Daily Market Highlights

Cattle futures closed higher Friday, continuing to ride bullish fundamentals and stronger cash prices.

Live Cattle futures closed an average of $1.88 higher.

Feeder Cattle futures closed an average of $2.38 higher.

Week to week on Friday, Live Cattle futures closed an average of $2.25 higher. Feeder Cattle futures were an average of $1.85 higher during the same period (52¢ higher at the back to $4.42 higher at the front).

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

For the week, FOB live prices were $6 higher in the Texas Panhandle at mostly $218/cwt., $5-$8 higher in Kansas at mostly $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 and $8-$10 higher in the western Corn Belt at $350.

Choice boxed beef cutout value was 27¢ lower Friday afternoon at $342.90/cwt. Select was $1.07 higher at $325.35. Week to week on Friday, Choice was $6.42 higher and Select was $5.24 higher.  

Grain and Soybean futures closed higher Friday, helped along by the week’s bullish outside markets and what was considered to be a sign of easing tariff tensions with China.

Corn futures closed mostly 1¢ to 2¢ higher, except for 3¢ lower in the front two contracts.

Kansas City Wheat futures closed 11¢ to 13¢ higher.

Soybean futures closed mostly 5¢ to 7¢ higher.

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Major U.S. financial indices closed higher Friday, buoyed by a stronger national employment report than expected.

Total nonfarm payroll employment increased by 177,000 in April, according to the U.S. Bureau of Labor Statistics. The unemployment rate was unchanged at 4.2%.

Average hourly earnings for all employees on private nonfarm payrolls in April rose by 6¢ to $36.06. Over the past 12 months, average hourly earnings have increased by 3.8%.

The Dow Jones Industrial Average closed 564 points higher. The S&P 500 closed 82 points higher. The NASDAQ was up 266 points.

West Texas Intermediate Crude Oil futures (CME) closed 56¢ to 95¢ lower through the front six contracts.

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Cattle feeders continue to demonstrate their ability to add days and pounds to fed cattle.

Estimated total cattle slaughter last week of 559,000 head was 4,000 head more than the previous week but 63,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 10.1 million head was 649,000 head less (-6.0%) than the same period last year. Year-to-date estimated beef production of 8.8 billion pounds was 214.3 million pounds less (-2.4%).

At the same time, Josh Maples, Extension livestock economist at Mississippi State University points out the percentage of carcasses grading Choice and higher continues to increase.

“Choice carcasses represented about 50-55% of the cattle in the 2000s but have been more recently hovering in the 75% range,” Maples says, in the most recent issue of Cattle Market Notes Weekly. “Genetic improvements, cow-calf and stocker management practices and feedlot technologies have played roles in this increase. It is also worth noting the more recent increase in carcasses grading prime. About 3-4% of cattle graded prime in the 2000s compared to 10-12% in recent years. For the past few weeks, more cattle have graded prime than select.”

Cattle futures were mainly lower Thursday, despite the previous day’s surge in cash fed cattle prices. Toward the close, Live cattle futures were an average of 52¢ lower, except for an average of 79¢ higher in the front two contracts.

Feeder Cattle futures were an average of $1.39 lower, except for 47¢ higher in spot May with likely follow-through technical pressure.

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

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

Dressed delivered prices are $7-$10 higher in Nebraska at $350 and $8-$10 higher in the western Corn Belt at $350.

Choice boxed beef cutout value was $2.14 lower Thursday afternoon at $343.17/cwt. Select was $2.26 higher at $324.28.

Grain and Soybean futures were mixed Thursday with likely influence from weekly export sales.

Toward the close and through Sep ’25 contracts, Corn futures were fractionally lower to 4¢ lower. Net U.S. corn export sales for the week ending April 25 were 12% less than the previous week and 13% less than the prior four-week average, according to the weekly USDA export sales report.

Kansas City Wheat futures were 1¢ lower after 7¢ higher in spot May. Net U.S. wheat export sales were down noticeably from the previous week and down 24% from the prior four-week average.

Soybean futures were 5¢ to 6¢ higher. Net U.S. soybean export sales 55% higher week to week and 27% more than the prior four-week average.  

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

The Dow Jones Industrial Average closed 83 points higher. The S&P 500 closed 35 points higher. The NASDAQ was up 264 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 73¢ to 82¢ higher through the front six contracts.

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Projected net cattle feeding returns improved month to month, mainly reflecting higher fed cattle prices, according to the latest Historical and Projected Kansas Feedlot Net Returns.

Projected net returns for fed steers during the next six months range from $170.44 per head in September to $359.28 in May. Projected feedlot cost of gain during the same period ranges from $99.91/cwt. in May to $104.40 in September.

Keep in mind that projections reflect cash only without price risk management.

Projected returns for fed heifers are similarly positive, ranging from $171.49 per head in September to $314.48 in June. Projected feedlot cost of gain ranges from $106.60/cwt. In May to $111.89 in September.

Cattle futures were higher Monday, supported by another week of stronger cash fed cattle prices and a day of sharply higher wholesale beef values.

Toward the close, Live Cattle futures were an average of 83¢ (20¢ higher toward the back to $1.50 higher at the front).

Feeder Cattle futures were an average of 51¢ higher (12¢ to $1.37 higher).

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

Last week, FOB live prices were $2-$4 higher in the Texas Panhandle at $210-$214/cwt., steady to $3 higher in Kansas at $210-$213, mostly $4-$6 higher in Nebraska at mainly $218 and mostly $5-$6 higher in the western Corn Belt at mainly $217-$218.

Dressed delivered prices were $3-$8 higher in Nebraska at $340-$343 and $5-$7 higher in the western Corn Belt at $340-$342.

Last week’s five-area direct weighed average FOB live fed steer price was $4.69 higher at $216.32/cwt. The weighted average dressed delivered steer price was $4.61 higher at $341.42.

Choice boxed beef cutout value was $6.29 higher Monday afternoon at $342.77/cwt. Select was $5.01 higher at $325.12.

Corn and Kansas City Wheat futures were lower Monday, pressured by Corn’s strong planting pace (see below).

Toward the close and through Sep ’25 contracts, Corn futures were 2¢ to 4¢ lower. Kansas City Wheat futures were 10¢ to 12¢ lower. Soybean futures were 1¢ lower to 2¢ higher.  

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Major U.S. financial indices closed mostly higher Monday, with positive quarterly earnings reports from the likes of Apple.

The Dow Jones Industrial Average closed 114 points higher. The S&P 500 closed 3 points higher. The NASDAQ was down 16 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were an average of 88¢ to $1.17 lower through the front six contracts.

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Corn planting continues at a strong early pace, according to USDA’s Crop Progress report for the week ending April 27. There was 24% of the crop in the ground compared to 25% at the same time last year and 22% for the five-year average; 5% was emerged versus 6% a year earlier and 4% for average.

As for soybeans, 18% were planted, which was 1% more than the same week last year and 6% more than average.

Winter wheat condition gained with 50% rated as Good (40%) or Excellent (9%), compared to 45% a week earlier and on part with the same time last year. However, 19% was rated as Poor (14%) or Very Poor (5%) compared to 16% a year earlier. 27% of the crop was headed, compared to 28% the previous year and 22% for average.

Cattle futures were narrowly mixed to higher Friday, supported by the week’s stronger outside markets and the prospects for negotiated cash fed cattle prices retaining recent gains.

Live Cattle futures closed narrowly mixed, from unchanged to an average of 12¢ lower in four contracts, to an average of 34¢ higher.

Feeder Cattle futures closed an average of $1.65 higher.

For the week, Monday through Friday, Live Cattle futures closed an average of $3.38 higher. During the same period, Feeder Cattle futures closed an average of $4.76 higher, receiving added support from Corn futures that were an average of 6’6¢ lower through the front six contracts during the same period, pressured by planting progress.

Weekly negotiated cash fed cattle trade remained to be established with light trade on moderate demand in all major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.

There were a few live FOB trades at $212/cwt. in the Texas Panhandle and $218 in Kansas, but too few transactions to trend.

The previous week, FOB live prices were $208-$210/cwt. in the Texas Panhandle, $210 in Kansas, $212-$214 in Nebraska and $212 in the western Corn Belt. Dressed delivered prices were $332-$340 in Nebraska and $335 in the western Corn Belt.

Choice boxed beef cutout value was $2.78 higher Friday afternoon at $336.48/cwt. Select was $3.76 higher at $320.11. Week to week on Friday, Choice was $4.97 higher and Select was $4.56 higher.

Estimated total cattle slaughter last week of 555,000 head was 21,000 head fewer than the previous week and 59,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 9.6 million head was 589,000 head fewer (-5.8%) than the same period last year. Estimated year-to-date beef production of 8.3 billion pounds was 178.7 million pounds less (-2.1%).

Turning to the grain complex, futures were mixed on Friday.

Corn futures closed mostly fractionally lower to 1¢ lower. Kansas City Wheat futures closed mostly fractionally higher. Soybean futures closed mostly fractionally higher to 1¢ higher, except for 1¢ to 3¢ lower in the front three contracts.  

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Major U.S. financial indices closed higher Friday, buoyed by gains in tech stocks.

The Dow Jones Industrial Average closed 20 points higher. The S&P 500 closed 40 points higher. The NASDAQ was up 216 points.

West Texas Intermediate Crude Oil futures (CME) closed an average of 18¢ higher through the front six contracts.

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Total pounds of beef in freezers March 31 were 2% less than the previous month but 1% more than the previous year, according to the latest USDA Cold Storge report.

“Gains were driven primarily by a +10.2% increase in beef cuts to 40 million pounds, whereas boneless beef declined only marginally by -0.2% to 387 million pounds,” explain analysts with the Livestock Marketing Information Center (LMIC), in the latest Livestock Monitor.

Frozen pork supplies were down slightly from the previous month and down 9% from last year.

Total red meat supplies in freezers were down 1% from the previous month and down 4% from the previous year.

Total frozen poultry supplies were 1% more than the prior month but 3% less than the previous year.

Cattle futures were higher Thursday, supported by stronger outside markets and the prospects for steady to higher cash fed cattle prices this week.

Toward the close, Live Cattle futures were an average of 51¢ higher, except for 2¢ lower in near Jun. Feeder Cattle futures were an average of 65¢ higher.

Negotiated cash fed cattle trade ranged from light on moderate demand in Kansas to mostly inactive on very light demand elsewhere through Thursday afternoon, according to the Agricultural Marketing Service. There were too few transactions to trend in any region.

Last week, FOB live prices were $208-$210/cwt. in the Texas Panhandle, $210 in Kansas, $212-$214 in Nebraska and $212 in the western Corn Belt. Dressed delivered prices were $332-$340 in Nebraska and $335 in the western Corn Belt.

Choice boxed beef cutout value was $1.73 higher Thursday afternoon at $333.70/cwt. Select was $1.83 higher at $316.35.

Grain and Soybean futures were higher Thursday.

Toward the close and through Sep ’25 contracts, Corn futures were unchanged to 4¢ higher. Kansas City Wheat futures were fractionally higher to 1¢ higher. Soybean futures were 10¢ to 14¢ higher

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

The Dow Jones Industrial Average closed 486 points higher. The S&P 500 closed 108 points higher. The NASDAQ was up 457 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 47¢ to 54¢ higher through the front six contracts.

Cattle futures were higher Wednesday, helped along by firmer outside markets.

Toward the close, Live Cattle futures closed an average of 89¢ higher. Feeder Cattle futures closed an average of 73¢ higher.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand in Kansas to a standstill elsewhere through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $208-$210/cwt. in the Texas Panhandle, $210 in Kansas, $212-$214 in Nebraska and $212 in the western Corn Belt. Dressed delivered prices were $332-$340 in Nebraska and $335 in the western Corn Belt.

Choice boxed beef cutout value was 24¢ higher Wednesday afternoon at $331.97/cwt. Select was $3.13 lower at $314.52.

Grain and Soybean futures were mixed Wednesday.

Toward the close and through Sep ’25 contracts, Corn futures were 3¢ to 4¢ lower. Kansas City Wheat futures were 7¢ to 8¢ lower. Soybean futures were 2¢ to 6¢ higher.

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Major U.S. financial indices extended gains Wednesday as the White House rhetoric toward the Federal Reserve cooled.

The Dow Jones Industrial Average closed 419 points higher. The S&P 500 closed 88 points higher. The NASDAQ was up 407 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.01 to $1.40 lower through the front six contracts.

Cattle futures rebounded Tuesday, following outside markets higher just they followed them lower the previous day.

Toward the close, Live Cattle futures were an average of $1.94 higher. Feeder Cattle futures were an average of $2.50 higher.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $208-$210/cwt. in the Texas Panhandle, $210 in Kansas, $212-$214 in Nebraska and $212 in the western Corn Belt. Dressed delivered prices were $332-$340 in and $335 in the western Corn Belt.

Choice boxed beef cutout value was $1.79 lower Tuesday afternoon at $331.73/cwt. Select was $1.12 lower at $317.65.

Grain and Soybean futures were mixed Tuesday.

Toward the close and through Sep ’25 contracts, Corn futures were 6¢ to 7¢ lower, pressured by the fast planting clip with 12% in the ground April 20, according to the latest USDA Crop Progress report.

Kansas City Wheat futures were 4¢ to 6¢ lower.

Soybean futures were fractionally higher to 5¢ higher.  

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Major U.S. financial indices surged higher Tuesday as investors looked past infighting between the White House and Federal Reserve.

The Dow Jones Industrial Average closed 1,016 points higher. The S&P 500 closed 129 points higher. The NASDAQ was up 429 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.10 to $1.14 lower through the front six contracts.

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Gloominess continues for the rural economy, according to the latest Creighton University Rural Mainstreet Index (RMI). The overall index declined 1.1 points to 40.0 in April, the 19^th time in the past 20 months with a reading below growth neutral. 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,” says Ernie Goss, the Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business. “Despite the negative fallout from tariffs, 75% of bankers support the tariffs on China, and 79.2% back the 90-day pause on other tariffs.”

Three of four bankers back the President’s recent substantial increase in tariffs on imports from China. Only one in four support a return to January 1, 2025, tariffs on imports from China. 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.

“Rural bankers remain pessimistic about economic growth for their area over the next six months. The April confidence index increased to a weak 36.0 from March’s 30.4.,” Goss says. “Weak grain prices and negative farm cash flows, combined with downturns in farm equipment sales over the past several months, pushed banker confidence lower.”

Cattle futures closed lower Monday, pressured by the sinking equities and perhaps added pressure from last week’s Cattle on Feed report which indicated more placements than expected last month.

Toward the close, Live Cattle futures were an average of 34¢ lower, except for 20¢ higher in the back contract. Feeder Cattle futures were an average of $1.78 lower.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were $4-$6 higher in the Texas Panhandle at $208-$210/cwt., $6 higher in Kansas at $210, $4-$6 higher in Nebraska at $212-$214 and $4 higher in the western Corn Belt at $212. Dressed delivered prices were $5-$12 higher in Nebraska at $332-$340 and $7-$8 higher in the western Corn Belt at $335.

The five-area direct weighted average FOB live fed steer price last week was $3.93 higher at $211.63/cwt. The weighted average dressed delivered fed steer price was $9.10 higher at $336.81.

Choice boxed beef cutout value was $2.00 higher Monday afternoon at $333.52/cwt. Select was $3.22 higher at $318.77.

Grain and Soybean futures were lower Monday, with little direction other than turbulence in the outside markets.

Toward the close and through Sep ’25 contracts, Corn futures were unchanged to 2¢ lower. Kansas City Wheat futures were 5¢ lower. Soybean futures were 6¢ to 8¢ lower.  

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Major U.S. financial indices closed sharply lower Monday, fueled concerns about the growing conflict between the White House and Federal Reserve.

The Dow Jones Industrial Average closed 971 points lower. The S&P 500 closed 124 points lower. The NASDAQ was down 415 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.29 to $1.38 lower through the front six contracts.

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The latest Cattle on Feed report could point to initial U.S. beef cow herd expansion, says Derell Peel, Extension livestock marketing specialist at Oklahoma State University. There were 4.38 million heifers on feed April 1, which was 3.9% less than the previous year. According to Peel, heifers on feed represented 37.6% of the mix, which was 4.3% less than January’s heifer inventory, representing the lowest quarterly total since July 2021 and the lowest percentage since April 2020.

“The heifer percentage has averaged over 39% for the past 16 quarters,” Peel says in weekly market comments. “This may be the first solid evidence that some heifer retention is beginning. It is not definitive nor very strong yet – the current heifer on-feed percentage is still fractionally above the long-term average percentage. During herd expansion the heifer percentage is expected to drop below 35% for several quarters. The next quarterly update in July may confirm the declining heifer on-feed percentage and heifer retention if the percentage drops below 37%.”

Negotiated cash fed cattle trade ranged from limited on light demand in the western Corn Belt to inactive on very light demand elsewhere through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were $4-$6 higher in the Texas Panhandle at $208-$210/cwt., $6 higher in Kansas at $210, $4-$6 higher in Nebraska at $212-$214 and $4-$7 higher in the western Corn Belt at $212-$215. Dressed delivered prices were $5-$12 higher in Nebraska at $332-$340 and $7-$8 higher in the western Corn Belt at $335.

Choice boxed beef cutout value was $1.38 lower Friday afternoon at $331.51/cwt. Select was 84¢ lower at $315.55.

Estimated total cattle slaughter last week of 576,000 head was 12,000 head more than the previous week but 42,000 head fewer than the same week a year earlier. Year-to-date estimated total cattle slaughter of 9.0 million head was 530,000 head fewer (-5.6%). Estimated year-to-date beef production of 7.6 billion pounds was 147.2 million pounds less (-1.8%).

Equity and futures markets were closed Friday in observance of Good Friday. Cattle futures trended higher during the week, supported by stronger negotiated cash fed cattle prices.

Live Cattle futures closed an average of $6.27 higher week to week on Thursday ($4.25 higher at the back to $8.98 higher at the front.

Week to week on Thursday, Feeder Cattle futures closed an average of $9.41 higher.

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Retail beef prices continued to trend higher through the first quarter of 2025.

“In March, the all-fresh retail beef price reached a record of $8.42 per pound, up +6.8% (54¢ per pound) from the prior year,” say analysts with the Livestock Marketing Information Center (LMIC), in the latest Livestock Monitor. “The ground beef price surged to a record of $6.14 per pound in March, up +11.1% (62¢ per pound) from last year. Roasts were at $7.99 per pound in March, essentially unchanged from last month’s record of $8.00 per pound, and up +8.1% (60¢ per pound) from last year. Steaks were $11.92 per pound, an increase of +3.4% (39¢ per pound) from the same month last year.”

For broader perspective, LMIC analysts say the retail pork price was $4.95 per pound in March, near the record high of $5.04 in October 2022. The retail bacon price in March was just below $7 per pound at $6.98 per pound, an increase of +5.6% (37¢ per pound) from the prior year.

The broiler composite retail chicken price of $2.45 per pound in March was 2¢ per pound more than last year. Eggs were a record-high $6.23 per pound in March, more than double the $2.99 per pound the prior year.

Negotiated cash fed cattle trade and demand were moderate in the Texas Panhandle through Thursday afternoon, according to the Agricultural Marketing Service. FOB live prices were $4 higher at $208/cwt.

Elsewhere, trade was limited on light-to-moderate demand with too few transactions to trend. However, private sources were reporting higher prices in the North, too.

Last week, FOB live prices were $204 in Kansas and $208 in the North, where dressed delivered prices were $327-$328.

Choice boxed beef cutout value was 63¢ lower Thursday afternoon at $332.90/cwt. Select was $2.00 higher at $316.39.

Cattle futures continued higher Thursday, supported by higher cash fed cattle prices.

Toward the close, Live Cattle futures were an average of 92¢ higher (12¢ higher toward the back to $2.67 higher in spot Apr), except for 25¢ lower in away-Aug.

Feeder Cattle futures were an average of $1.50 higher (22¢ higher toward the back to $3.37 higher in spot Apr), except for an average of 9¢ lower in the back two contracts.

Grain and Soybean futures were mainly lower Thursday, with likely profit taking and positioning ahead of the long weekend.

Toward the close and through Sep ’25 contracts, Corn futures fractionally lower to 1¢ lower. Kansas City Wheat futures were mostly 1¢ to 3¢ lower. Soybean futures were mostly 2¢ to 3¢ lower.  

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Major U.S. financial indices closed mixed Thursday, pressured by tech and health care.

The Dow Jones Industrial Average closed 527 points lower. The S&P 500 closed 7 points higher. The NASDAQ was down 20 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.77 to $1.98 higher through the front six contracts.

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Depending on what the trade factored in, Thursday’s monthly Cattle on Feed report might be viewed as a touch bearish with more placements than expected.

Feedlots with 1,000 head or more capacity placed 1.8 million head in March, which was 89,000 head more (5.1%) than the previous year and 1.4% more than expectations ahead of the report.

In terms of placement weights, 34% went of feed weighing less than 699 lbs., 54% weighing 700-899 lbs. and 12% weighing 900 lbs. or more.

Marketings in March of 1.7 million head were 18,000 head more (1.1%) than a year earlier, slightly more than pre-report expectations.

Cattle on feed April 1 of 11.6 million head were 188,000 fewer (-1.6%) than the previous year, which was in line with expectations.

The inventory included 7.3 million steers and steer calves, down slightly from the previous year. Heifers and heifer calves accounted for 4.4 million head, down 4% from the same time in 2024.