Daily Market Highlights

Cattle futures closed lower Friday with the week’s lower cash fed cattle trade, sluggish wholesale beef prices, position squaring and wariness over the impact of U.S. tariffs set to begin this week.

Live Cattle futures were an average of $2.58 lower.

Feeder Cattle futures were an average of $2.45 lower.

Week to week on Friday, Live Cattle futures closed an average of 80¢ lower (10¢ to $1.55 lower), except for an average of 19¢ higher in the back three contracts. Feeder Cattle futures closed an average of 5.10 higher.

Negotiated cash fed cattle trade was moderate on light to moderate demand in the Southern Plains through Friday afternoon, according to the Agricultural Marketing Service. FOB live prices were $2 lower at $197/cwt.

Elsewhere, trade was light on light to moderate demand. Although too few to trend, there were some FOB live trades in Nebraska and the western Corn Belt at $198. The previous week, prices were $199-$200 in Nebraska and $199 to $201 in the western Corn Belt.

Dressed delivered prices were $2 lower in Nebraska at $313. The previous week, prices were $315 in the western Corn Belt.

Choice boxed beef cutout value was 65¢ higher Friday afternoon at $311.83/cwt. Select was 8¢ lower at $302.05.

Grain futures sank Friday with apparent risk-of fund selling tied to looming U.S. tariffs and more bearish economic growth expectations, in tandem with week-end and month-end position squaring.

Corn futures closed 9¢ to 11¢ lower through old-crop contracts and then mostly 4¢ to 6¢ lower. Week to week on Friday, they were an average of 28¢ lower in the front six contracts.

Kansas City Wheat futures closed 7¢ to 13¢ lower on Friday. Soybean futures closed 8¢ to 12¢ lower.

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Major U.S. financial indices closed higher on a late-session surge, likely tied to month-end position squaring. Before the reversal, indices continued lower with negative economic news including a lower projection of domestic economic growth.

The Federal Reserve Bank of Atlanta’s GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2025 was -1.5% on Feb. 28, down from 2.3% on Feb. 19. The GDPNow is a running estimate of real GDP growth based on available economic data for the current measured quarter.

The Dow Jones Industrial Average closed 601 points higher. The S&P 500 closed 92 points higher. The NASDAQ was up 302 points.

West Texas Intermediate Crude Oil futures on the CME were 59¢ to 65¢ lower through the front six contracts.

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USDA raised expected fiscal year 2025 (FY25) exports of livestock, poultry, and dairy by $400 million to $39.7 billion in the latest quarterly Outlook for U.S. Agricultural Trade. The increase was based on more beef and dairy exports.

Projected beef exports were raised $300 million to $9.1 billion on higher volumes and increased unit values.

U.S. agricultural exports in FY25 were projected at $170.5 billion, up $500 million from the November forecast, as higher grain and feed exports offset reductions to the oilseed outlook.

FY 2025 U.S. grain and feed exports were forecast at $37.7 billion, up $1.2 billion from the November forecast. Higher exports of corn and feeds and fodders more than offset modestly lower wheat, sorghum, and rice exports. Corn exports were forecast at $13.8 billion, up $1.4 billion from November on higher volumes and unit values.

For broader context, U.S. GDP was forecast to grow 2.7% in Calendar Year (CY 2025), an upward revision from the previous Outlook. Growth in CY25 is expected to be driven by less restrictive monetary policy and robust consumer spending associated with relatively low unemployment and growing business investment.

World Gross Domestic Product (GDP) growth was projected to rise slightly to 3.3% in CY25.

Cattle futures gained Thursday with support from lower feed futures and the likelihood of fewer Mexican cattle imports when new tariffs begin.

Toward the close, Live Cattle futures were an average of 67¢ higher. Feeder Cattle futures were an average of $2.06 higher.

Negotiated cash fed cattle trade ranged from a standstill in the Southern Plains to limited on very light demand in the North through Thursday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $199/cwt. in the Southern Plains, $199-$200 in Nebraska and $199-$201 in the western Corn Belt. Dressed delivered prices were $315.

Choice boxed beef cutout value was $1.72 lower Thursday afternoon at $311.18/cwt. Select was $1.11 lower at $302.13.

Grain futures were lower again Thursday with likely liquidation prior to the first notice day on Friday, looming U.S. tariffs and intitial domestic grain production estimates (see below).

Toward the close and through Sep ’25 contracts, Corn futures were 8¢ to 14¢ lower. Kansas City Wheat futures were 12¢ to 15¢ lower. Soybean futures were mostly 3¢ lower.

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Major U.S. financial indices closed lower Thursday, driven by tech stocks and looming U.S. tariffs on Canada and Mexico presumably starting next week.

The Dow Jones Industrial Average closed 193 points lower. The S&P 500 closed 94 points lower. The NASDAQ was down 530 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were $1.12 to $1.50 higher through the front six contracts.

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USDA projects acres planted to corn, wheat and soybeans to be 1.3 million acres more (+0.6%) year over year at 225 million acres, according to data released at the Agricultural Outlook Forum.

Corn acres were estimated at 90.4 million acres, which would be 3.4 million acres more (+3.8%) than last year.

Wheat acres were projected 900,000 acres more than last year (+1.6%) at 47.0 million acres.

Soybean acres were estimated 3.1 million acres less (-3.6%) at 84.0 million acres.

More specifically…

Corn

The 2025/26 corn crop was projected at a record 15.59 billion bushels, up about 5% from the prior year. Yield was projected at 181.0 bushels per acre, based on a weather-adjusted trend assuming normal planting progress and summer growing season weather.

With beginning stocks down from the prior year, total corn supplies were forecast at a record 17.15 billion bushels. Total U.S. corn use for 2025/26 was forecast record high as growth in domestic use is partially offset by lower exports.

Ending stocks were projected at 1.97 billion bushels, up 425 million from a year ago, resulting in stocks relative to use at 12.9%, which if realized would be the highest since 2019/20. The season-average corn price received by producers was forecast 15¢ less year over year at $4.20 per bushel.

Soybeans

U.S. soybean supplies were forecast to rise less than 1% in 2025/26 on higher beginning stocks and a relatively small increase to production. Assuming normal weather conditions, soybean yield was forecast 1.8 bushels per acre more at 52.5 bushels per acre. However higher yield mostly would be offset by lower planted acreage.

With higher exports and crush, soybean ending stocks for 2025/26 were projected 60 million bushels less year over year at 320 million bushels.

Despite lower stocks, ample global supplies will continue to pressure soybean prices. The season-average farm price was projected at $10.00 per bushel, down 10¢ from the previous marketing year.

Wheat

The 2025/26 U.S. wheat outlook was for higher supplies, unchanged total use, and increased ending stocks. U.S. wheat production was projected 2% less than the previous year at 1,926 million bushels on a slight reduction in harvested area and a lower yield.

Despite an expected increase in planted acres, harvested area was forecast slightly lower at 38.4 million acres, based on the 10-year average harvest-to-plant ratio. The all-wheat yield for 2025/26 was projected 2% less year over year at 50.1 bushels per acre, based on a long-term linear trend.

With supplies projected to increase more than total use, 2025/26 ending stocks were raised 4% year over year to 826 million bushels, which would be the most in five years. However, the stocks-to-use ratio of 41% is only minimally higher than 2024/25, resulting in a 2025/26 wheat season-average farm price of $5.50 per bushel, only slightly less than the previous year. Wheat prices are also expected to be supported by corn prices projected only marginally lower in 2025/26.

Cattle futures softened Wednesday with the lack of weekly cash direction in the fed cattle market.

Toward the close, Live Cattle futures were an average of 74¢ lower. Feeder Cattle futures were an average of 71¢ lower, except for 20¢ higher in spot Mar.

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 $199/cwt. in the Southern Plains, $199-$200 in Nebraska and $199-$201 in the western Corn Belt. Dressed delivered prices were $315.

Choice boxed beef cutout value was $1.42 lower Wednesday afternoon at $312.90/cwt. Select was 89¢ lower at $303.24.

Grain and Soybean futures were softer again Wednesday with pressure including positive crop progress and planting in South America and USDA’s first planting projections, albeit unofficial, expected during this week’s Agricultural Outlook Forum.  

Toward the close and through Sep ’25 contracts, Corn futures unchanged to 3¢ lower. Kansas City Wheat futures were 6¢ to 7¢ lower. Soybean futures were 5¢ to 7¢ lower.

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Major U.S. financial indices closed mixed again Wednesday. Pressure included increasing uncertainty surrounding U.S. tariffs — from reports of another pause on those planned for Canada and Mexico and new ones aimed at the European Union.

The Dow Jones Industrial Average closed 188 points lower. The S&P 500 closed fractionally higher. The NASDAQ was up 48 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were 17¢ to 36¢ lower through the front six contracts.

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Total pounds of beef in freezers Jan. 31 were 2% more than the previous month but down slightly year over year, according to USDA’s latest Cold Storage report.

Frozen pork supplies were up 3% from the previous month but were 11% less than a year earlier.

Total red meat supplies in freezers were 3% more than the previous month but 6% less than a year earlier.

Total frozen poultry supplies were up 5% from the previous month but were 6% less than a year ago.

Cattle futures were higher Tuesday, helped along by stronger wholesale beef values, another day of lower Corn futures and follow-through support tied to the recent Cattle on Feed report.

Toward the close on Tuesday, Live Cattle futures were an average of 82¢ higher. Feeder Cattle futures were an average of $1.98 higher.

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 $199/cwt. in the Southern Plains, $199-$200 in Nebraska and $199-$201 in the western Corn Belt. Dressed delivered prices were $315.

Choice boxed beef cutout value was 59¢ higher Tuesday afternoon at $314.32/cwt. Select was 16¢ higher at $304.13.

Grain and Soybean futures eased lower again Tuesday with likely month-end position squaring and wariness about any initial acreage projections USDA shares during this week’s Agricultural Outlook Forum.  

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

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Major U.S. financial indices closed mixed again Tuesday, with pressure including another reading of gloomy consumer confidence.

“In February, consumer confidence registered the largest monthly decline since August 2021,” says Stephanie Guichard, Senior Economist, Global Indicators at The Conference Board. “This is the third consecutive month on month decline, bringing the Index to the bottom of the range that has prevailed since 2022. Of the five components of the Index, only consumers’ assessment of present business conditions improved, albeit slightly. Views of current labor market conditions weakened. Consumers became pessimistic about future business conditions and less optimistic about future income. Pessimism about future employment prospects worsened and reached a 10-month high.”

The Dow Jones Industrial Average closed 159 points higher. The S&P 500 closed 28 points lower. The NASDAQ was down 260 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were $1.56 to $1.65 lower through the front six contracts.

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Creighton University’s Rural Mainstreet Index (RMI) for February continues to paint a pessimistic picture of the rural economy, declining 4.2 points from January to a reading of 38.0 in February. It was the 17th time in the last 18 months the RMI was below growth neutral.

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. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.

“The economic outlook for grain farmers remained weak for 2025. However, grain prices have recently improved, but not enough for profitability for many producers,” says Ernie Goss, the Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business. “On the other hand, regional livestock producers continue to experience solid prices with only 9.3% of bankers expecting negative cash flow for ranchers in 2025.”

Farmland prices sank below growth neutral for the eighth time in the past nine months, with the region’s farmland price index falling 2 points month to month to 40.0. That was the lowest level since October 2024.

“Elevated interest rates and higher input costs, along with below breakeven prices for a high share of grain farmers in the region, have put downward pressure on ag land prices,” Goss says.

Similarly, Goss notes high input prices, tighter credit conditions and weak farm grain prices are having a negative impact on the purchases of farm equipment. The farm equipment sales index in February was a weak 18.2, marking the 19th consecutive month below growth neutral.

Overall, rural bankers remain pessimistic about economic growth for their area over the next six months.

Cattle futures closed higher Monday, buoyed by the recent Cattle on Feed report and a sharp decline in Grain futures.

Toward the close on Monday, Live Cattle futures were an average of $1.31 higher. Feeder Cattle futures were an average of $4.10 higher.

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

Last week, FOB live prices were $4 lower in the Southern Plains at $199/cwt., $3-$4 lower in Nebraska at $199-$200 and $2-$4 lower in the western Corn Belt at $199-$201. Dressed delivered prices were $5-$6 lower at $315.

The five-area direct weighted average FOB live steer price last week was $3.27 lower at $199.64/cwt. The weighted average dressed delivered steer price was $5.40 lower at $315.12.

Choice boxed beef cutout value was $2.96 higher Monday afternoon at $313.73/cwt. Select was $1.41 higher at $303.97.

Grain and Soybean futures were lower Monday with pressure including tariff concerns, early month-end position squaring and perhaps wariness about any initial acreage projections USDA shares during this week’s Agricultural Outlook Forum.  

Toward the close and through Sep ’25 contracts, Corn futures were 5¢ to 8¢ lower. Kansas City Wheat futures were 10¢ to 11¢ lower. Soybean futures were 8¢ to 10¢ lower.

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Major U.S. financial closed mixed Monday, mostly retaining and extending losses from the previous two sessions. Pressure included tech stocks and looming U.S. tariffs on Mexico and Canada.

The Dow Jones Industrial Average closed 33 points higher. The S&P 500 closed 29 points lower. The NASDAQ was down 237 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were 15¢ to 43¢ higher through the front six contracts.

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USDA’s recent Cattle on Feed report also provided an update on feedlot capacity and a summary of cattle fed and marketed by all feedlots in 2023 and 2024. Together, they paint a picture of continuing concentration.

Painting with a broad brush, 26,105 feedlots last year marketed 24.82 million head, compared to 25,103 feedlots marketing 24.84 million head the previous year. So, there were 1,002 more feedlots last year —1,000 of them representing feedlots with less than 1,000 head capacity.

For feedlots with 1,000 head or more capacity, there were 10 more year over year with a capacity of 1,000 to 1,999 head, 10 fewer with a capacity of 8,000 to 15,999 head, two fewer with a capacity of 24,000 to 31,999 head and two more with a capacity of 50,000 head or more.

Feedlot capacity increased by 100,000 head year over year at the beginning of 2025 to 17.2 million head for feedlots with 1,000 head or more capacity.

Cattle futures firmed on Friday and closed higher week to week, despite the decline in cash fed cattle prices.

Live Cattle futures closed an average of 47¢ higher. Feeder Cattle futures closed an average of $1.09 higher.

Week to week on Friday, Live Cattle futures closed an average of 96¢ higher (7¢ to $1.57 higher), except for an average of 21¢ lower in two nearby contracts.  Feeder Cattle futures closed an average of 2.20 higher week to week.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand in Kansas to light on light demand elsewhere through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, FOB live prices were $4 lower in the Southern Plains at $199/cwt. and $3.00 to $3.50 lower in Nebraska at $199.50 to $200. Dressed delivered prices in Nebraska were $5-$6 lower at $315.

The previous week, FOB live prices were $203 in the western Corn Belt, where dressed delivered prices were $320-$321.

Choice boxed beef cutout value was $1.86 lower Friday afternoon at $310.77/cwt. Select was 62¢ lower at $302.56. Week to week, Choice was $3.93 lower and Select was $4.58 lower.

Estimated total cattle slaughter last week of 563,000 head was 2,000 head more than the previous week but 27,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 4.4 million head was 379,000 fewer (-8.0%) than the same period a year earlier. Estimated year-to-date beef production of 3.8 billion pounds was 144.6 million pounds less (-3.6%).

Grain and Soybean futures were mixed Friday.  

Corn futures closed 4¢ to 7¢ lower through Jly ’26 and then mostly 1¢ to 3¢ lower. Kansas City Wheat futures closed 1¢ to 3¢ higher. Soybean futures closed 4¢ to 6¢ lower through near Aug and then mostly 1¢ lower.

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Major U.S. financial indices closed lower again Friday, amid dimming consumer confidence.

The Dow Jones Industrial Average closed 748 points lower. The S&P 500 closed 104 points lower. The NASDAQ was down 438 points.

West Texas Intermediate Crude Oil futures on the CME were $1.87 to $2.08 lower through the front six contracts.

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Markets will likely view Friday’s Cattle on Feed report as neutral with fewer placements than expected but also fewer marketings.

Feedlots with 1,000 head or more capacity placed 1.8 million head in January, which was 1.7% more year over year but 1.3% less than expected.

In terms of placement weights, 42% went on feed weighing 699 lbs. or less, 48% weighing 700-899 lbs. and 10% weighing 900 pound or more.

Marketings in January of 1.9 million head were 26,000 head more (+1.4%) year over year and 0.8% less than expected.

Cattle on feed Feb. 1 of 11.7 million head were 81,000 head fewer (-0.7%) than the same time last year. Also of note, there were 3% fewer heifers and heifer calves on feed at the beginning of the year than last year.

Cattle futures were lower Thursday with dimming cash fed cattle price  prospects, unwinding wholesale beef values, more bearish outside markets and perhaps positioning ahead of the monthly Cattle on Feed report due out Friday. Ahead of the report, analysts see January placement 3% higher year over year, January marketings about 2% higher and the on-feed inventory Feb. 1 at about 99%.

Toward the close, Live Cattle futures were an average of 65¢ lower, except for unchanged in spot Feb. Feeder Cattle futures were an average of $1.11 lower, except 20¢ higher in Nov.

Negotiated cash fed cattle trade ranged from a standstill in the Texas Panhandle to light on light demand elsewhere through Thursday afternoon, according to the Agricultural Marketing Service. There were a few FOB live trades in Kansas at $199/cwt., and a few dressed delivered trades in Nebraska at $315, but too few transactions to trend in any region.

Last week, FOB live prices were $203/cwt. in all regions. Dressed delivered prices were $320-$321.

Choice boxed beef cutout value was $1.26 lower Thursday afternoon at $312.63/cwt. Select was 58¢ lower at $303.18.

Soybean futures led Corn futures higher Thursday amid chatter from the White House that a trade deal with China could get done.  

Toward the close and through Sep ’25 contracts, Soybean futures were 9¢ to 13¢ higher. Corn futures were unchanged to 6¢ higher. Kansas City Wheat futures were 5¢ to 6¢ lower.

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Major U.S. financial indices closed lower Thursday, pressured by retail stocks, including Walmart.

The Dow Jones Industrial Average closed 450 points lower. The S&P 500 closed 26 points lower. The NASDAQ was down 93 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 28¢ to 45¢ higher through the front six contracts.

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Analysts with USDA’s Economic Research Service (ERS) provide further context to the cattle inventory and beef cow herd at the beginning of this year, in the latest Livestock, Dairy and Poultry Outlook.

“The culling rate of beef cows in 2024 was over 10% of the beef cow inventory on Jan. 1, 2024, a 2% decline from last year and the lowest since 2019,” ERS analysts explains “For additional context, the number of beef cows is down 39% from the historic peak set in 1975 of 45.712 million head and is the smallest beef cow inventory since 1961. As the number of beef heifers available for addition to the herd is correlated to the size of the beef cow herd and the previous year’s calf crop, beef heifer replacements also peaked in 1975 at 8.884 million head and have since fallen 47%.”

As for expansion potential, considering the last three cattle cycles — including the beginning of the current one — ERS analysts explain the percentage of beef heifers kept for replacements in the coming year had several years of increasing proportions year-over-year, compared to the previous year’s calf crop.

“If the same pattern holds in the future, it could be several years from now before the U.S. cattle herd expands,” ERS analysts say. “Biologically speaking, many of the offspring from heifers born in 2024 would not enter the beef cow herd until the 2027. Historically high prices for calves

likely encouraged many producers to market their heifer calves to the feeder market in 2024.”

Cattle futures basically tread in place Wednesday, awaiting the week’s cash fed cattle direction.

Toward the close, Live Cattle futures were of 49¢ higher. Feeder Cattle futures were an average of 25¢ lower.

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

Last week, FOB live prices were $203/cwt. in all regions. Dressed delivered prices were $320-$321.

Choice boxed beef cutout value was $1.88 lower Wednesday afternoon at $313.89/cwt. Select was 5¢ higher at $303.76.

Grain and Soybean futures were softer Wednesday with likely profit taking and producer selling.

Toward the close and through Sep ’25 contracts, Corn futures were mixed from 4¢ lower to 3¢ higher. Kansas City Wheat futures were 10¢ to 12¢ lower. Soybean futures were 5¢ to 6¢ lower.

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Major U.S. financial edged higher again Wednesday.

The Dow Jones Industrial Average closed 71 points higher. The S&P 500 closed 14 points higher. The NASDAQ was up 14 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 22¢ to 33¢ higher through the front six contracts.

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USDA’s recently released Agricultural Projections to 2034 project peak cattle prices in 2026.

The five-area direct weighted average fed steer price rises to $196.49/cwt. next year from $186.50 this year in the projections and then declines to $150.65 in 2031 before increasing again.

Similarly, projections peg the average Oklahoma City feeder steer price next year at $267.26, up from $258.75 this year and then declining to $189.80 in 2031 before rebounding.

USDA analysts expect domestic cattle supplies to respond to higher prices early in the projection period, leading to expansion. Projections see the total cattle inventory at a low this year of 86 million head and then growing to 91.8 million head in 2033. However, projections call for beef cow numbers to reach a bottom next year at 27.8 million head — slightly fewer than this year — and then expanding to 30.6 million in 2031 before receding again.

Along the way, beef production declines from 25.9 billion pounds this year to 24.8 billion pounds in 2027 and then growing to 27.9 billion pounds in 2034. Analysts note, “Projections are premised on assumptions for normal weather which support improved pasture conditions following periods of widespread drought in recent years.”

Feed costs are expected to decline or remain static during the projection period.

“Corn prices are expected to start the projection period at $3.90 per bushel, or 38.0% below the recent peak of $6.54 per bushel in 2022/23,” analysts explain. “This downward trend reverses in 2026/27 and prices climb to $4.30 per bushel during the last half of the projection period. Growth in domestic corn use of 4.9% during the projection period is driven almost entirely by the feed and residual category, spurred by expanding corn supplies and meat production growth to meet domestic and export demand for beef, pork and poultry.”

Macroeconomic assumptions underpinning the projections include U.S. real GDP growth at an annual average of 1.8%. Global GDP growth is projected to average 2.7%.

Live Cattle future firmed Tuesday while Feeder Cattle futures bounced higher.

Toward the close on Tuesday, Live Cattle futures were mixed, from unchanged to an average of 7¢ lower through the front four contracts to an average of 71¢ higher. Feeder Cattle futures were an average of $2.49 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 $203/cwt. in all regions. Dressed delivered prices were $320-$321.

Choice boxed beef cutout value was 7¢ higher Tuesday afternoon at $315.77/cwt. Select was $2.52 lower at $303.71.

Grain and Soybean futures were higher Tuesday with likely short covering and recent demand improvement.

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

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Major U.S. financial indices edged higher with a late-session surge Tuesday, led by energy stocks.

The Dow Jones Industrial Average closed 10 points higher. The S&P 500 closed 14 points higher. The NASDAQ was up 14 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 81¢ to $1.11 higher through the front six contracts.

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USDA’s Economic Research Service (ERS) left the expected annual price for feeder steers unchanged at $273.75/cwt., in the latest monthly Livestock, Dairy and Poultry Outlook. However, they raised the expected first-quarter price for Med. And Lg. #1 steers weighing 750-800 lbs. at Oklahoma City by $4 to $272. Expected prices were unchanged for the second quarter at $272 but declined by $2 in the third and fourth quarters to $273 and $278, respectively.

Although Oklahoma City weighted average cash prices reached a new record in January at $274.45, ERS analysts note they’ve declined about $8 since the announced resumption of feeder cattle imports from Mexico.

“In addition to incorporating the resumption of feeder cattle imports into the forecast, the Cattle report showed more head than previously expected outside feedlots on Jan. 1, albeit still less than a year ago,” ERS analysts say. “The increase in the cow/calf ratio was carried over into 2025 expectations, increasing prospects for a larger-than-previously-expected calf supply in 2025.”

There was no USDA report for Monday negotiated cash fed cattle trade at press time.

Last week, FOB live prices were $203/cwt., which was $3 lower in the Southern Plains, $5 lower in Nebraska and $2-$5 lower in the western Corn Belt.

Dressed delivered prices were $7-$8 lower in Nebraska at $320-$321. The previous week, dressed delivered prices were $328 in the western Corn Belt.

Choice boxed beef cutout value was $1.00 higher Monday afternoon at $315.70/cwt. Select was 91¢ lower at $306.23.

Futures and Equity markets were closed Monday in observance of President’s Day.

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Increased beef consumption and increased beef prices underscore beef demand strength, says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments.

“The all-fresh retail beef price for January was $8.15 per pound, up 4.3% year over year. All-fresh beef retail prices have averaged 5.2% higher month over month for the last year, leading to retail all-fresh beef prices for the past 12 months at a record average level of $8.27 per pound,” Peel explains. “Per capita beef consumption in 2024 was unexpectedly higher at 59.7 pounds as a result of constant domestic beef production and larger net imports of beef.”

Similarly, Peel points out wholesale Choice beef cutout prices have averaged 11.8% more year over year for the first six weeks of 2025.

“Prices are higher for all primals with stronger prices for end meats relative to middle meats,” Peel says. “Prices for rib primals are up 9.2% year over year with loins prices up 4.6% compared to the first six weeks one year ago.  Chuck prices are 14.8% higher and round primal prices are up 22.3% year over year.”

Moreover, Peel points out all-fresh retail beef prices continue to increase relative to pork and broiler prices.

You can hear more of Peel’s market insights here.