday, supported by the week’s stronger cash fed cattle trade and perhaps some positioning ahead of Friday’s Cattle on Feed report. Pre-report estimates peg April placements and marketings about 3% lower year over year, with the May 1 inventory of cattle on feed down about 1.5%.

Live cattle futures were an average of $1.65 higher. Feeder Cattle futures were an average of $3.05 higher, except for 90¢ lower in waning May.

Negotiated cash fed cattle prices ranged from inactive on moderate demand in the Texas Panhandle to limited on good demand elsewhere through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

So far this week, FOB live prices are $1-$2 higher in the North at $230-$231/cwt., in Nebraska and $230 in the western Corn Belt. Dressed delivered prices are mostly $2 higher in Nebraska at mainly $360 with some up to $370. Dressed delivered prices are $2-$7 higher in the western Corn Belt at $360-$365.

Last week, FOB live prices were mostly $220 in the Southern Plains.

Choice boxed beef cutout value was $1.38 higher Thursday afternoon at $360.97/cwt. Select was 67¢ higher at $348.95.

Grain and Soybean futures took a bit of a breather from recent gains on Thursday.

Toward the close and through Mar ‘26 contracts, Corn futures were mostly 1¢ to 2¢ lower. Kansas City Wheat futures were fractionally lower to 1¢ higher. Soybean futures were 1¢ to 5¢ higher.

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Major U.S. financial indices were little changed Thursday, as investors grappled with rising Treasury yields and the House-proposed U.S. budget.

The Dow Jones Industrial Average closed 1 point lower. The S&P 500 closed 2 points lower. The NASDAQ was up 53 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 81¢ to 87¢ lower through the front six contracts. 

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Despite challenges, this is an exciting time to be in the red meat business, says Steve Hanson, chair for the U.S. Meat Export Federation (USMEF), and also a rancher, cattle feeder and grain farmer from southwestern Nebraska.

“Our products are better than ever, and international demand is outstanding,” Hanson told participants at this week’s USMEF spring conference in Fort Worth, Texas. “There are many factors we cannot control, so it is important to remain customer-focused and not lose sight of our mission, which is to expand the global footprint for U.S. pork, beef and lamb.”

Randy Blach, CattleFax, CEO provided a broad outlook of the U.S. protein market, analyzing demand trends for beef, pork and poultry. He noted that the beef industry’s heightened focus on quality has paid enormous dividends – not in terms of consumption volume, but in consumers’ willingness to pay for higher-quality cuts.

“When you look at demand across all proteins, chicken is capturing 50% of the stomach but 25% of the wallet,” Blach explained. “Beef, on the other hand, is getting 25% of the stomach and 50% of the wallet. Which would you rather have?”

Blach emphasized exports continue to make critical contributions to the bottom line of U.S. livestock and poultry producers, who collectively export about 17% of total production. The pork sector leads the way at 30%, with beef exports accounting for about 14% of production.

Negotiated cash fed cattle trade was limited on good demand in Kansas, Nebraska and the Western Corn Belt through Wednesday afternoon, according to the Agricultural Marketing Service.

Although too few transactions to trend, there were some early FOB live trades in Nebraska at $229-$230/cwt. and a few dressed delivered sales at $360-$370. Likewise, there were some early trades in the western Corn Belt at $230 and $360, respectively.

Last week, FOB live prices were $220 in the Southern Plains, mostly $229 in Nebraska and $228-$229 in the western Corn Belt. Dressed delivered prices were $358.

Choice boxed beef cutout value was 84¢ higher Wednesday afternoon at $359.59/cwt. Select was $3.32 higher at $348.28.

Higher wholesale beef values and the hint of stronger cash fed cattle prices helped lift Live Cattle futures Wednesday. Toward the close, they were an average of 54¢ higher (17¢ higher at the back to $1.02 higher at the front).

However, Feeder Cattle futures were an average of $1.09 lower toward the close, except for 2¢ higher in spot May, pressured by the recent increase in Corn futures and some softness in country cash prices, albeit at historically high levels.

Turning to the grain complex, futures continued higher Wednesday, led by Wheat, with likely continued short covering, the softer U.S. dollar and perhaps some weather premium.

Toward the close and through Mar ‘26 contracts, Corn futures were 5¢ to 6¢ higher. Kansas City Wheat futures were 3¢ to 4¢ higher. Soybean futures were 7¢ to 10¢ higher.

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Major U.S. financial indices closed sharply lower Wednesday, as Treasury yields climbed and investors fretted over the potential impact of the proposed U.S. budget if it makes its way through the House.

The Dow Jones Industrial Average closed 816 points lower. The S&P 500 closed 95 points lower. The NASDAQ was down 270 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 50¢ to 69¢ lower through the front six contracts. 

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As the U.S.-China tariff saga unfolds, David Anderson, Extension livestock economist with Texas A&M University provides some perspective on beef trade between the two countries since tariffs and retaliatory tariffs were announced about six weeks ago.

“U.S. exports to China averaged 2.42 metric tons per week during the first quarter of 2025,” Anderson explains, in the most recent issue of In the Cattle Markets. “Following the announcements of tariffs and retaliation, exports dropped dramatically to only 17 metric tons for the week of May 8.  That was the smallest weekly export total since the week of April 11, 2019, when zero tons were exported.”

However, he points out exports to Hong Kong averaged 369 metric tons per week during the first quarter of the year and 600 tons per week since early April. There is nothing definitive, but readers will recall that Hong Kong was commonly regarded as the backdoor for U.S. beef entering China during the years U.S. beef imports were prohibited.

For broader context, Anderson explains fresh and frozen beef muscle cut exports to China, a relatively new phenomenon, never exceeded 1,000 tons for a week until November 2019. Since then, he says China grew to become the third-largest importer of U.S. beef, accounting for about 1.7% of U.S. beef production in 2024.

  “Often in trade, the closing of one market creates new, larger exports to other countries,” Anderson says. “Beef exports to Japan and South Korea over the last six weeks are larger than during the first quarter of the year.  Some more detailed information might be necessary to determine if the increase is normal week-to-week variation, or some redirecting of shipments following the tariff announcement, or finding new sales.”

Wholesale beef prices surged higher Tuesday. Choice boxed beef cutout value was $3.93 higher Tuesday afternoon at $358.75/cwt. Select was 85¢ higher at $344.96.

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

Last week, FOB live prices were $220/cwt. in the Southern Plains, mostly $229 in Nebraska and $228-$229 in the western Corn Belt. Dressed delivered prices were $358.

Cattle futures mainly wobbled sideways Tuesday, awaiting the week’s cash fed cattle direction.

Toward the close, Live Cattle futures were an average of 43¢ higher, except for 12¢ lower in near Aug. Feeder Cattle futures were mixed, from an average of 11¢ lower, to an average of 33¢ higher.

Apparent continued short covering and the softer U.S. dollar helped lift Grain and Soybean futures Tuesday.

Toward the close and through Mar ‘26 contracts, Corn futures were 6¢ to 7¢ higher. Kansas City Wheat futures were 13¢ to 15¢ higher. Soybean futures were 3¢ to 5¢ higher.

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

The Dow Jones Industrial Average closed 114 points lower. The S&P 500 closed 23 points lower. The NASDAQ was down 72 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were narrowly mixed through the front six contracts, from 7¢ lower to 26¢ higher. 

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Cattle feeders’ extraordinary ability to add more pounds to declining cattle numbers and maintain relatively high beef production levels may be approaching a limit, according to USDA’s Economic Research Service (ERS).

“It is expected that cattle weights will plateau next year after the feedlot sector notched significant weight gains in fed steers and heifers over the last couple of years,” say ERS analysts in the May Livestock, Dairy and Poultry Outlook. “As a result, this will not offset the decline in slaughter as it has in previous years when weights trended higher during periods of year-over-year lower slaughter. This is likely due to feedlots being limited in their ability to extend the time on feed beyond the advances made in recent years.”

ERS projects beef production in 2026 to be 5% less year over year at 25.1 billion pounds, the fourth consecutive year of lower production.

“A smaller expected calf crop in 2025, more heifers retained for breeding, and fewer live cattle imports, will contribute to fewer calves placed in feedlots in late 2025 and early 2026. Fewer placements during this period will limit marketings for slaughter in 2026,” ERS analysts say. “… Further tightening of cattle supplies available for placement in feedlots in 2025 and into early 2026 is anticipated to bolster prices next year.”

ERS projects the weighted average five-area direct fed steer price at $222.75/cwt. in 2026, which would be 4% more than this year’s forecast annual average price. Likewise, ERS projects next year’s average feeder steer price (750-800 lbs., Oklahoma City) 3% higher year over year at $306.25.

Stronger wholesale beef values and last week’s firm to higher cash fed cattle prices helped lift Live Cattle futures Monday.

Toward the close, Live Cattle futures were an average of 89¢ higher. Feeder Cattle futures were mixed, from an average of 35¢ lower to an average of 13¢ higher.

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

Last week, FOB live prices were $220/cwt. in the Southern Plains and $228-$229 in the North. Dressed delivered prices were $358.

Last week’s weighted average five-area direct FOB live fed steer price was $1.65 higher at $226.45/cwt. The weighted average dressed delivered fed steer price was $1.61 higher at $357.67.

Choice boxed beef cutout value was $2.32 higher Monday afternoon at $354.81/cwt. Select was $1.72 higher at $344.11.

Grain and Soybean futures were higher Monday with likely short covering.

Toward the close and through Mar ‘26 contracts, Corn futures were 3¢ to 5¢ higher. Kansas City Wheat futures were 7¢ higher. Soybean futures were mostly 1¢ to 2¢ higher.

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Major U.S. financial indices closed a touch higher Monday, following early-session pressure tied to the downgrade in the U.S. credit rating.

The Dow Jones Industrial Average closed 137 points higher. The S&P 500 closed 5 points higher. The NASDAQ was up 4 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were narrowly mixed through the front six contracts, from 9¢ lower to 17¢ higher.  

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Pasture and range conditions improved week to week, according to the latest USDA Crop Progress report for the week ending May 18.

Nationwide, 40% of pasture and range was rated as Good (32%) and Excellent (8%), compared to 36% a week earlier and 49% a year earlier. On the bottom side of the scale, 32% was rated Poor (19%) and Very Poor (13%), which was 4% less than the previous week but 12% more year over year.

States with 40% or more of pasture and range conditions rated as Poor and Very Poor include: AZ (91%), Montana (45%), NE (48%), NV (85%), NM (46%) and WY (47%).

Corn planting continued at a rapid pace with 78% in the ground, which was 11% more than the same time last year and 5% more than the five-year average. At 50%, emergence was 12% more year over year and 10% more than average.

Similarly, 66% of soybeans were planted, which was 16% more than the same week last year and 13% more than average. Emergence of 34% was 9% more than the previous year and 11% more than average.

Winter wheat condition eroded week to week with 52% rated as Good (44%) or Excellent (8%), compared to 54% a week earlier and 49% a year earlier. On the other end of scale, 18% was rated as Poor (12%) or Very Poor (6%), the same as the previous week and year. In terms of crop progress 64% of the crop was headed, compared to 67% the previous year and 58% for average.