Daily Market Highlights

Cattle futures firmed Friday and gained back some of the steep losses from the previous two sessions, helped along by a bounce in wholesale beef values.

Live Cattle futures were an average of 91¢ higher. Feeder Cattle futures were an average of $1.01 higher (62¢ to $1.77 higher).

Week to week on Friday, Live Cattle futures closed an average of $2.61 lower and Feeder Cattle futures closed an average of $2.73 lower ($1.12 lower at the front to $3.47 lower at the back).

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

Last week, FOB live prices were $1-$2 higher in the Texas Panhandle at mostly $220/cwt., steady to $2 higher in Kansas at $220 and $1-$3 higher in the North at $228-$229. Dressed delivered prices were $3 higher at $358.

Choice boxed beef cutout value was $2.59 higher Friday afternoon at $352.49/cwt. Select was $3.21 higher at $342.39. Week to week on Friday, Choice was $6.52 higher and Select was $11.22 higher.

Estimated total cattle slaughter last week of 566,000 head was 7,000 head more than the previous week but 31,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 11.3 million head was 733,000 head fewer (-6.1%) than the same period last year. Estimated year-to-date beef production of 9.8 billion pounds was 262.7 million pounds less (-2.6%).

Grain and Soybean futures were lower Friday. Corn futures were mostly 2¢ to 3¢ lower, pressured by planting progress and Wheat futures, with Kansas City Wheat futures closing 7¢ to 11¢ lower.  Soybean futures were fractionally higher to mostly 1¢ lower.

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Major U.S. financial indices closed sharply higher Friday as traders seemed emboldened to enter the weekend with optimism over trade deals.

The Dow Jones Industrial Average closed 331 points higher. The S&P 500 closed 41 points higher. The NASDAQ was up 98 points.

West Texas Intermediate Crude Oil futures (CME) closed 50¢ to 87¢ higher through the front six contracts.

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USDA’s Economic Research Service increased projected feeder steer prices significantly for the remainder of this year, compared to the previous month, in the latest Livestock, Dairy and Poultry Outlook.

Based on recent price data, assumed adequate forage supplies, and the suspension of feeder cattle from Mexico, ERS increased the projected second-quarter feeder steer price by $30 to $310/cwt. Third- and -fourth quarter prices increased $20 to $302 and $306, respectively. ERS increased the projected annual average feeder steer price by $17.50 to $298.53. Prices are basis a Medium and Large #1 steer weighing 750-800 lbs., selling at Oklahoma City.

As reported in Cattle Current Previously, USDA’s Economic Research Service projected this year’s weighted average five-area direct fed steer price significantly higher than the previous month, in the May World Agricultural Supply and Demand Estimates (WASDE).

Based on recent price strength through early May and tighter fed cattle supplies expected during the second half of the year, projected prices increased $13 in the second quarter to $217/cwt., $10 in the third quarter to $216 and $13 in the fourth quarter to $220. The projected annual average price increased $9 to $214.51.

Beef production for 2025 was projected at 26.4 billion pounds, which was 277 million pounds less than the previous month (-1%). The total would be 561 million pounds less than the prior year (-2.1%). Beef production was forecast lower on tighter cattle supplies, fewer available fed steers and heifers due to import restrictions on cattle from Mexico and reduced slaughter of cattle.

Negotiated cash fed cattle prices gained on Thursday with moderate trade and good demand in the Texas Panhandle, Nebraska and the western Corn Belt, according to the Agricultural Marketing Service.

FOB live prices were $1-$2 higher in the Texas Panhandle at mostly $220/cwt., $1-$4 higher in Nebraska at $229 and $1-$2 higher in the westerner Corn Belt at $227-$229. Dressed delivered prices were $3 higher at $358.

Trade in Kansas was limited on good demand with too few transactions to trend. FOB live prices there last week were $218-$220.

Choice boxed beef cutout value was 54¢ higher Thursday afternoon at $349.90/cwt. Select was $3.33 higher at $339.18.

However, Cattle futures were sharply lower again Thursday with follow-through pressure from the previous session’s selloff. Growing concern about the potential of New World screwworm reaching the United States hovers in the background.

Toward the close, Live Cattle futures were an average of $4.06 lower. Feeder Cattle futures were an average of $6.03 lower.

Grain and Soybean futures were mixed Thursday.

Toward the close and through Mar ‘26 contracts, Corn futures were 2¢ lower to 2¢ higher. Kansas City Wheat futures were 4¢ to 5¢ higher. Soybean futures were 21¢ to 34¢ lower, perhaps with some sympathy to lower Crude Oil futures.

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Major U.S. financial indices closed mixed Thursday.

The Dow Jones Industrial Average closed 271 points higher. The S&P 500 closed 24 points higher. The NASDAQ was down 34 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.24 to $1.36 lower through the front six contracts, pressured by chatter about progress toward a U.S. nuclear deal with Iran, which would boost that nation’s oil exports.

Cattle futures hit new highs Wednesday and then reversed to close sharply lower with likely profit taking and skittishness over the overbought status and price levels.

Toward the close, Live Cattle futures were an average of $2.38 lower. Feeder Cattle futures were an average of $3.98 lower.

Negotiated cash fed cattle trade ranged from mostly inactive on moderate demand in the Southern Plains to limited on moderate demand in the North through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $218-$219/cwt. in the Texas Panhandle, $218-$220 in Kansas and $225-$228 in the North. Dressed delivered prices were $355.

Choice boxed beef cutout value was 74¢ lower Wednesday afternoon at $349.36/cwt. Select was $1.38 higher at $335.85.

Grain and Soybean futures were mixed again Wednesday.

Toward the close and through Mar ‘26 contracts, Corn futures were 1¢ lower to 2¢ higher. Kansas City Wheat futures were 9¢ to 11¢ higher. Soybean futures were mostly fractionally higher to 3¢ higher, except for 9¢ lower in spot May.  

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Major U.S. financial indices closed mixed Wednesday.

The Dow Jones Industrial Average closed 89 points lower. The S&P 500 closed 6 points higher. The NASDAQ was up 136 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 74¢ to 87¢ lower through the front six contracts.

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The pace of beef cow slaughter through the first quarter — 20% less year over year at 8% of total slaughter — suggests this year’s national culling rate could drop to levels seen during the last herd expansion, according to Hannah Baker, University of Florida Extension beef and forage economics.

“Heifer slaughter is still too high, as of the April report, to indicate signs of retention,” Baker says in the latest issue of In the Cattle Markets from the Livestock Marketing Information Center. “However, the latest quarterly Cattle on Feed report indicated that the percentage of heifers on feed has declined to 38% of all cattle on feed and is expected to keep declining in the coming months.”

On the other hand, Baker points out drought and the ability to retain heifers remains a concern in some areas of the country.

Cattle futures eased lower Tuesday with likely profit taking from the previous session’s strong gains.

Toward the close, Live Cattle futures were an average of 73¢ higher (35¢ to $1.17 higher), except for an average of 32¢ lower in the front three contracts.

Feeder Cattle futures were an average of 41¢ higher, except for an average of 31¢ lower in the front three contracts.

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.

Last week, FOB live prices were $218-$219/cwt. in the Texas Panhandle, $218-$220 in Kansas and $225-$228 in the North. Dressed delivered prices were $355.

Choice boxed beef cutout value was $1.96 higher Tuesday afternoon at $350.10/cwt. Select was 76¢ lower at $334.47.

Grain and Soybean futures were mixed Tuesday.

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

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Major U.S. financial indices were mixed Tuesday. Cooler inflation than expected and follow-through support from the trade talks with China helped lift the S&P 500 and NASDAQ for another day.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% on a seasonally adjusted basis in April, after falling 0.1% in March, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 2.3% before seasonal adjustment.

On the other hand, health care weighed on the Dow Jones Industrial Average.

The Dow Jones Industrial Average closed 269 points lower. The S&P 500 closed 42 points higher. The NASDAQ was up 301 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.26 to $1.72 higher through the front six contracts.

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The top side of pasture and range conditions improved slightly week to week, according to the latest USDA Crop Progress report for the week ending May 11.

Nationwide, 36% of pasture and range was rated as Good (28%) and Excellent (8%), compared to 35% a week earlier and 47% a year earlier. However, 36% was rated Poor (23%) and Very Poor (13%), which was 3% more than the previous week and 12% more year over year.

States with 40% or more of pasture and range conditions rated as Poor and Very Poor include: AZ (85%), Montana (54%), NE (52%), NV (85%), NM (51%), SD (45%) and WY (42%). According to the latest U.S. Drought Monitor, 30% of the nation’s cattle inventory was in areas affected by drought.

Corn planting continued at a rapid pace with 62% in the ground, which was 15% more than the same time last year and 6% more than the five-year average. At 28%, emergence was 7% more year over year and 7% more than average.

Similarly, 48% of soybeans were planted, which was 14% more than the same week last year and 11% more than average. Emergence of 17% was 2% more than the previous year and 6% more than average.

Winter wheat condition continued to improve week to week with 54% rated as Good (46%) or Excellent (8%), compared to 51% a week earlier and 50% a year earlier. On the other end of scale, 18% was rated as Poor (12%) or Very Poor (6%), the same as last year. In terms of crop progress 53% of the crop was headed, compared to 55% the previous year and 45% for average.

Cattle futures popped higher Monday, helped along by more bullish outside markets and news that the U.S. shuttered the Southern border to cattle, bison and horses once again May 11 due to the spread of New World screwworm.

“The protection of our animals and safety of our nation’s food supply is a national security issue of the utmost importance,” says U.S. Secretary of Agriculture Brooke L. Rollins. “Once we see increased surveillance and eradication efforts, and the positive results of those actions, we remain committed to opening the border for livestock trade. This is not about politics or punishment of Mexico, rather it is about food and animal safety.”

Derrell Peel, Extension livestock marketing specialist at Oklahoma State University explains the border closed initially last November and reopened in early February after additional protocols and inspections were implemented. 

“Thus far in 2025, a total of 197,844 head of feeder cattle have been imported since the border reopened, down 60% year over year for the year-to-date,” Peel says, in his weekly market comments. “In 2024, a total of 1.25 million head of feeder cattle were imported, with none in the last five weeks of the year.”

Toward the close, Live Cattle futures were an average of $1.82 higher. Feeder Cattle futures were an average of $5.55 higher.

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

Last week, FOB live prices were $1 higher in the Texas Panhandle at $219/cwt., steady to $2 higher in Kansas at $218-$220, $3-$5 higher in Nebraska at $225-$228 and $4-$5 higher in the western Corn Belt at $225-$228. Dressed delivered prices were $5 higher at $355.

Last week’s weighted average five-area direct FOB live fed steer price was $4.09 higher at $224.80. The weighted average dressed delivered fed steer price was $6.69 higher at $356.06.

Choice boxed beef cutout value was $2.17 higher Monday afternoon at $348.14/cwt. Select was $4.06 higher at $335.23.

Grain and Soybean futures were mixed Monday.

Toward the close and through Mar ‘26 contracts, Corn futures were 2¢ lower to 3¢ higher. Kansas City Wheat futures were 7¢ to 8¢ lower. Soybean futures were 18¢ to 26¢ higher, helped by the Chinese trade talks.  

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Major U.S. financial indices roared higher Monday in the wake of the weekend agreement between the United States and China to pause and lower tariffs.

“We have reached an agreement on a 90-day pause and substantially moved down the tariff levels — both sides, on the reciprocal tariffs, will move their tariffs down 115%,” explained Secretary of the Treasury Scott Bessent.

The Dow Jones Industrial Average closed 1,160 points higher. The S&P 500 closed 184 points higher. The NASDAQ was up 779 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.00 to $1.18 higher through the front six contracts.

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USDA’s Economic Research Service projected this year’s weighted average five-area direct fed steer price significantly higher than the previous month, in the May World Agricultural Supply and Demand Estimates (WASDE).

Based on recent price strength through early May and tighter fed cattle supplies expected during the second half of the year, projected prices increased $13 in the second quarter to $217/cwt., $10 in the third quarter to $216 and $13 in the fourth quarter to $220. The projected annual average price increased $9 to $214.51.

Beef production for 2025 was projected at 26.4 billion pounds, which was 277 million pounds less than the previous month (-1%). The total would be 561 million pounds less than the prior year (-2.1%). Beef production was forecast lower on tighter cattle supplies, fewer available fed steers and heifers due to import restrictions on cattle from Mexico and reduced slaughter of cattle.

Cattle futures gained early in Friday’s session and then closed lower with likely profit taking.

Live Cattle futures were an average of 63¢ lower, except for 42¢ higher in spot Jun.

Feeder Cattle futures were an average of $1.45 lower, except for 50¢ higher in spot May.

Week to week on Friday, Live Cattle futures closed an average of $2.19 higher (82¢ higher at the back to $3.57 higher at the front). Feeder Cattle futures were an average of 3.52 higher week to week on Friday ($3.02 higher at the front to $4.05 higher at the back).

Negotiated cash fed cattle trade was limited on good demand in the Southern Plains and light to good demand in in the North through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, FOB live prices were steady to $1 higher in the Texas Panhandle at $218-$219/cwt., steady to $2 higher in Kansas at $218-$220, $3-$5 higher in Nebraska at $225-$228 and $4-$5 higher in the western Corn Belt at $225-$228. Dressed delivered prices were $5 higher at $355.

Choice boxed beef cutout value was $1.92 lower Friday afternoon at $345.97/cwt. Select was $2.03 lower at $331.17. However, week to week on Friday, Choice was $3.07 higher and Select was $5.82 higher.

Grain and Soybean futures were mixed Friday.

Corn futures were mostly 2¢ to 3¢ higher with likely short covering ahead of Monday’s World Agricultural Supply and Demand Estimates. However, Corn futures were an average of 12’2¢ lower through the front six contracts, pressured by planting progress.  

Kansas City Wheat futures were 5¢ to 7¢ lower, pressured by crop progress.

Soybean futures were mostly 2¢ to 7¢ higher, helped along by announced early trade negotiations between China and the U.S. over the weekend.

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

The Dow Jones Industrial Average closed 119 points lower. The S&P 500 closed 4 points lower. The NASDAQ was up fractionaly.

West Texas Intermediate Crude Oil futures (CME) closed 76¢ to $1.11 higher through the front six contracts.

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This year’s peak fed steer price may still be a couple of months away if prices follow a similar course to 2024, say analysts with the Livestock Marketing Information Center (LMIC).

“The seasonal index for fed steer prices indicates that prices typically track steady through May, followed by a gradual move lower through September, and then trend higher through the fourth quarter of the year,” LMIC analysts explain, in the latest Livestock Monitor. “This year, seasonal fed steer prices are tracking slightly higher through April and into the first week of May. Seasonally, the pattern would signal the prices may move lower as Memorial Day approaches. Last year, fed steer prices peaked at $197.09/cwt. in the first week of July.”

For perspective, the weekly weighted average five area direct fed steer price was record high the week ending May 2 at $220.97/cwt., according to LMIC analysts. That was $35.23 more (19%) year over year. They point out the weekly average price has dipped below $200 only three time so far this year.

Cattle futures gained Thursday with higher cash fed cattle prices and stronger Choice wholesale beef values.  

Toward the close, Live Cattle futures were an average of $1.22 higher. Feeder Cattle futures were an average of $2.83 higher.

Negotiated cash fed cattle trade was light to moderate on very good demand in Nebraska and the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service. FOB live prices were $3-$5 higher at $225-$228/cwt. Dressed delivered prices were mainly $5 higher in Nebraska at mostly $355. There were some early dressed delivered trades in the western Corn Belt at $355-$360, but too few to trend; prices were $350 last week.

Trade in the Southern Plains was limited on good demand with too few transactions to trend. So far this week, FOB live prices are steady to $1 higher in the Texas Panhandle at $218-$219 and steady to $2 higher in Kansas at $218-$220.

Choice boxed beef cutout value was $1.74 higher Thursday afternoon at $347.90/cwt. Select was 80¢ lower at $333.20.

Grain and Soybean futures were mixed Thursday with planting progress once again pressuring grains, while the same fast pace and notions of less crop swapping favored Soybeans.

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

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Major U.S. financial indices rose Thursday, buoyed by news the U.S. struck a trade deal with the United Kingdom, lifting hope that others will follow.

The Dow Jones Industrial Average closed 254 points higher. The S&P 500 closed 32 points higher. The NASDAQ was up 189 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.77 to $2.15 higher through the front six contracts.

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Cattle prices peak in 2027, according to the recently released U.S. Agricultural Market Outlookfrom the Food and Agricultural Policy Institute at the University of Missouri.

More specifically, the outlook pegs the five-area direct weighted average fed steer price rising to $198.19/cwt. in 2027 and then declining to $169.29 in 2034. Likewise, steer calf prices (600-650 lbs., Oklahoma City)are projected to rise to $307.21 in 2027 and then declining to $250.54 by 2033.

The Outlook provides projections for 2024-2034, using data available in January of this year.

For broader context, the projections peg the U.S. beef cow herd at a low of 27.8 million head when 2026 begins and then growing to a peak of 30.6 million head in 2031 before declining to 29.1 million head in 2034.  

Cattle futures were lower Wednesday but pared losses as the session wore on, as traders took a breather from recent contract highs.

Toward the close, Live Cattle futures were an average of 64¢ lower, except for 5¢ higher in away Jun. Feeder Cattle futures were an average of 69¢ lower.

Negotiated cash fed cattle trade was moderate on good demand in the Texas Panhandle through Wednesday afternoon, according to the Agricultural Marketing Service. FOB live trades were $1 higher than the previous day at $219/cwt.

Elsewhere, trade was light on good demand. Although too few to trend, there were some FOB live trades in Kansas at $219, compared to Tuesday’s trade of $218-$220. There were also some early dressed delivered trades in Nebraska at $352-$355.

Last week, FOB live prices were $222-$223 in Nebraska and $220-$224 in the western Corn Belt. Dressed delivered prices were $350.00/cwt., except for a few up to $352 in Nebraska.

Choice boxed beef cutout value was $1.48 higher Wednesday afternoon at $346.15/cwt. Select was $1.03 higher at $334.00.

Grain and Soybean futures were mixed again Wednesday with planting progress and the positive weather outlook providing pressure.

Toward the close and through Mar ‘26 contracts, Corn futures were fractionally lower to 6¢ lower. Kansas City Wheat futures were 7¢ to 8¢ lower. Soybean futures were 4¢ lower to 2¢ higher.

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Major U.S. financial indices rose Wednesday after a volatile trade session. Key news for the day included the Federal Reserve’s decision to maintain steady interest rates.

“Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated,” according to an FOMC statement. “… The Committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen.”

The Dow Jones Industrial Average closed 284 points higher. The S&P 500 closed 24 points higher. The NASDAQ was up 48 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.09 to $1.17 lower through the front six contracts.

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U.S. beef exports continue to show resilience, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

Beef export value in March was the highest since June, up 4% year over year at $922 million, while export volume of 109,330 metric tons (mt) was 1% higher. Export value per head of fed slaughter was 3% higher year over year and the seventh highest on record at $466.77. First-quarter export value per-head of fed slaughter was also up 3% at $421.56.

“Despite a great deal of uncertainty, global demand for U.S. beef remains robust and resilient,” says Dan Halstrom, USMEF President and CEO. “The March export results confirm this, with demand trending higher in Taiwan and Mexico, reaching record levels in Central America and holding up well in Japan and Korea. Although we anticipate that China’s retaliatory tariffs and expired plant registrations will have a more drastic impact on April and May exports, the U.S. industry’s efforts to diversify markets and broaden U.S. beef’s global footprint are definitely paying dividends.”

March pork exports increased 3% year-over-year to 269,344 mt, valued at $769.7 million (up 4%). Export value per head slaughtered was the second highest on record at $73.91.

Lower outside markets helped keep Cattle futures in check Tuesday.

Toward the close, Live Cattle futures were unchanged to an average of 21¢ higher, except for 7¢ lower in spot Jun. Feeder Cattle futures were unchanged to an average of 22¢ higher, except for 52¢ lower in spot May.

Negotiated cash fed cattle trade was moderate on good demand in the Texas Panhandle through Tuesday afternoon, according to the Agricultural Marketing Service. FOB live trades were mainly steady at $218/cwt., but a few up to $219.

Trade in Kansas was light on good demand. FOB trades so far this week are steady to $2 higher at $218-$220.

Elsewhere, trade was mostly inactive on light demand.

Last week, FOB live prices were $222-$223 in Nebraska and $220-$224 in the western Corn Belt. Dressed delivered prices were $350.00/cwt., except for a few up to $352 in Nebraska.

Choice boxed beef cutout value was $1.10 higher Tuesday afternoon at $344.67/cwt. Select was $4.90 higher at $332.97.

Grain and Soybean futures were mixed Tuesday.

Toward the close and through Mar ‘26 contracts, Corn futures were 1¢ higher to 2¢ lower. Kansas City Wheat futures were 2¢ to 4¢ higher. Soybean futures were 3¢ to 5¢ lower.

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Major U.S. financial indices closed lower again Tuesday, amid chaotic comments from the Trump administration regarding progress in brokering tariff deals with U.S. trading partners.

The Dow Jones Industrial Average closed 389 points lower. The S&P 500 closed 43 points lower. The NASDAQ was down 154 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.58 to $1.89 higher through the front six contracts, with the rebound likely attributed to technical buying.

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Agricultural producer sentiment improved month to month in April, according to the latest Purdue University/CME Group Ag Economy Barometer. It rose 8 points to 147, buoyed by increased producer optimism about current and future conditions. The Index of Current Conditions climbed 9 points to 141, while the Index of Future Expectations increased 8 points to 152.

Improved sentiment came amid ongoing tensions with many of U.S. agriculture’s largest trading partners, including Mexico and Canada. Notably, a majority of producers said they believe the increased use of tariffs will ultimately benefit the U.S. agricultural economy.

“Producers seem to be gaining confidence in the ag economy’s longer-term outlook in spite of concerns they have about the impact of tariffs,” says Michael Langemeier, the barometer’s principal investigator and director of Purdue University’s Center for Commercial Agriculture. “This month’s results suggest some producers are starting to look beyond near-term uncertainty and focus more on positioning their farms for the future.”

The April survey included several questions focused on the impact of the U.S.’s tariff policy on U.S. agriculture. Even with the improvement in overall sentiment, farmers remain concerned about the near-term effects of U.S. trade policy. Over half (56%) of respondents said they expect the U.S. tariff policy to have a negative or very negative impact on their farm’s income in 2025, and 53% anticipate some difficulty in obtaining inputs as a result of higher import tariffs. Among those expecting supply challenges, fertilizer was the primary cited concern, followed by parts for farm machinery and electronics and crop chemicals.

The April barometer survey took place between April 14-21.

Cattle futures extended gains Monday with follow-through support from last week’s stronger cash fed cattle prices.

Toward the close, Live Cattle futures were an average of $1.43 higher. Feeder Cattle futures were an average of $2.05 higher.

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

Last week, FOB live prices were $6 higher in the Texas Panhandle at $218/cwt., $5-$8 higher in Kansas at $218, $4-$5 higher in Nebraska at $222-$223 and $5 higher in the western Corn Belt at $222-$223.

Dressed delivered prices were $7-$10 higher in Nebraska at $350 with a few up to $352, and $8-$10 higher in the western Corn Belt at $350.

Last week’s weighted average five-area direct FOB live fed steer price was $4.65 higher at $220.97/cwt. The weighted average dressed delivered fed steer price was $7.95 higher at $349.37.

Choice boxed beef cutout value was 67¢ higher Monday afternoon at $343.57/cwt. Select was $2.72 higher at $328.07.

Grain and Soybean futures were lower Monday with pressure from planting progress and favorable domestic weather.

Toward the close and through Mar ‘26 contracts, Corn futures were mostly 13¢ to 14¢ lower in the front two contracts and then 7¢ lower. Kansas City Wheat futures were mostly 8¢ to 9¢ lower. Soybean futures were 7¢ to 12¢ lower.

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Major U.S. financial indices closed lower Monday, but off of session lows as traders continue uncertain of the U.S. tariff fallout.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 95¢ to $1.27 lower through the front six contracts.

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Recent rains in the Southern Plains brighten herd expansion prospects for the region, according to Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments.

Peel explains heifer retention could come with increased unplanned (impulse) breeding of yearling heifers that were categorized as “other” heifers in the Jan. 1 Cattle report rather than as “replacement” heifers.

“Historical data shows that an average of roughly 13% of ‘other’ heifers is typically bred each year as part of the total bred beef heifer supply the following January,” Peel says. “During the last herd expansion from 2014-2019, this percentage increased to over 18%, meaning that an additional 300,000-400,000 head of heifers were diverted from the feeder supply to breeding for the cow herd. A slower pace is expected in 2025, but impulse heifers breeding is likely to increase this year.”

Of course, beef producers can also expand the herd via increased retention of heifer calves. Peel explains these would be generally available to breed in 2026 and enter the cow herd in 2027. He notes fall-born heifers weaned in the next couple of months could be bred in late 2025 and calve in the fall of 2026.

“Heifer retention may be starting but the pace appears to be relatively slow, certainly much slower than the last herd expansion a decade ago,” Peel says. “If heifer retention is accelerating, the most immediate impact will be reduced feeder cattle supplies available for placement in feedlots.”

Listen to more of Peel’s market insights here.