Daily Market Highlights

Cattle futures were softer again Friday with pressure from declining wholesale beef values and lower outside markets.

Live cattle futures closed an average of $1.26 lower.

Feeder Cattle futures closed an average of $2.34 lower, except for unchanged in spot Sep.

Week to week on Friday, Live Cattle futures closed an average of $3.60 lower and Feeder Cattle futures closed an average of $5.80 lower.

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

For the week, FOB live prices were steady in the Texas Panhandle at $242/cwt., steady to $1 higher in Kansas at $242-$243 and $2-$3 lower in the North at $242-$243. Dressed delivered prices were mostly $2 lower at mainly $383.

Choice boxed beef cutout value was $3.45 lower Friday afternoon at $410.76. Select was $2.58 lower at $385.19. Week to week on Friday, Choice was $4.65 lower and Select was $4.81 lower.

 Total cattle slaughter during the holiday-shortened week of 487,000 head was 78,000 head fewer than the previous week and 61,000 head fewer than the same week last year. Total year-to-date cattle slaughter of 19.9 million head was 1.5 million head fewer (-7.0%) than the same time last year. Total year-to-date beef production of 17.4 billion pounds was 747.7 million pounds less (-4.1%).

Grain and Soybean futures were lower Friday with 

Corn futures unchanged to 1¢ lower. Kansas City Wheat futures were mostly 1¢ lower. Soybean futures closed 3¢ to 6¢ lower through Sep ’26 and then 1¢ to 2¢ lower.

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Major U.S. financial indices closed lower Friday as concerns about the domestic economy ran ahead of optimism for interest rate cuts tied to a sluggish labor outlook.

Total nonfarm payroll employment changed little in August and has shown little change since April, according to the U.S. Bureau of Labor Statistics. The unemployment rate was also little changed at 4.3%.

Average hourly earnings for all employees on private nonfarm payrolls rose by 10¢ in August to $35.63. Over the past 12 months, average hourly earnings have increased by 3.7%.

The Dow Jones Industrial Average closed 220 points lower. The S&P 500 closed 20 points lower. The NASDAQ was down 7 points.

West Texas Intermediate Crude Oil futures (CME) were $1.30 to $1.61 lower through the front six contracts.

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Market access obstacles continued to weigh heavily on exports of U.S. beef, with the vast majority of plants still ineligible to ship to China, according to the U.S. Meat Export Federation (USMEF).

U.S. beef exports declined 19% year over year in July to 89,579 metric tons, and export value dropped 17% to $752.5 million, the lowest value since 2023, according to data released by USDA and compiled by the USMEF.

“The plant registration impasse with China unfortunately drags on, and it has left U.S. beef essentially shut out of the market after exporters worked through their eligible inventories,” explains Dan Halstrom USMEF president and CEO. “Demand elsewhere has remained fairly resilient, even in the face of higher pricing, but restoring access to China is clearly the urgent priority. Export value and share of production exported declined in July, reflecting the loss of competing bids from Chinese buyers.”

From January through July, exports were 8% below last year in volume (691,800 mt) and down 7.5% in value ($5.67 billion).

July beef exports equated to $368.09 per head of fed slaughter, down 12% from a year ago. Through July, the per-head average was down 4% to $403.89.

Cattle futures were mixed Tuesday after a strong start with likely pressure from more bearish outside markets.

Toward the close, Live cattle futures were narrowly mixed, from an average of 10¢ lower in six contracts to an average of 14¢ higher.

Feeder Cattle futures were mixed, from an average of 85¢ lower in four contracts to an average of $1.57 higher.

Negotiated cash fed cattle trade was 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 $2 higher in the Southern Plains at $242.00/cwt. and steady in the North at $245. Dressed delivered prices were steady at mainly $385.

The five-area direct weighted average FOB live fed steer price was 65¢ less week to week at $243.60/cwt. The dressed delivered fed steer price was 52¢ lower at $385.65.

Choice boxed beef cutout value was $1.99 lower Tuesday afternoon at $413.42. Select was $3.83 lower at $386.17.

Grain and Soybean futures were mixed Tuesday. 

Toward the close and through away Jly contracts, Corn futures were 2¢ to 5¢ higher on yield pressure. Trade uncertainty helped pressure Kansas City Wheat futures 8¢ to 9¢ lower and Soybean futures 11¢ to 14¢ lower.

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Major U.S. financial indices closed lower Tuesday with pressure tariff uncertainty stemming from Friday’s federal appeals court ruling that most of the tariffs imposed by the Trump administration are illegal.

The Dow Jones Industrial Average closed 249 points lower. The S&P 500 closed 44 points lower. The NASDAQ was down 175 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.60 to $1.69 higher through the front six contracts.

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Agricultural producer sentiment declined in August for the third consecutive month, according to the Purdue University-CME Group Ag Economy Barometer Index. It was 10 points lower month to month at 125. The Future Expectations Index drove the decline, falling 16 points to 123, the lowest level since last September. Conversely, the Current Conditions Index rose 2 points to 129.

“Sentiment differed widely among producers according to whether their operations focused mainly on crops or livestock,” according to Ag Barometer analysts. “Crop producers responded with much less optimism than their livestock counterparts, reflecting the profitability disparity between the two enterprises. Beef cattle operations, in particular, are experiencing record profitability as the smallest cattle inventory since 1951 has pushed cattle prices to record levels. This stands in sharp contrast to returns for crop production, which have weakened in 2025.”

The August barometer survey took place from Aug. 11-15, 2025.

Cattle futures regained the previous session’s losses and more on Friday as traders retrenched for the beginning of a new month.

Live cattle futures were an average of $2.70 higher and Feeder Cattle futures were an average of $3.89 higher.

Week to week on Friday, Live Cattle futures closed an average of $2.61 higher and Feeder Cattle futures closed an average of $3.23 higher.

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

For the week, FOB live prices were $2 higher in the Southern Plains at $242.00/cwt. and steady in the North at $245. Dressed delivered prices were steady at mainly $385.

Choice boxed beef cutout value was $1.00 higher Friday afternoon at $415.41. Select was $4.16 higher at $390.00. Week to week on Friday, Choice boxed beef cutout value was $7.50 higher and Select was $6.34 higher.

Estimated total cattle slaughter last week of 565,000 head was 14,000 head more than the previous week but 52,000 head fewer than the same week last year. Estimated total year-to-date cattle slaughter of 19.5 million head was 1.4 million head fewer (-6.9%) than the same time last year. Estimated year-to-date beef production of 16.9 billion pounds was 707 million pounds less (-4.0%).

Grain and Soybean futures strengthened again Friday on likely month-end short covering. 

Corn futures were 8¢ to 12¢ higher through Jly ’26 and then mostly 2¢ to 5¢ higher with short covering at the end of the month and ahead of the long weekend. Week to week on Friday, Corn futures were an average of 8’5¢ higher through the front six contracts, supported by increasing belief that this year’s crop may be record-large but smaller than what USDA projected in the August World Agricultural Supply and Demand Estimates.

Also on Friday, Kansas City Wheat futures closed mostly 3¢ to 4¢ higher. Soybean futures closed mostly 5¢ to 7¢ higher.

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Major U.S. financial indices closed lower Friday with likely week-end and month-end position squaring.

The Dow Jones Industrial Average closed 92 points lower. The S&P 500 closed 41 points lower. The NASDAQ was down 249 points.

West Texas Intermediate Crude Oil futures (CME) were 59¢ to 62¢ lower through the front six contracts.

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When cattle prices ultimately peak and then decline, and to what degree, is unknown, however, current dynamics suggest strong prices for two more years, according to Andrew P. Griffith, agricultural economist at the University of Tennessee (UT).

With that in mind, Griffith provides insight to bred heifer values for those considering herd expansion. Based on UT research several years ago, he says young cows bred approximately six months were generally valued at 2.5 times the value of a 550 pound freshly weaned heifer.

“This means young, bred cows (today) would be valued near $4,700 per head for large frame cows with a proven history of producing calves,” Griffith explains in his weekly market comments. “Bred heifers tend to be discounted slightly due to having a higher risk of calving difficulties, rejecting a calf, and ultimately no history of rearing a calf. Thus, either side of $4,000 seems to be the going rate for these animals.”

Cattle futures closed lower Thursday with likely profit taking ahead of the long weekend.

Toward the close, Live cattle futures were an average of $2.03 lower. Feeder Cattle futures were an average of $2.87 lower, except for 55¢ higher in expiring Aug.

Negotiated cash fed cattle trade was moderate on moderate demand in Kansas through Thursday afternoon, according to the Agricultural Marketing Service. FOB live prices were $2 higher at $242/cwt.

Elsewhere, trade was mostly inactive on moderate demand. Last week, FOB live prices were $240 in the Texas Panhandle and $245 in the North. Dressed delivered prices were $385-$392 in Nebraska and $385-$390 in the western Corn Belt on a light test.

Choice boxed beef cutout value was $2.57 higher Thursday afternoon at $414.41. Select was $1.87 lower at $385.84.

Weekly net U.S. beef sales for 2025 the week ending Aug. 21 of 13,600 metric tons were 34% more than the previous week and 40% more than the prior four-week average. Increases were primarily for Japan, South Korea, Hong Kong, Mexico and Taiwan.

Grain and Soybean futures strengthened Thursday on likely month-end short covering. 

Toward the close and through away Jly contracts, Corn futures were 4¢ to 5¢ higher. Kansas City Wheat futures were 2¢ to 3¢ higher. Soybean futures fractionally mixed to 2¢ higher.

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Major U.S. financial indices closed higher Thursday with support including strong quarterly corporate earnings from artificial intelligence computing giant, Nvidia, and more domestic economic growth in the second quarter than expected.

Real gross domestic product (GDP) increased at an annual rate of 3.3% in the second quarter of 2025, according to the second estimate released by the U.S. Bureau of Economic Analysis.

The Dow Jones Industrial Average closed 71 points higher. The S&P 500 closed 20 points higher. The NASDAQ was up 115 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 15¢ to 20¢ higher through the front six contracts.

Cattle futures continued to push higher Wednesday. As the week wears on there is likely to be some profit taking ahead of the long weekend.

Toward the close, Live cattle futures were an average of 70¢ higher, except for 17¢ lower in waning spot Aug.

Feeder Cattle futures were an average of 96¢ higher.

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

Although too few to trend, there were some early live FOB trades in Kansas at $242/cwt.

Last week, FOB live prices were $240 in the Southern Plains and $245 in the North. Dressed delivered prices were $385-$392 in Nebraska and $385-$390 in the western Corn Belt on a light test.

Wholesale beef prices softened a touch. Choice boxed beef cutout value was $1.33 lower Wednesday afternoon at $411.84. Select was $3.05 lower at $387.71.

Grain and Soybean futures settled lower Wednesday. 

Toward the close and through away Jly contracts, Corn futures were 3¢ to 4¢ lower. Kansas City Wheat futures were 2¢ to 6¢ lower. Soybean futures 1¢ to 2¢ lower.

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Major U.S. financial indices crawled higher again Wednesday.

The Dow Jones Industrial Average closed 147 points higher. The S&P 500 closed 15 points higher. The NASDAQ was up 45 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 26¢ to 61¢ higher through the front six contracts.

Cattle futures rebounded and gained on bullish fundamentals Tuesday, following the previous session’s volatility tied to news of New World screwworm confirmed in a U.S. resident, who was infected while traveling in South America.

Toward the close, Live cattle futures were an average of $1.57 higher. Feeder Cattle futures were an average of $2.81 higher.

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

Last week, FOB live prices were $240/cwt. in the Southern Plains and $245 in the North. Dressed delivered prices were $385-$392 in Nebraska and $385-$390 in the western Corn Belt on a light test.

Choice boxed beef cutout value was $4.68 higher Tuesday afternoon at $413.17. Select was $5.38 higher at $390.76.

Turning to the grain complex, Grain and Soybean futures were mixed again Tuesday.  

Toward the close and through Jly contracts,

Corn futures were 2¢ to 3¢ lower, pressured by chart resistance.

Kansas City Wheat futures were 2¢ to 4¢ lower with weight including harvest pressure and global supplies.

Soybean futures were fractionally higher to 3¢ higher.

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Major U.S. financial indices edged higher Tuesday.

The Dow Jones Industrial Average closed 135 points higher. The S&P 500 closed 26 points higher. The NASDAQ was up 94 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.36 to $1.43 lower through the front six contracts.

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Domestic consumer beef demand continues to defy dogeared economic rules of thumb. As beef supplies decrease and retail beef prices increase, demand continues to strengthen. Based on USDA data, the second-quarter all-fresh retail beef demand index reached its highest level in at least 25 years, according to a recent research brief, U.S. Beef Attracts More Customers than it Can Handle from CoBank’s Knowledge Exchange.

“Twelve months ago, the question was whether beef demand would hold up at higher prices, but today most analysts are fairly certain that beef value risk is to the upside,” says Brian Earnest, CoBank lead animal protein economist. “Retail per capita beef consumption is headed for 60 pounds this year. U.S. consumers can’t seem to get enough protein these days, and among animal proteins beef remains king.”

According to the most recent inflation data released by the U.S. Bureau of Labor Statistics, core inflation was up 2.9% year-over-year. Beef price increases towered in comparison. The all-fresh retail beef prices surged by 9% for the year, hitting $8.90 per pound. Yet consumer beef demand remains unabated.

Several factors currently shape consumer food buying behaviors and their preference for beef, according to the CoBank research brief: heightened interest in dietary protein, changing health perceptions surrounding beef and the availability of restaurant-quality beef at retail grocery stores.

U.S. cattle producers improved beef carcass quality significantly in recent decades with 95% of U.S. carcasses now grading Choice or higher.

“The COVID-19 pandemic led us to a place where ‘leveling up’ through access to luxury goods is prioritized over luxury services,” Earnest says. “And beef, specifically high-quality beef, is a luxury good that can be accessed for at-home consumption at a fraction of the cost at fine dining establishments.”

Consumer perceptions surrounding the health aspects of eating beef have also improved in recent years. Fitness-conscious consumers who laud protein content for muscle production often favor beef. The advent of GLP-1 medications for weight loss have also sparked more widespread consumer interest in increasing the amount of protein in their diets.

Cattle futures gapped lower on the open Monday, pressured by Friday’s Cattle on Feed report and Headlines about a human case of New World screwworm being confirmed in the U.S. (see below). However, Cattle futures recovered much of the lost ground by the end of the session.

Toward the close, Live cattle futures were narrowly mixed, from an average of 63¢ lower in four contracts to an average of 61¢ higher.

Feeder Cattle futures were an average of 79¢ lower, except for $1.05 higher in spot Aug.

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

Last week, FOB live prices were mostly $5 higher in the Southern Plains at $240/cwt., steady to $2 higher in Nebraska at $245 and steady to $5 higher in the western Corn Belt at $245. Dressed delivered prices were $5-$7 higher in Nebraska at $385-$392 and $5 higher in the western Corn Belt at $385-$390 in a light test.

The weighted average five-area direct FOB live fed steer price last week was $2.24 higher at $244.25. The weighted average dressed delivered fed steer price was $3.39 higher at $386.17.

Choice boxed beef cutout value was 58¢ higher Monday afternoon at $408.49. Select was $1.72 higher at $385.38.

Turning to the grain complex, Grain Corn and Soybean futures were mixed on Monday.

Toward the close and through Jly contracts,

Corn futures were 1¢ higher. Kansas City Wheat futures were fractionally lower to 2¢ higher. Soybean futures were mostly 3¢ to 11¢ lower with some likely profit taking.

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Major U.S. financial indices closed lower Monday.

The Dow Jones Industrial Average closed 349 points lower. The S&P 500 closed 27 points lower. The NASDAQ was down 47 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 86¢ to $1.03 higher through the front six contracts.

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Cattle futures plunged on the open Monday, pressured by more feedlot placements than expected in Friday’s Cattle on Feed report, and especially due to the knee-jerk reaction to news that New World screwworm (NWS) had been confirmed in a U.S. citizen, who had been traveling in South America. As mentioned, futures recovered much of the lost ground by the end of the session.

“I think the main reason why the market response was limited is that there really isn’t a fundamental market implication of this announcement based on current information,” explains Kenny Burdine, Extension livestock economist at the University of Kentucky in Cattle Market Notes weekly. “Since this was a human case, and NWS has not yet been found in livestock, there is no expected supply impact. A demand response also seems unlikely, although both of those things could change if more is learned in the coming days. The announcement does serve as a clear reminder that NWS is a threat to the livestock sector and animal health officials will continue to monitor the herd and release sterile male flies in Mexico.”

As for more feedlot placements than expected, Burdine explains the 6.1% year-over-year decline was within the range of pre-report estimates.

“In truth, placements have been difficult to predict since late last year when Mexican feeder cattle imports were first halted. Over the last three months (May-July), feedlot placements have been down by 7.3%, and they are down 5.2% year-to-date.” Burdine says.

Moreover, Derrell Peel, Extension livestock marketing specialist at Oklahoma State University explains the higher placement number in July likely reflects early marketing of some calves as producers seek to exploit current prices. In Oklahoma, for instance, he says feeder cattle volumes at auction were 27.2% more year over year in the past six weeks

“Higher than expected placements occurred despite the lack of Mexican cattle imports,” Peel adds. “Texas placements were down 25% percent year over year … Total feedlot placements in July were down 104,000 head, meaning that the decrease in Texas accounts for over 91% of the total decline in monthly placements.” 

Cattle futures surged higher Friday, supported by strong fundamentals and perhaps receiving a boost from stronger outside markets.

Live cattle futures were an average of $1.73 higher. Feeder Cattle futures were an average of $4.18 higher. Week to week on Friday, Feeder Cattle futures were an average of $16.86 higher and Live Cattle were an average of $7.01 higher.

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

For the week, FOB live prices were mostly $5 higher in the Southern Plains at $240/cwt., steady to $2 higher in Nebraska at $245 and steady to $5 higher in the western Corn Belt at $245. Dressed delivered prices in Nebraska were $5-$7 higher at $385-$392.

Dressed delivered prices the previous week were $380-$385 in the western Corn Belt.

Choice boxed beef cutout value was 5¢ higher Friday afternoon at $407.91. Select was 6¢ higher at $383.66. Week to week on Friday, Choice boxed beef cutout value was $7.34 higher and Select was $12.90.

Estimated total cattle slaughter last week of 547,000 head was 17,000 head more than the previous week but 62,000 head fewer than the same week last year. Estimated total year-to-date cattle slaughter of 18.9 million head was 1.4 million head fewer (-6.9%) than the same time last year. Estimated year-to-date beef production of 16.4 billion pounds was 679.9 million pounds less (-4.0%).

Turning to the grain complex, Corn futures were mostly fractionally mixed to 1¢ lower Friday with some likely week-end profit taking, but the lower yield outlook from the Pro Farmer crop tour could help Corn futures extend gains this week. Week to week on Friday, Corn futures were an average of 5’6¢ higher through the front six contracts.

Also on Friday, Kansas City Wheat futures were 4¢ to 5¢ lower. Soybean futures were mostly 1¢ to 3¢ higher.

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Major U.S. financial indices closed sharply higher Friday, buoyed by comments from Fed Chair Jerome Powell at the organization’s annual economic policy symposium. Apparently, investors interpreted the remarks as increased willingness to reduce interest rates.

The Dow Jones Industrial Average closed 846 points higher. The S&P 500 closed 96 points higher. The NASDAQ was up 396 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 10¢ to 14¢ higher through the front six contracts.

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USDA’s monthly Cattle on Feed report indicated more placements than expected but was friendly overall.

Feedlots with 1,000 head or more capacity placed 1.6 million head in July, which was 104,000 head fewer (-6.1%) year over year, but about 2.5% more than expectations ahead of the report.

In terms of placement weights, 36% went on feed weighing 699 pounds or less, 47% weighing 700-899 lbs. and 17% weighing 900 lbs. or more.

Marketings in July of 1.7 million head were 106,000 head fewer (-5.7%) year over year, which was in line with pre-report expectations.

Cattle on feed Aug. 1 of 10.9 million head were 173,000 head fewer (-1.6%), also near expectations ahead of the report.

Cattle futures traded both sides of steady through Thursday but were mainly higher toward the close.

Live cattle futures were an average of 58¢ higher, except for unchanged and 7¢ lower in the front two contracts. Feeder Cattle futures were an average of 87¢ higher.

Keep in mind that USDA will release the monthly Cattle on Feed report Friday afternoon. Depending on who you follow, average analyst estimates peg July feedlot placements at almost 9% less year over year, July marketings at about 6% less and cattle on feed Aug. 1 at 2% less.

Negotiated cash fed cattle trade ranged from inactive on light to moderate demand in the Texas Panhandle to light to moderate on moderate to good demand in the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, FOB live prices are steady to $2 higher in Nebraska at $245/cwt. and steady to $5 higher in the western Corn Belt at $245. Dressed delivered prices in Nebraska are $5-$7 higher at $385-$392.

Last week, FOB live prices were $235 in Kansas, and dressed delivered prices were $380-$385 in the western Corn Belt. The previous week, FOB live prices were $235 in the Texas Panhandle.

Choice boxed beef cutout value was $2.01 higher Thursday afternoon at $407.86. Select was 44¢ higher at $383.60.

Weekly net U.S. beef export sales of 10,100 metric tons for 2025 were also supportive. They were up noticeably from the previous week, but down 11% from the prior four-week average, according to USDA’s weekly export report for the week ending Aug. 14. Increases were primarily for Japan, Hong Kong, South Korea, Taiwan and Mexico.

Grain and Soybean futures strengthened Thursday.

Toward the close and through Jly contracts, Corn futures were 7¢ to 8¢ higher. Kansas City Wheat futures were 3¢ to 4¢ higher. And, Soybean futures were 12¢ to 19¢ higher, supported by a rebound in bean oil prices.

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Major U.S. financial indices closed lower Thursday, as traders positioned ahead of Friday’s looming comments from Fed Chair Jerome Powell at the organization’s annual economic policy symposium.

The Dow Jones Industrial Average closed 152 points lower. The S&P 500 closed 25 points lower. The NASDAQ was down 72 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 55¢ to 73¢ higher through the front six contracts.

Stronger cash fed cattle prices and the recent surge in wholesale beef value helped drive Cattle futures higher on Wednesday.

Toward the close, Live cattle futures were an average of $2.92 higher. Feeder Cattle futures were an average of $5.97 higher.

Negotiated cash fed cattle trade was moderate on moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. FOB live prices were steady to $2 higher at $245/cwt. Dressed delivered prices were $5-$7 higher at $385-$392.

Trade in the western Corn Belt was light on moderate to good demand. FOB live prices were steady to $5 higher at $245. Dressed delivered prices there last week were $380-$385.

In the Southern Plains, trade was mostly inactive on moderate demand. FOB live prices in Kansas last week were $235, the same as in the Texas Panhandle the previous week.

Choice boxed beef cutout value was $1.35 lower Wednesday afternoon at $405.85. Select was $3.40 higher at $383.16.

Grain and Soybean futures were narrowly mixed Wednesday.

Toward the close and through Jly contracts, Corn futures were fractionally higher to 1¢ higher. Kansas City Wheat futures were mostly fractionally mixed. Soybean futures were 1¢ higher.

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Major U.S. financial indices closed mostly lower again Wednesday, once again led by tech stocks.

The Dow Jones Industrial Average closed 16 points higher. The S&P 500 closed 15 points lower. The NASDAQ was down 142 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 79¢ to $1.09 higher through the front six contracts.

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Fewer slaughter cows and longer-fed heavier, fatter fed cattle are reducing domestic lean trimming supplies, according to James Mitchell, Extension livestock economist with the University of Arkansas.

“Through June, combined beef and dairy cow slaughter is down 13%, translating to an estimated 10% decline in domestic lean trimmings production. Lean trimmings from cull cows and bulls are the primary source of 85s and 90s used in ground beef,” Mitchell explains, in the latest issue of In the Cattle Markets. “At the same time, fed steer and heifer dressed weights remain historically high. Through June, fed cattle slaughter is down 4%, but dressed steer weights are up 3%, adding more pounds of fat trim. The net result is a trim market with proportionally less lean and more fat.”

That helps explain the significant increase in U.S. beef imports this year, which are primarily lean trimmings.

For perspective, U.S. beef imports were nearly 737 million pounds more (33%) in the first half of the year, according to USDA’s Economic Research Service, in the August Livestock, Dairy and Poultry Outlook.

“Imports of lean trim help balance the U.S. beef trimmings market,” Mitchell says. “Otherwise, an adjustment occurs through higher prices that ration limited lean trim across end users. This means higher ground beef prices for consumers.”