Daily Market Highlights

Cattle futures were higher Wednesday, continuing to backfill the gap left by tariff pressures. Positioning ahead of the monthly Cattle on Feed report — due out Thursday rather than the usual Friday — could have lent added support. Estimates ahead of the report peg March placements about 3.5% higher year over year and the on-feed inventory April 1 down close to 2%.

Toward the close, Live Cattle futures were an average of $1.23 higher (27¢ higher at the back to $2.27 higher at the front), except for 15¢ lower in away-Aug.

Feeder Cattle futures were an average of 94¢ higher (45¢ higher at the back to $1.65 higher toward the front), except for 5¢ lower in Mar.

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

Last week, FOB live prices were $204/cwt. in the Southern Plains and $208 in the North. Dressed delivered prices were $327-$328.

Choice boxed beef cutout value was $1.90 lower Wednesday afternoon at $333.53/cwt. Select was 85¢ lower at $314.39.

Grain and Soybean futures were higher Wednesday, helped along by the lower U.S. dollar.

Toward the close and through Sep ’25 contracts, Corn futures were 1¢ to 2¢ higher. Kansas City Wheat futures were 4¢ to 7¢ higher. Soybean futures were 1¢ to 4¢ higher.  

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Major U.S. financial indices closed sharply lower Wednesday, led by tech stocks and tariff-related cost increases.

The Dow Jones Industrial Average closed 699 points lower. The S&P 500 closed 120 points lower. The NASDAQ was down 516 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.00 to $1.28 higher through the front six contracts.

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USDA’s Economic Research Service increased expected feeder cattle prices for the remainder of this year, in the latest Livestock, Dairy and Poultry Outlook.

Based on price data through early April and weaker expected first-quarter feedlot placements, compared to the previous month, forecast prices increased $7 in the second quarter to $280/cwt., $8 in the third quarter to $282 and $7 in the fourth quarter to $286. The annual average price increased $6.28 to $281.03. Prices are basis Medium and Large #1 steers weighing 750-800 lbs., selling at Oklahoma City.

ERS analysts note 15% fewer calves and feeder cattle traded at auction, direct and via video-internet during the first two months of 2025 than the same period last year, as reported in the National Feeder and Stocker Cattle Summary.

“This is likely due to a 75% year-over-year decline in feeder cattle imports due to restrictions on cattle from Mexico over the first two months of the year,” ERS analysts say. “This has led to feedlots in Kansas and Texas placing 5% and 21% fewer cattle, respectively, in January and February, compared to the same period last year. Although, the weekly volume of feeder cattle imports from Mexico is expected to improve moving forward, annual volume is projected below year-ago levels.”

As reported in Cattle Current last week, the ERS increased the forecast five-area direct fed steer price for the remainder of this year, compared to the previous month’s outlook, in the April World Agricultural Supply and Demand Estimates (WASDE). Based on forecast strong consumer beef demand, projected prices increased $3 to $205/cwt. in the first quarter, $6 in the second quarter to $204, $8 in the third quarter to $206 and $7 in the fourth quarter to $207.

Compared to the previous month’s outlook, beef production was projected 15 million pounds more year over year at 26.7 billion pounds. If so, it would be 288 million pounds less than last year (-1.1%). The increased estimate for this year was based on heavier projected dressed weights and higher cow and bull slaughter, partially offset by lower steer and heifer slaughter.

Cattle futures were higher again Tuesday.

Toward the close, Live Cattle futures were an average of 70¢ higher. Feeder Cattle futures were an average of $1.44 higher.

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

Last week, FOB live prices were $204/cwt. in the Southern Plains and $208 in the North. Dressed delivered prices were $327-$328.

Choice boxed beef cutout value was 13¢ lower Tuesday afternoon at $335.43/cwt. Select was 61¢ lower at $315.24.

Grain and Soybean futures softened Monday with likely continued profit taking.

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

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Major U.S. financial indices eased lower Tuesday.

The Dow Jones Industrial Average closed 155 points lower. The S&P 500 closed 9 points lower. The NASDAQ was down 8 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 1¢ to 30¢ lower through the front six contracts.

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Consumer financial sentiment may be even more influential on meat demand than income itself, according to a recent Meat Demand Monitor

special report by Glynn Tonsor, agricultural economist at Kansas State University and Justin Bina, from the Arizona State University agricultural economics department.

“To paraphrase, income stability (ideally growth) is likely necessary but not itself sufficient for meat demand support if the public is highly concerned about their finances,” Tonsor explains in the latest issue of In the Cattle Markets.

With that mind, Tonsor notes the decades-low level of consumer confidence portrayed by the recent closely watched University of Michigan Index of Consumer Sentiment.

“U.S. consumer sentiment has declined by historic magnitudes so far in April,” Tonsor says. “Reaching pessimistic levels last seen in the early 1980s, consumers hold elevating expectations for inflation

and unemployment.

More specifically, consumers reflected by the University of Michigan data expect inflation to be 6.7% a year down the road and unemployment to be the highest since 2009.

“Recent years have been characterized by strong demand for U.S. beef, and hopefully for industry stakeholders, that can persist,” Tonsor says. “That said, macroeconomic history lessons and development of associated ‘storm clouds’ should not simply be ignored.”

Bottom line, Tonsor emphasizes never taking consumer beef demand for granted.

Cattle futures were higher again Monday, as outside markets continued to improve.

Toward the close, Live Cattle futures were an average of $1.36 higher. Feeder Cattle futures were an average of $2.22 higher.

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

For the week, FOB live prices were $4 lower in the Southern Plains at $204/cwt. and $2-$5 lower in the North at $208. Dressed delivered prices were $7-$8 lower at $327-$328.

Last week’s five-area direct weighted average FOB live fed steer price was $3.44 lower last week at $207.70/cwt. The weighted average dressed delivered fed steer price was $8.74 lower at $327.73.

Choice boxed beef cutout value was $1.41 higher Monday afternoon at $335.63/cwt. Select was $1.89 higher at $315.85.

Grain and Soybean futures softened Monday with likely profit taking.

Toward the close and through Sep ’25 contracts, Corn futures were 1¢ to 6¢ lower. Kansas City Wheat futures were 13¢ to 14¢ lower. Soybean futures were 1¢ lower to 1¢ higher.

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

The Dow Jones Industrial Average closed 312 points higher. The S&P 500 closed 42 points higher. The NASDAQ was up 107 points.

Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 13¢ to 15¢ higher through the front six contracts.

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Nationwide, calves and feeder cattle sold $2-$6/cwt. lower in the North Central and Southeast regions, according to the Agricultural Marketing Service (AMS). Prices were $7-$12 lower in the South Central region.

“Quite a few sale barns in many areas noted lighter-than-normal supply partially due to the uncertainty in the markets,” AMS analysts say.

Trade volume for the week of 177,000 head reported at auction, direct and via video-internet was 55,000 head fewer than the previous week and about 29,000 head fewer than the same week last year.

Drought conditions in the Plains also could be contributing to lighter demand.

Cattle futures closed higher Friday, following stronger equity markets.

Live Cattle futures were an average of $2.15 higher. Feeder Cattle futures were an average of $3.47 higher. Week to week on Friday, Live Cattle futures closed mixed, from an average of 80¢ lower in the front three contracts to an average of $2.45 higher. Feeder Cattle futures were an average of $3.57 higher during the same period.

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

For the week, FOB live prices were $2-$5 lower at $208/cwt. in Nebraska and the western Corn Belt. Dressed delivered prices were $7-$8 lower at $327-$328.

The previous week, live FOB prices were $208 in the Southern Plains.

Wholesale beef prices softened. Choice boxed beef cutout value was 7¢ lower Friday afternoon at $334.22/cwt. Select was $1 lower at $313.96.

Estimated total cattle slaughter last week of 564,000 head was 27,000 head fewer than the previous week and 34,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 8.4 million head was 483,000 head fewer (-5.4%) than the same week a year earlier. Estimated year-to-date beef production of 7.4 billion pounds was 126.4 million pounds less (-1.7%).

Grain and Soybean futures were higher Friday.

Corn futures were mostly 8¢ to 9¢ higher, supported by the week’s U.S. export sales, lower U.S. dollar and added weather premium. Week to week on Friday, they were an average of 20’3¢ higher through the front six contracts.

Kansas City Wheat futures were 10¢ higher. Soybean futures were mostly 15¢ to 20¢ higher.

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Major U.S. financial indices closed higher Friday, despite declining consumer confidence. The closely watched University of Michigan Index of Consumer Sentiment sank 11% month to month in April and was down 34% year over year. Consumer inflation expectations for the next year jumped 1.7% month to month to 6.7%, the highest reading since 1981.

The Dow Jones Industrial Average closed 619 points higher. The S&P 500 closed 95 points higher. The NASDAQ was up 337 points.

West Texas Intermediate Crude Oil futures (CME) were 82¢ to $1.43 higher through the front six contracts.

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Despite swirling volatility across equity market and many agricultural commodities over the last several weeks, analysts with the Livestock Marketing Information Center (LMIC) point out feedstuff prices remained relatively stable.

“Corn prices in Omaha have traded within a 10-cent per bushel range since late February with one week dipping outside of that range,” LMIC analysts explain in the latest Livestock Monitor. “Soybean meal prices stayed within a $10 per ton band in Central Illinois over the six-week period but then dipped below that in the first week of April. This is quite a contrast to crude oil prices that have moved to the lowest prices in over three years and stock market indices that touched their lowest values since late 2023.”

Citing the latest monthly projections from the USDA-World Agricultural Outlook Board (WAOB), global demand for U.S. corn remains optimistic.

“The corn export projection was raised to 2.55 billion bushels from the prior projection of 2.45 billion bushels,” LMIC analysts say. “This is the biggest U.S. corn export volume since the 2020-2021 crop year when exports totaled 2.747 billion bushels.”

The WAOB held expected corn prices for the current crop year (ending in August) unchanged at $4.35 per bushel. However, LMIC projected the average price at $4.60 per bushel, up 10¢ from the prior month.

LMIC analysts explain their price forecasts make slight adjustments based on variations in livestock and poultry assumptions. Plus, their forecast includes a projection for the 2025-26 corn crop year price.

Keeping in mind the significant increase in corn planting projected in the recent USDA Prospective Plantings report, LMIC analysts say, “The corn price forecast for the 2025-2026 crop year had been expected to hold up close to this year’s value in the $4.40-$4.60 range. The larger corn production coming from more planted acres, matched up against steady assumptions for export and domestic usage, lowers the average corn price forecast for 2025-2026 into the $4.00-$4.20 range.”

Cattle futures were lower Thursday, giving back a fair bit of the previous day’s gains as equity markets lost ground.

Toward the close, Live Cattle futures were an average of $2.09 lower. Feeder Cattle futures were an average of $2.50 lower.

Negotiated cash fed cattle trade was slow on slow to moderate demand in Nebraska through Thursday afternoon, according to the Agricultural Marketing Service. So far this week, FOB live prices are $2-$5 lower at $208/cwt. and dressed delivered prices are $7-$8 lower at $327-$328.

Elsewhere, trade ranged from limited on light demand to a standstill with too few transactions to trend.

Last week, FOB live prices were $208 in the Southern Plains and $210-$213 in the western Corn Belt, where dressed delivered prices were $335.

Grain and Soybean futures were mixed Thursday with Corn and Soybeans receiving support from lower ending stocks in the latest World Agricultural Supply and Demand Estimates (see below).

Toward the close and through Sep ’25 contracts,

Corn futures were 3¢ to 8¢ higher. Soybean futures were 8¢ to 15¢ higher. Kansas City Wheat futures were 9¢ to 11¢ lower.

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Major U.S. financial indices closed sharply lower Thursday with continued uncertainty surrounding U.S. tariffs.

The Dow Jones Industrial Average closed 1,014 points lower. The S&P 500 closed 188 points lower. The NASDAQ was down 737 points.

Through midafternoon West Texas Intermediate Crude Oil futures (CME) were $1.57 to $1.96 lower through the front six contracts.

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USDA’s Economic Research Service (ERS) increased the forecast five-area direct fed steer price for the remainder of this year, compared to the previous month’s outlook, in the latest World Agricultural Supply and Demand Estimates (WASDE). Based on forecast strong consumer beef demand, projected prices increased $3 to $205/cwt. in the first quarter, $6 in the second quarter to $204, $8 in the third quarter to $206 and $7 in the fourth quarter to $207.

Beef production was projected 15 million pounds more year over year at 26.7 billion pounds. If so, it would be 288 million pounds less than last year (-1.1%). The increase was based on heavier projected dressed weights and higher cow and bull slaughter, partially offset by lower steer and heifer slaughter.

Among other WASDE highlights…

Corn

The 2024/25 U.S. corn outlook was for more exports, reduced feed and residual use, and smaller ending stocks. Ending stocks were projected 75 million bushels less than the previous month at 1.5 billion.

The season-average corn price received by producers was unchanged at $4.35 per bushel.

Wheat

The supply and demand outlook for 2024/25 U.S. wheat was for larger supplies, slightly smaller domestic use, reduced exports, and increased ending stocks. Projected 2024/25 ending stocks were raised 27 million bushels to 846 million, 22% more than last year.

The season average farm price was unchanged at $5.50 per bushel.

Soybeans

The outlook for U.S. soybean supply and use for 2024/25 included higher imports and crush, and lower ending stocks. Soybean ending stocks were lowered 5 million bushels to 375 million.

The forecast U.S. season-average soybean price for 2024/25 was unchanged at $9.95 per bushel. The soybean meal price was lowered $10 to $300 per short ton and the soybean oil price was raised 2¢ to 45¢ cents per pound.

Cattle futures plunged lower Friday with follow-through, tariff-related pressure — limit-down in some contracts.

Live Cattle futures closed an average of $6.00 lower. Feeder Cattle futures closed an average of $7.81 lower.

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

Last week, FOB live prices were $1-$2 lower in the Southern Plains at $208/cwt. steady to $3 lower in Nebraska at $210 and steady in the western Corn Belt at $213. Dressed delivered prices were steady at $335, the low end of last week’s range.

Choice boxed beef cutout value was 8¢ higher Friday afternoon at $338.45/cwt. Select was 66¢ lower at $317.18.

Last week’s estimated total cattle slaughter of 591,000 head was 18,000 head fewer than the previous week and 23,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 7.9 million head was 448,000 head fewer (-5.4%) than the same period last year. Estimated year-to-date beef production of 6.9 billion pounds was 114.9 million pounds less (-1.6%).

Grain and Soybean futures were mostly lower Friday.

Corn futures were mostly 1¢ lower, except for fractionally higher to 2¢ higher in old-crop contracts. Kansas City Wheat futures closed 8¢ to 11¢ lower. Soybean futures closed 19¢ to 34¢ lower.

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Major U.S. financial indices spiraled lower Friday in response to new U.S. tariffs and retaliatory tariffs by China.

The Dow Jones Industrial Average closed 2,231 points lower. The S&P 500 closed 322 points lower. The NASDAQ was down 962 points.

Through midafternoon WTI were $4.20 to $4.96 lower.

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U.S. beef exports lost some steam in February, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

Beef exports of 98,198 metric tons (mt) were 5.5% less than a year earlier, while value declined 4% to just over $800 million.

However, February exports increased year-over year to South Korea, Canada, Egypt and the Philippines, and reached the highest value on record to Panama.

“It was encouraging to see beef exports to Korea trend higher despite considerable economic and political headwinds, and Canada’s demand for U.S. beef has been very robust to start the year,” says Dan Halstrom, USMEF president and CEO. “But exports to China lost momentum in February, likely due in part to the slowdown after Chinese New Year and the questions about plant eligibility. Unfortunately, China has still failed to address the issue of beef plant renewals.”

U.S. pork, beef and poultry plants and cold storage facilities were due for a five-year eligibility renewal by China’s General Administration of Customs (GACC) in February and March of this year. Many Pork and poultry plants were renewed on the March 16 expiration date, but GACC still has not renewed the eligibility of any U.S. beef establishments, and the majority of U.S. beef production is now ineligible for China.

“This impasse definitely hit our March beef shipments even harder, and the severe impact will continue until China lives up to its commitments under the Phase One Economic and Trade Agreement,” Halstrom says.

China also announced additional retaliatory duties of 34%, to take effect April 10, in response to new U.S. tariffs. This will create further obstacles for U.S. pork and beef exports to China, according to Halstrom, who notes that new U.S. tariffs have also created uncertainty for buyers of U.S. red meat in other destinations where retaliation could impact market access and prices.

“USMEF is hopeful that instead of retaliating, other trading partners will choose to lower trade barriers for U.S. exports,” he said. “This would certainly ease the concerns of importers and reduce volatility in the global markets.”

Steep and far-ranging U.S. tariffs announced by the Trump administration rattled equities and Cattle futures markets Thursday. Along with continued uncertainty surrounding the tariffs and their implementation, worries abound that they will increase inflation, disrupt supply chains and slow economic growth the world over.

Cattle futures sank Thursday. Tariffs themselves may have little impact on cattle markets directly. However, the tariffs increase risk of slowing domestic economic growth and potential economic recession which could impact consumer beef demand.

Toward the close, Live Cattle futures were an average of $2.55 lower. Feeder Cattle futures were an average of $4.03 lower.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand in the Southern Plains to light on limited demand in the North through Thursday afternoon, according to the Agricultural Marketing Service.

Although too few to trend, there were some early dressed delivered trades at $335-$345/cwt. in Nebraska and some early FOB live trades in the western Corn Belt at $213.

Last week, FOB live prices were $209-$210 in the Southern Plains and $213 in the North. Dressed delivered prices were $335-$345.

Grain and Soybean futures were mixed Thursday. Although the new the U.S. tariffs applied pressure, Grain futures faded some heat, given the exclusion of agricultural products covered by the U.S., Mexico and Canada Trade Agreement.

Toward the close and through Sep ’25 contracts, Corn futures were 1¢ lower to 1¢ higher. Kansas City Wheat futures were 1¢ to 2¢ higher. Soybean futures were 17¢ to 19¢ lower.

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Major U.S. financial indices plunged Thursday in response to new U.S. tariffs.

The Dow Jones Industrial Average closed 1,679 points lower. The S&P 500 closed 274 points lower. The NASDAQ was down 1,050 points.

Cattle futures continued to grind higher Wednesday.

Toward the close, Live Cattle futures were an average of 98¢ higher, from 47¢ to $1.95 higher toward the front of the board. Feeder Cattle futures were an average of $1.49 higher.

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

Last week, FOB live prices were $209-$210/cwt. in the Southern Plains and $213 in the North. Dressed delivered prices were $335-$345.

Choice boxed beef cutout value was $2.32 lower Wednesday afternoon at $339.90/cwt. Select was $3.24 lower at $318.83.

Grain and Soybean futures were mixed Wednesday with the main pressure likely tied to trepidation concerning the U.S. tariffs announced after the session closed.

Toward the close and through Sep ’25 contracts, Corn futures were 2¢ to 4¢ lower. Kansas City Wheat futures were fractionally higher to 2¢ higher. Soybean futures were 3¢ to 5¢ lower.

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Major U.S. financial indices closed higher Wednesday after another volatile session as investors awaited specifics about the new U.S. reciprocal tariffs. Odds and after-hours stock futures suggest markets will view tariff specifics as negative.

The Dow Jones Industrial Average closed 235 points higher. The S&P 500 closed 37 points higher. The NASDAQ was up 151 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 66¢ to 99¢ higher through the front six contracts.

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As feeder cattle prices have risen dramatically over the past four years, Derrell Peel, Extension livestock marketing specialist at Oklahoma State University points out the price relationship between lighter and heavier weights has shifted significantly.

Using Oklahoma prices for Medium and Large No. 1 steers, Peel says the price increased 94.6% for calves weighing 475 lbs. from 2022 to 2025. The price for steers weighing 775 lbs. increased 85.2% during the same period.

Delving deeper, Peel says March 2023 feeder prices were 75.3% of the calf price level. By 2025, the feeder price was 71.3% of calf prices. He explains

the price relationships between calves and feeder cattle determine the value of adding additional weight to calves as stockers, while the change in relative prices across weight groups reflects market signals about resource use.

“Current market conditions clearly favor calf production over stocker production. That is to say, grass has more value marketed as weaned calves compared to stocker-based gain,” Peel says in his weekly market comments.

Between enhanced calf production incentives and relatively cheap feedlot cost of gain, Peel notes stocker producers are squeezed with economics generally favoring lighter beginning weights and faster turnover rates.

Cattle futures were higher Tuesday on the first day of the new quarter, supported by strengthening wholesale beef values.

Toward the close, Live Cattle futures were an average of $2.06 higher. Feeder Cattle futures were an average of $2.73 higher.

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

Last week, FOB live prices were $209-$210/cwt. in the Southern Plains and $213 in the North. Dressed delivered prices were $335-$345.

Choice boxed beef cutout value was $6.96 higher Tuesday afternoon at $342.22/cwt. Select was $2.06 higher at $322.07.

Grain and Soybean futures were higher Tuesday as traders resumed buying after month-end and quarter-end position squaring and with USDA’s Planting Intensions and Grain Stocks reports in the books, perhaps also reflecting some new weather premium.

Toward the close and through Sep ’25 contracts, Corn futures were 3¢ to 5¢ higher. Kansas City Wheat futures were 5¢ to 7¢ higher. Soybean futures were 18¢ to 20¢ higher.

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Major U.S. financial indices closed mixed Tuesday, after another extremely volatile session, as traders weighed the implementation of reciprocal tariffs Wednesday and their impact on both inflation and economic growth.

The Dow Jones Industrial Average closed 11 points lower. The S&P 500 closed 21 points higher. The NASDAQ was up 150 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 3¢ to 26¢ lower across the front six contracts.

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Agricultural producer sentiment declined in March, driven by concerns about agricultural trade and farm policy, according to the latest Purdue University/CME Group Ag Economy Barometer.

Month to month, the overall index declined 12 points to a reading of 140. The Index of Future Expectations dropped 15 points to 144 and the Current Conditions Index slid 5 points to 132.

Producer optimism about U.S. export growth sagged to a record low in March with 30% of producers anticipating a decline in exports, nearly matching the 33% who expect exports to rise. For perspective, producers reported they were optimistic about export growth in 2019 and 2020, the first two years that surveys posed the question. Optimism declined in 2021 and continues to erode.

Likewise, producers’ agricultural policy focus is shifting.

Before the November 2024 election, farmers reported a higher focus on interest rate policy than trade policy. Since the election, trade policy has become a fast-growing concern, with 43% of respondents, on average, now citing it as the most critical issue impacting their farms, up sharply from an average of just 21% prior to the election.

“While the overall sentiment shift in March reflects growing uncertainty, farmers remain cautiously optimistic about the future, particularly with farmland values holding steady and the outlook for strong returns in the livestock sector helping to offset weaker expectations among crop producers,” according to Michael Langemeier, the barometer’s principal investigator and director of Purdue University’s Center for Commercial Agriculture.

Cattle futures were mixed to lower Monday with likely month-end and quarter-end profit taking.

Toward the close, Live Cattle futures were an average of 82¢ lower. Feeder Cattle futures were narrowly mixed, from an average of 58¢ lower to an average of 19¢ higher. 

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

Last week, FOB live prices were steady to $1 lower in the Southern Plains at $209-$210/cwt. and unevenly steady in the North at mostly $213. Dressed delivered prices were steady to $10 higher at $335-$345.

The weighted average five-area direct FOB live steer price last week was 62¢ lower at $212.14. The weighted average dressed delivered steer price was $3.17 higher at $338.32.

Choice boxed beef cutout value was $2.44 higher Monday afternoon at $335.26/cwt. Select was $1.33 higher at $320.01.

Grain and Soybean were mixed Monday with the reaction to USDA’s Planting Intensions and Grain Stocks reports (see below), suggesting the market had factored in similar numbers.

Toward the close and through Sep ’25 contracts, Corn futures were fractionally higher to 4¢ higher, supported by tighter stocks. Kansas City Wheat futures were 3¢ to 4¢ higher. Soybean futures were 9¢ to 10¢ lower.  

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Major U.S. financial indices closed mixed Monday, after a day of whipsaw volatility, recovering sharp early-session losses tied to unease about the implementation of reciprocal tariffs Wednesday and their impact on both inflation and economic growth.

The Dow Jones Industrial Average closed 417 points higher. The S&P 500 closed 30 points higher. The NASDAQ was down 23 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $1.64 to $2.09 higher, supported by U.S. threats of increasing tariffs on Russian oil imports and on other countries that import Russian oil.

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Depending on who was betting, USDA’s much-anticipated Prospective Plantings report projected corn acres on the top side of expectations ahead of Monday’s release and all wheat toward the bottom of expectations.

Prospective acres planted to corn were projected at 95.3 million acres, which would be 4.7 million acres more (+5.2%) than last year.

All acres planted to wheat were forecast at 45.4 million acres, which would be 729,000 fewer acres than a year earlier (-1.6%). If realized, this would be the second lowest all wheat planted area since records began in 1919, according to the National Agricultural Statistics Service (NASS).

Prospective soybean acres were in the middle of the range of expectations at 83.5 million acres. That would be 3.6 million fewer acres (-4.1%) than a year earlier.

The report pegs all acres planted to principal crops at 309.9 million acres, which would be 1.3 million acres less (-0.4%) than last year.

Projected all hay acres harvested in 2025 of 48.5 million acres would be 897,000 fewer acres (-1.8%).

NASS also released its quarterly Grain Stocks report Monday.

Corn stocks in all positions on March 1 totaled 8.15 billion bushels, down 2% percent from a year earlier. Of the total stocks, 4.50 billion bushels were stored on farms, which was 11% less year over year. Off-farm stocks of 3.65 billion bushels were 12% more than a year earlier.

Soybeans stored in all positions totaled 1.91 billion bushels, up 4% year over year. Soybean stocks stored on farms were estimated at 877 million bushels, down 6%. Off-farm stocks of 1.03 billion bushels were 13% less.

All wheat stored in all positions on March 1 totaled 1.24 billion bushels, up 14% from a year ago. On-farm stocks were estimated at 307 million bushels, up 13% year over year. Off-farm stocks of 930 million bushels were 14% more.