Daily Market Highlights

Cash fed cattle prices helped lead Cattle futures higher Friday and for the week.

Negotiated cash fed cattle trade was light to moderate on good demand in the North through Friday afternoon, according to the Agricultural Marketing Service. FOB live prices were $3-$5 higher at $205/cwt. in a light test. Dressed delivered prices in Nebraska were $8-$10 higher at $325. Dressed delivered prices in the western Corn Belt the previous week were $315-$320.

Trade in the Southern Plains was light to moderate on good demand. Although too few transactions for a trend, there were some FOB live trades at mostly $202. The previous week, prices in the region were $197.

Wholesale beef values softened on the day with Choice boxed beef cutout value $1.42 lower Friday afternoon at $318.27/cwt. Select was $1.15 lower at $306.32. Week to week, however, Choice was $3.37 higher and Select was 52¢ higher.

Estimated total cattle slaughter last week of 587,000 head was 9,000 head more than the previous week. Estimated year-to-date total cattle slaughter of 6.1 million head was 417,000 head fewer (-6.4%) than the same period last year. Estimated year-to-date beef production of 5.3 billion pounds was 123.1 million pounds less (-2.3%).

As alluded to, Cattle futures closed higher Friday, fueled by stronger cash fed cattle prices and continued feeder cattle bullishness in the country.

Live Cattle futures closed an average of 72¢ higher (30¢ higher at the back to $1.12 higher at the front). Feeder Cattle futures closed an average of 93¢ higher (27¢ higher at the back to $1.75 at the front).

Week to week on Friday, Live Cattle futures were an average of $2.32 higher and Feeder Cattle futures were an average of $4.76 higher.

Turning to the grain complex Friday, futures were mixed with likely profit taking and position squaring.

Corn futures were 1¢ to 8¢ lower through Dec ‘25 and then unchanged to fractionally lower. Kansas City Wheat futures 1¢ to 3¢ lower. Soybean futures were mostly 5¢ to 9¢ higher.

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Major U.S. financial indices bounced higher Friday helped by chatter about a budget agreement in place to avoid a government shutdown.

The Dow Jones Industrial Average closed 674 points higher. The S&P 500 closed 117 points higher. The NASDAQ was up 551 points.

Indices were lower week to week, though, beneath the weights of tariff confusion, worries about domestic economic growth and sagging consumer confidence.

West Texas Intermediate Crude Oil futures on the CME were 54¢ to 64¢ higher through the front six contracts.

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Domestic consumer beef demand continues at a strong pace, based on a recent reading of consumers’ willingness to pay for their protein of choice.

The Livestock Marketing Information Center (LMIC) provides an overview in the latest Livestock Monitor, based on February retail meat prices reported by USDA.

“The price of all fresh retail beef rose by 6.2% to $8.32 per pound, retail pork prices increased by 1.6% to $4.84 per pound and retail broiler prices climbed 5.1% to $2.05 per pound,” according to LMIC analysts.

More specifically, those analysts explain prices for all uncooked ground beef reached $5.96 per lb., reflecting an 8.8% increase year over year. Beef roast prices also rose 8.8% nearly $8.00 per pound.

“Choice steak prices recorded a 7.6% increase from the previous year, reaching $8.49 per pound,” LMIC analysts say. “Choice sirloin steaks were priced at $11.90 per pound., marking an increase of 1.6%.”

Cattle futures were mixed Thursday with support from growing optimism about cash fed cattle prices this week but pressure from bearish outside markets.

Toward the close, Live Cattle futures were mixed, from unchanged to an average of 22¢ lower in four contracts to an average of 48¢ higher. Feeder Cattle futures were an average of 60¢ lower, except for unchanged to an average of 20¢ higher in three contracts.

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

Last week, FOB live prices were $197/cwt. in the Southern Plains and $200-$202 in the North. Dressed delivered prices were $315-$317 in Nebraska and $315-$320 in the western Corn Belt.

Choice boxed beef cutout value was $1.41 lower Thursday afternoon at $319.69/cwt. Select was 6¢ lower at $307.47

Grain and Soybean futures were higher Thursday, helped along by stronger weekly exports.

Toward the close and through Sep ’25 contracts, Corn futures were 3¢ to 6¢ higher. Kansas City Wheat futures 13¢ to 15¢ higher. Soybean futures were 5¢ to 11¢ higher.

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Major U.S. financial indices closed sharply lower Thursday amid more tariff threats from the White House.

The Dow Jones Industrial Average closed 537 points lower. The S&P 500 closed 77 points lower. The NASDAQ was down 345 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were 98¢ to $1.12 lower through the front six contracts.

Cattle futures gained traction Wednesday with recently stronger wholesale beef values and prospects of higher cash fed cattle prices this week.

Toward the close, Live Cattle futures were an average of $1.51 higher. Feeder Cattle futures were an average of $2.92 higher

Negotiated cash fed cattle trade was limited on light demand in Kansas through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early FOB live trades at $200/cwt.

Elsewhere, trade was mostly inactive on very light demand.

Last week, FOB live prices were $197/cwt. in the Southern Plains and $200-$202 in the North. Dressed delivered prices were $315-$317 in Nebraska and $315-$320 in the western Corn Belt.

Choice boxed beef cutout value was 10¢ lower Wednesday afternoon at $321.10/cwt. Select was 67¢ higher at $307.53

Grain and Soybean futures were mixed Wednesday.

Toward the close and through Sep ’25 contracts,

Corn futures were 7¢ to 8¢ lower, pressured by concerns about Canada imposing tariffs on U.S. ethanol imports if the trade war escalates.

Kansas City Wheat futures were 1¢ to 2¢ higher. Soybean futures were 7¢ to 11¢ lower.

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Major U.S. financial indices closed mixed Wednesday with support including a more friendly inflation reading than expected.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% on a seasonally adjusted basis in February, after rising 0.5% in January, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 2.8% before seasonal adjustment.

The Dow Jones Industrial Average closed 82 points lower. The S&P 500 closed 27 points higher. The NASDAQ was up 212 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were $1.34 to $1.45 higher through the front six contracts.

Cattle futures were mixed Tuesday.

Toward the close, Live Cattle futures were an average of 71¢ lower (7¢ to $1.20 lower), except for 37¢ higher in away Jun with likely profit taking ahead of this week’s cash trade.

Feeder Cattle futures were an average of $1.01 higher, fueled by strong cash demand in the country.

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

Last week, FOB live prices were $197/cwt. in the Southern Plains and $200-$202 in the North. Dressed delivered prices were $315-$317 in Nebraska and $315-$320 in the western Corn Belt.

Choice boxed beef cutout value was $3.62 higher Tuesday afternoon at $321.20/cwt. Select was 9¢ lower at $306.86.

Grain and Soybean futures were mixed Tuesday amid continued tariff confusion and little impetus in the monthly World Agricultural Supply and Demand Estimates.

Toward the close and through Sep ’25 contracts, Corn futures were 2¢ lower to 1¢ higher. Kansas City Wheat futures mostly 5¢ to 7¢ lower. Soybean futures were 3¢ lower to 2¢ higher.

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Major U.S. financial indices continued to plumb lower Tuesday with follow-through pressure and more on-again, off-again tariff confusion.

The Dow Jones Industrial Average closed 478 points lower. The S&P 500 closed 42 points lower. The NASDAQ was down 32 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were 46¢ to 53¢ higher through the front six contracts.

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USDA’s Economic Research Service lowered expectations for the five-area direct weighted fed steer price in the first half of this year, compared to the previous month’s forecast, but left them unchanged for the second half, in the monthly World Agricultural Supply and Demand Estimates.

Specifically, prices were projected $3 lower in the first quarter at $202/cwt. and $2 lower in the second quarter at $198, based on recent prices. Prices were forecast at $198 in the third quarter and at $200 in the fourth quarter for an annual average price of $200, which was $1 lower than the previous month’s outlook.

Forecast beef production increased by 120 million pounds (0.5%) to 26.7 billion pounds with heavier dressed weights more than offsetting lower slaughter. This year’s projected beef production would be 303 million pounds less (-1.1%) than last year.

Cattle futures on Monday were mostly able to hold on to the previous session’s strong gains tied to higher cash fed cattle prices and recently stronger wholesale beef values, despite significantly lower outside markets.

Toward the close, Live Cattle futures were an average of 34¢ higher, except for 2¢ lower in spot Apr.

Feeder Cattle futures were an average of 93¢ higher (27¢ higher in spot Mar to $1.60 higher at the back), except for 12¢ lower in Apr.

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 steady in the Southern Plains at $197/cwt., $2-$4 higher in the North at $200-$202. Dressed delivered prices were $2-$4 higher in Nebraska at $315-$317 and $3-$7 higher in the western Corn Belt was $315-$320.

The five-area, weighted average direct FOB live steer price was $2.63 higher week to week at $200.28/cwt. The weighted average dressed delivered steer price was $3.51 higher at $316.43.

Choice boxed beef cutout value was $2.68 higher Monday afternoon at $317.58/cwt. Select was $1.15 higher at $306.95.

Nearby Corn and Kansas City Wheat futures were higher Monday with likely positioning ahead of Tuesday’s monthly World Agricultural Supply and Demand Estimates.

Toward the close and through Sep ’25 contracts, Corn futures were 1¢ to 3¢ higher. Kansas City Wheat futures mostly 14¢ higher, also supported by domestic weather concerns. However, Soybean futures were mostly 8¢ to 11¢ lower with pressure including South American harvest pressure.

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Major U.S. financial indices plunged lower Monday amid whirling chatter about U.S. tariffs paving the path to domestic economic recession.

The Dow Jones Industrial Average closed 890 points lower. The S&P 500 closed 155 points lower. The NASDAQ was down 727 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were $1.14 to $1.24 lower through the front six contracts.

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Cattle markets are expected to continue strong, barring major macroeconomic disruption, such as domestic recession, says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments.

At the same time, Peel expects uncertainty and volatility driven by external forces to continue impacting cattle markets.

“Cattle prices continue to generally grind higher amid a whirlwind of political activities and rhetoric that have buffeted markets at all levels,” Peel says. “Markets have been whipsawed with on-again, off-again political announcements that create debilitating uncertainty in equity, futures and cash markets with negative impacts on producers, consumers and the complex supply chains of agricultural and food markets.”

Cattle futures rebounded Friday, fueled by the higher cash fed cattle prices in the North.

Live Cattle futures closed an average of $2.76 higher ($1.55 higher at the back to $4.00 higher at the front).

Feeder Cattle futures closed an average of $3.76 higher.

Week to week on Friday, Live Cattle futures closed an average of $5.46 higher ($3.42 higher at the back to $7.70 higher toward the front). During the same period, Feeder Cattle futures closed an average of $5.85 higher.

Negotiated cash fed cattle trade was mostly inactive on very light demand in the Southern Plains through Friday afternoon, according to the Agricultural Marketing Service. Trade was active on good demand in Nebraska but light with moderate demand in the western Corn Belt.

For the week, FOB live prices were steady in the Southern Plains at $197/cwt., but $2-$4 higher in the North at $200-$202. Dressed delivered prices were $2-$4 higher in Nebraska at $315-$317. The dressed delivered price in the western Corn Belt was $313.

Choice boxed beef cutout value was $1.78 higher Friday afternoon at $314.90/cwt. Select was $2.29 higher at $305.80. Week to week on Friday, Choice was $3.07 higher and Select was $3.75 higher.

Total estimated cattle slaughter last week of 578,000 head was 12,000 head more than the previous week but 6,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 5.5 million head was 410,000 head fewer (-6.9%) than the same period last year. Estimated year-to-date beef production of 4.8 billion pounds was 129.6 million less (-2.6%).

Turning to the grain complex, futures were mixed Friday.

Corn futures closed 4¢ to 5¢ higher through old-crop contracts and then mostly 2¢ higher. Kansas City Wheat futures closed mostly 3¢ to 4¢ lower. Soybean futures closed mostly 4¢ to 5¢ higher, except for fractionally lower to 3¢ lower through the front three contracts.

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Major U.S. financial indices gyrated across a broad range Friday but settled higher on the day. Initial pressure included softer than expected national employment.

Total non-farm payroll employment rose by 151,000 in February, and the unemployment rate

changed little at 4.1%, according to the U.S. Bureau of Labor Statistics.

In February, average hourly earnings for all employees on private non-farm payrolls rose by 10¢ to $35.93. Over the past 12 months, average hourly earnings have increased by 4.0%.

The Dow Jones Industrial Average closed 222 points higher. The S&P 500 closed 31 points higher. The NASDAQ was up 126 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME closed 68¢ to 77¢ higher through the front six contracts.

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Exports of U.S. beef trended higher than a year ago to begin 2025, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

January beef exports reached 102,840 metric tons (mt), up 3% year over year, while value increased 5% to $804.6 million. Growth was driven in part by larger exports to China and Canada, while exports to South Korea were steady in volume but higher in value. Strong value increases were also achieved in other key markets, including Taiwan, the Caribbean, Central America and the ASEAN. Exports of beef variety meat were the largest in nearly two years, led by larger shipments to Mexico, Egypt, Canada and China/Hong Kong.

“Demand for U.S. beef came on strong in the Asian markets late last year, and that momentum largely continued in January,” says Dan Halstrom, USMEF president and CEO. “The performance in Korea is especially encouraging, given the country’s political turmoil and slumping currency. It is also gratifying to see exports trending higher to China, though we are concerned about access to the market moving forward, as many U.S. beef and pork plants are awaiting word on their eligibility beyond mid-March.”

Although still strong, U.S. pork exports in January were 3% less year over year for volume and 2% less for value at $668 million.

“Duty-free access to Mexico, Canada and other free trade agreement partners has definitely underpinned global demand for U.S. red meat and delivered essential returns at every step of the supply chain,” Halstrom says. “The majority of U.S. red meat exports are to countries with which we have trade agreements. Maintaining trust and access to these markets is critical to the continued success of the U.S. industry.”

Cattle futures softened Thursday as outside markets turned more bearish and the week’s cash fed cattle trade remained unestablished.

Toward the close, Live Cattle futures were an average of 46¢ lower. Feeder Cattle futures were an average of 94¢ lower.

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

Last week, FOB live prices were $197 in the Southern Plains and $198 in the North. Dressed delivered prices were $313.

Choice boxed beef cutout value was 42¢ lower Thursday afternoon at $313.12/cwt. Select was 98¢ higher at $303.51.

Grain and Soybean futures rose Thursday, supported by stronger demand and reports of delayed U.S. tariffs on Mexico and Canada.

Toward the close and through Sep ’25 contracts, Corn futures were 4¢ to 9¢ higher. Kansas City Wheat futures unchanged to 7¢ higher. Soybean futures were 12¢ to 17¢ higher.

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Major U.S. financial indices boomeranged lower Thursday with mounting confusion about U.S. tariffs on reports the Trump administration will delay tariffs until April 2 on all Mexican and Canadian imports that comply with the United States-Mexico-Canada Agreement.

The Dow Jones Industrial Average closed 427 points lower. The S&P 500 closed 104 points lower. The NASDAQ was down 483 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were 5¢ lower to 2¢ higher through the front six contracts.

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Amid the confusion surrounding on-again, off-again, U.S. tariffs, the U.S. Meat Export Federation (USMEF) provides a unique perspective.

In 2024, U.S. beef and pork exports of $19.1 billion – an increase of $1 billion over 2023 and down just 2% from the 2022 record – had a significant impact on the corn and soybean industries, according to an independent study conducted by the Juday Group and released by the USMEF. The study quantified the returns that beef and pork exports brought to U.S. corn and soybean producers.

Nationally, U.S. beef and pork exports accounted for $2.24 billion in market value to corn, $525 million to distiller’s dried grains with solubles (DDGS), and $1.12 billion to soybeans in 2024.

“Domestic feed usage is critical to our industries and the continued growth in red meat exports is encouraging. A significant share of the corn and soybeans we grow locally is ultimately exported through pork and beef,” says Dave Bruntz, USMEF vice chair, who raises corn, soybeans and fed cattle in south-central Nebraska. “This study demonstrates how beef and pork exports drive value directly back to producers.”

Cattle futures gained Wednesday and continued to retrench, supported by higher outside markets.

Toward the close, Live Cattle futures were an average of $2.08 higher. Feeder Cattle futures were an average of $3.39 higher.

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

Last week, FOB live prices were $197 in the Southern Plains and $198 in the North. Dressed delivered prices were $313.

Choice boxed beef cutout value was $1.33 lower Wednesday afternoon at $313.54/cwt. Select was $1.49 lower at $302.53.

Grain and Soybean futures were higher Wednesday, taking a breather from recent tariff pressure.

Toward the close and through Sep ’25 contracts, Corn futures were mostly fractionally higher to 5¢ higher. Kansas City Wheat futures were 7¢ to 9¢ higher. Soybean futures were 7¢ to 14¢ higher.

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Major U.S. financial indices rallied Wednesday with chatter that the Trump administration will delay tariffs on automakers that comply with the United States-Mexico-Canada Agreement established in 2020, raising hopes for other tariff concessions.

The Dow Jones Industrial Average closed 485 points higher. The S&P 500 closed 64 points higher. The NASDAQ was up 267 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were $1.39 to $1.83 lower through the front six contracts, pressured by concerns about tariff impacts on demand.

Cattle futures steadied Tuesday after initial pressure tied to new U.S. tariffs and worries about how trading partners will respond.

“We are reviewing the retaliatory measures announced by Canada and China and are watching for details on the response from Mexico,” says Dan Halstrom, president and CEO of the U.S. Meat Export Federation (USMEF). “These three markets accounted for $8.4 billion in U.S. red meat exports last year, including nearly $4 billion to Mexico. While the United States is the primary supplier of pork and beef to Mexico, U.S. red meat has already been facing heightened competition in this critical market.”

Last year U.S. beef exports equated to more than $415 per fed steer or heifer slaughtered and pork exports equated to more than $66 per head slaughtered. These exports, a large share of which are underutilized cuts and variety meat, help producers maximize the value of every animal produced and allow U.S. consumers to enjoy more of the cuts they prefer.   

Toward the close, Live Cattle futures were an average of $1.28 higher. Feeder Cattle futures were an average of 43¢ higher, except for an average of 23¢ lower at either end of the board.

Negotiated cash fed cattle trade was limited on light demand in Kansas through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early live FOB trades  $195/cwt.

Elsewhere, trade was at a standstill.

Last week, FOB live prices were $197 in the Southern Plains and $198 in the North. Dressed delivered prices were $313.

Choice boxed beef cutout value was 92¢ higher Tuesday afternoon at $314.85/cwt. Select was $1.61 higher at $304.02.

Grain and Soybean futures were lower again Tuesday, but off session lows, in defense against the U.S. tariffs on Mexico, Canada and China.

Toward the close and through Sep ’25 contracts, Corn futures were 3¢ to 4¢ lower. Kansas City Wheat futures were 9¢ to 12¢ lower. Soybean futures were 9¢ to 13¢ lower.

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Major U.S. financial indices slid further Tuesday with the new U.S. tariffs.

The Dow Jones Industrial Average closed 670 points lower. The S&P 500 closed 71 points lower. The NASDAQ was down 65 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were 48¢ to 60¢ lower through the front six contracts.

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U.S. agricultural producer sentiment edged higher in February, according to the Purdue University/CME Group Ag Economy Barometer. The overall index increased 11 points from the previous month to a reading of 152. Gains were driven primarily by the Current Conditions Index, which rose 28 points to 137, marking a significant rebound from its low of 76 in late summer and early fall 2024. In contrast, the Future Expectations Index increased 3 points to 159.

The recent upswing in sentiment reflects a combination of factors, including a sharp recovery in crop prices, expectations for disaster payments authorized by Congress and continued strength in the U.S. livestock sector, according to Ag Barometer analysts.

“While the current outlook for U.S. agriculture has improved, farmers are closely watching trade policy and the potential for a new farm bill, both of which are key factors shaping their long-term expectations,” says Michael Langemeier, the barometer’s principal investigator and director of Purdue University’s Center for Commercial Agriculture. “These ongoing policy concerns will likely play a critical role in shaping producer sentiment in the months ahead.”

Cattle futures extended losses from the previous session on Monday, and for the same reasons: long-position liquidation by funds tied to growing uncertainty tied to looming U.S. tariffs and concerns about domestic economic growth.

Toward the close, Live Cattle futures were an average of 71¢ lower. Feeder Cattle futures were an average of 74¢lower.

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

Last week, FOB live prices were $2 lower in the Southern Plains at $197/cwt., $1-$2 lower in Nebraska at $198 and $1-$3 lower in the western Corn Belt at $198. Dressed delivered prices were $2 lower at $313.

The five-area direct weighted average FOB live steer price last week was $1.99 lower at $197.65. The weighted averaged dressed delivered steer price was $2.20 lower at $312.92.

Choice boxed beef cutout value was $2.10 higher Monday afternoon at $313.93/cwt. Select was 36¢ higher at $302.41.

Grain and Soybean futures continued to unwind Monday with the looming threat of U.S. tariffs.

Toward the close and through Sep ’25 contracts, Corn futures were 5¢ to 13¢ lower. Kansas City Wheat futures were 9¢ to 11¢ lower. Soybean futures were 12¢ to 15¢ lower.

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Major U.S. financial indices closed sharply lower Tuesday with U.S. tariffs on Mexico and Canada slated to begin Tuesday.

The Dow Jones Industrial Average closed 649 points lower. The S&P 500 closed 104 points lower. The NASDAQ was down 497 points.

West Texas Intermediate Crude Oil futures on the CME were $1.11 to $1.46 lower through the front six contracts.

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Contracting cattle supplies pushing feeder cattle prices higher — with value increasing faster at lighter weights — clouds stocker and backgrounding opportunity, according to Derrell Peel, Extension livestock marketing specialist at Oklahoma State University.

“The current market is characterized by tight feeder cattle supplies and relatively low feedlot cost of gain. The role of the stocker industry gets squeezed in this environment,” Peel explains in his weekly market comments. “On the one hand, high calf prices are encouraging herd rebuilding and increased calf production. In other words, the market is indicating that the highest and best use of forage is for calf production rather than forage-based stocker production. On the other hand, low feedlot cost of gain and tight feeder supplies are encouraging feedlots to place animals sooner and at lighter weights, effectively bidding them away from stocker production.”

Peel notes both influences are reflected by the wide price in feeder cattle prices, from light to heavy, which equate to a large price rollback and relatively low value of gain for stocker production.

“Stocker production will still occur, but the opportunities will be fewer and the margins will be trickier,” Peel says. “However, when heifer retention begins, feeder supplies will be further squeezed from a feedlot perspective, but many of those heifers will need a growing phase as part of their development for breeding and thus provide a stocker role.”