Daily Market Highlights

Feeder Cattle futures were narrowly mixed Friday with likely trepidation ahead of the monthly Cattle on Feed report (see below). On Friday, Feeder Cattle closed from an average of 12¢ higher across the front half of the board to an average of 32¢ lower across the back half. They were also narrowly mixed in early-Monday trading.

Live Cattle futures were an average of 11¢ lower, except for 40¢ higher in spot Oct and unchanged in April.

Week to week on Friday, Live Cattle futures closed an average of $1.09 higher (27¢ to $2.07 higher). Feeder Cattle futures closed mixed, from an average of 80¢ higher in the front three contracts to an average of $1.60 lower.

Negotiated cash fed cattle trade ranged from slow on light demand in the North to inactive on very light demand the Southern Plains through Friday afternoon, with too few transactions to trend.

For the week, FOB live prices were $2-$3 higher in the Texas Panhandle at $190-$191/cwt., mostly $2 higher in Kansas at mainly $190 and $2-$3 higher in the North at mostly $190. Dressed delivered prices were $2 higher in Nebraska at $298 and $2-$4 higher in the western Corn Belt at $298-$300 in a light test.

Last week’s weighted average five-area direct FOB live fed steer was $2.44 higher at $190.05. The average dressed delivered steer price was $2.69 higher at $298.90.

Choice boxed beef cutout value was $1.07 higher Friday afternoon at $322.24/cwt. Select was 74¢ higher at $295.08. Week to week on Friday, Choice was $1.59 higher and Select was 88¢ higher. 

Estimated total cattle slaughter last week of 623,000 head was 15,000 head more than the same week last year. Year-to-date estimated total cattle slaughter of 25.7 million head was 1 million head less (-3.8%). Year-to-date beef production of 21.8 billion pounds was 146.5 million pounds less (-0.7%).

Grain and Soybean futures closed lower Friday on profit taking, producer selling and harvest pressure.

Corn futures were 3¢ to 6¢ lower through Jly ’25 and then 1¢ to 2¢ lower. Kansas City Wheat futures were 13¢ to 15¢ lower. Soybean futures were 5¢ to 8¢ lower through Aug ’25 and then mostly 3¢ lower.

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Major U.S. financial were mixed Friday.

The Dow Jones Industrial Average closed 259 points lower. The S&P 500 closed 1 point lower. The NASDAQ was up 103 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $1.38 to $1.59 higher through the front six contracts.

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Markets viewed the monthly Cattle on Feed report as neutral despite more placements than expected.

Feedlots with 1,000 head or more capacity placed 2.2 million head in September, which was 42,000 head less (-1.9%) year over year but 2.3% more than expectations ahead of the report.

Marketings in September of 1.7 million head were 34,000 head more (+2.0%) than the same week last year, which was in line with expectations.

Cattle on Feed Oct. 1 of 11.6 million head was slightly less year over year, which was also in line with expectations. Heifers comprised 40% of the on-feed inventory, which was 1% less than a year earlier.

Feeder Cattle futures softened Wednesday. Perhaps some of the softness had to do with the announcement yesterday that an E. coli outbreak in several states had been linked to a McDonald’s Quarter Pounder; more specifically, slivered onions (see below).

Toward the close, Feeder Cattle futures were an average of $1.95 lower. Live Cattle futures were an average of 16¢ lower, except for 5¢ higher in away-Oct.

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 $188/cwt. in the Southern Plains and $187-$188 in the North. Dressed delivered prices were $296.

Choice boxed beef cutout value was $2.55 lower Wednesday afternoon at $321.41/cwt. Select was 97¢ higher at $295.77.

Turning to the grain complex, toward the close and through Sep ’25 contracts, Corn futures were fractionally higher to 3¢ higher. Kansas City Wheat futures were little changed. Soybean futures were 1¢ to 6¢ higher.

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Major U.S. financial closed sharply lower Wednesday, under pressure from rising Treasury yields.

The Dow Jones Industrial Average closed 409 points lower. The S&P 500 closed 53 points lower. The NASDAQ was down 296 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 69¢ to 76¢ lower through the front six contracts.

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The U.S. Centers for Disease Control and Prevention (CDC) reported Tuesday that an outbreak of E. coli O157:H7 had been linked to Quarter Pounders at McDonalds.

“The specific ingredient linked to illness has not yet been identified, but investigators are focused on two ingredients in particular: fresh slivered onions, and fresh beef patties,” according to the CDC … McDonald’s reported to CDC that they proactively removed the slivered onions and beef patties used for the Quarter Pounder hamburgers from stores in the affected states while the investigation continues. Quarter Pounder hamburgers in some states may be temporarily unavailable.”

All told, 49 people from 10 states (mostly Colorado and Nebraska) have gotten sick from the same strain of E. coli.

McDonald’s North America Chief Supply Chain Officer Cesar Piña shared the following internal message…

“…The initial findings from the investigation indicate that a subset of illnesses may be linked to slivered onions used in the Quarter Pounder and sourced by a single supplier that serves three distribution centers. As a result, and in line with our safety protocols, all local restaurants have been instructed to remove this product from their supply and we have paused the distribution of all slivered onions in the impacted area.

“Out of an abundance of caution, we are also temporarily removing the Quarter Pounder from restaurants in the impacted area, including Colorado, Kansas, Utah and Wyoming, as well as portions of Idaho, Iowa, Missouri, Montana, Nebraska, Nevada, New Mexico, and Oklahoma.”

Cattle futures gained Tuesday, with support from the continued increase in Choice boxed beef cutout values.

Toward the close, Live Cattle futures were an average of 89¢ higher. Feeder Cattle futures were an average of $1.33 higher

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

Last week, FOB live prices were $188/cwt. in the Southern Plains and $187-$188 in the North. Dressed delivered prices were $296.

Choice boxed beef cutout value was $1.10 higher Tuesday afternoon at $323.96/cwt. Select was $1.41 lower at $294.80.

Corn and Soybean futures were higher again Tuesday with follow-through support.

Toward the close and through Sep ’25 contracts,

Corn futures were 4¢ to 7¢ higher. Kansas City Wheat futures were 3¢ higher. Soybean futures were mostly 12¢ higher.

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Major U.S. financial closed narrowly mixed Tuesday.

The Dow Jones Industrial Average closed 6 points lower. The S&P 500 closed 2 points lower. The NASDAQ was up 33 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $1.26 to $1.68 higher through the front six contracts.

Cattle futures softened Monday, likely nudging chart resistance and perhaps with some early positioning ahead of Friday’s monthly Cattle on Feed report.

Toward the close, Live Cattle futures were an average of 50¢ lower. Feeder Cattle futures were an average of $1.10 lower.

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 mainly $1 higher in the Southern Plains at $188/cwt. and steady in the North at $187-$188/cwt. with dressed delivered prices also steady at $296.

The weighted average five-area direct FOB live fed steer price last week was $187.61/cwt., which was 40¢ more than the previous week. The weighted average dressed delivered steer price was 29¢ higher at $296.21.

Choice boxed beef cutout value was $2.21 higher Monday afternoon at $322.86/cwt. Select was $2.01 higher at $296.21.

Corn and Soybean futures were higher Monday, helped by recent export sales.

Toward the close and through Sep ’25 contracts, Corn futures were mostly 3¢ to 4¢ higher. Soybean futures were 4¢ to 10¢ higher. Kansas City Wheat futures were mostly 1¢ higher.

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Major U.S. financial closed mixed Monday, with primary pressure from a bounce in the 10-year Treasury bond yield.

The Dow Jones Industrial Average closed 344 points lower. The S&P 500 closed 10 points lower. The NASDAQ was up 50 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 94¢ to $1.14 higher through the front six contracts.

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Choice boxed beef prices continue on a tear, hitting $322.86/cwt. Monday afternoon, which was $26.49 than the recent low Sept. 26, and the highest since July.

“The weekly Choice boxed beef price is also at the highest level since July and has averaged 2.2% higher year over year and a record high for the year-to-date,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. He adds prices have moved higher for a number of cuts across the carcass.

“The increase in boxed beef prices is perhaps even more surprising in the face of increased fed beef production,” Peel says. “Higher prices and increased quantities suggest that beef demand continues to be very robust.”

For perspective, Peel explains total fed slaughter is down 0.7% percent compared to last year, while steer carcasses have averaged 25.5 lbs. heavier and heifer carcasses have averaged 22.6 pounds for the year to date.

“The result of stronger than expected fed slaughter and heavier carcass weights has been an increase in fed beef production of 1.9% year over year thus far in 2024,” Peel says. “In fact, for the last 16 weeks, fed beef production has been 3.7% larger year over year.” 

Cattle futures closed higher Friday, helped along by lower grain futures prices, stronger wholesale beef prices and the week’s steady-to-higher cash trade.

Live Cattle futures were an average of 83¢ higher. Feeder Cattle futures were an average of $1.98 higher. However, week to week on Friday, Live Cattle were an average of 65¢ lower and Feeder Cattle futures were an average of $1.50 lower, unable to overcome the early-week technical correction.

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

Last week, FOB live prices were mainly $1 higher in the Southern Plains at $188/cwt. and steady in the North at $187-$188/cwt. with dressed delivered prices also steady at $296.

Choice boxed beef cutout value was $1.39 higher Friday afternoon at $320.65/cwt. Select was 68¢ higher at $294.20. Week to week on Friday, Choice was $9.48 higher and Select was $5.48 higher, with the Choice-Select spread the widest on Friday since last October.

Turning to the grain complex, Wheat and Soybean futures closed lower with improving weather in South America, harvest pressure, the stronger U.S. dollar and chatter that Russia was going to begin exporting wheat.

Kansas City Wheat futures were 11¢ to 15¢ lower. Soybean futures were 12¢ to 18¢ lower through Jly ’25 and then 10¢ to 11¢ lower. Corn futures were 1¢ to 2¢ lower.

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Major U.S. financial indices closed higher Friday, with continued bullishness.

The Dow Jones Industrial Average closed 36 points higher. The S&P 500 closed 23 points higher. The NASDAQ was up 115 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $1.21 to $1.45  lower through the front six contracts.

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Calf prices strengthened contra-seasonally in recent weeks amid declining cattle numbers helped along by softer corn prices.

“It is rare to see calf prices escalate as the market moves into the fourth quarter of

the year, but this is no ordinary year,” Griffith says. “The market price of calves and feeder cattle attempted to encourage cattle producers to retain heifers this year to grow the cattle herd. However, most producers have been challenged with drought and marginal profits, which has resulted in little to no heifer retention … The opposite side of the coin is that calf prices may not increase in December and early January as rapidly as would normally be expected.”

Even so, based on relatively lower price levels in preceding weeks, the ERS reduced the projected fourth-quarter feeder steer price (750-800 lbs., Oklahoma City) in the October Livestock, Dairy and Poultry Outlook. Compared to the previous month, the ERS reduced the forecast fourth-quarter price by $2 to $253/cwt. and the annual average price by 41¢ to $250.59.

Projected feeder steer prices for 2025 were unchanged at $248 in the first quarter, $254 in the Second quarter and $263 in the third quarter with an annual average price of $258.75.

Cattle futures closed lower Tuesday, with likely profit taking and technical correcting. Toward the close, Live Cattle futures were an average of $1.19 lower. Feeder Cattle futures were an average of $3.08 lower

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 $186-$187/cwt. in the Southern Plains and  $187-$188 in the North. Dressed delivered prices were steady at $296.

Choice boxed beef cutout value was $3.51 higher Tuesday afternoon at $316.83/cwt. Select was $2.99 higher at $292.09.

Grain and Soybean futures closed lower again, amid harvest pressure and lower outside markets, including Crude Oil.

Toward the close and through Sep ’25 contracts, Corn futures were 6¢ to 7¢ lower. Kansas City Wheat futures were 5¢ to 7¢ lower. Soybean futures were mostly 7¢ to 9¢ lower

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Calves and feeder cattle sold mixed at Tuesday auctions monitored by Cattle Current, in a limited test.

Feeder steers sold from $5 lower to $3 higher at Ozarks Regional Stockyards in West Plains, MO, where there were 2,219 head. Feeder heifers traded from $5 lower to $8 higher.

At Also in Missouri, at Kingsville Livestock Auction  The majority of the feeder offering sold steady to $5 higher with 2,082 head on offer. 

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Major U.S. financial closed lower Tuesday, taking a breather from the recent run.

The Dow Jones Industrial Average closed 324 points lower. The S&P 500 closed 44 points lower. The NASDAQ was down 187 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $2.73 to $2.93  lower through the front six contracts.

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Nationwide last week, steers and heifers sold $1-$5/cwt.  higher on good to very good demand, according to the Agricultural Marketing Service (AMS). There were 249,600 head reported at auction, direct and via video-internet, compared to 258,200 head the same week last year.

“Buyers continue to want good long-weaned cattle with shots. Very dry,

dirty weaning pens have not discouraged buyers from purchasing the fresh bawling calves that are appearing in the markets,” AMS analysts explain.

At the same time, AMS analysts explain dry conditions are pushing some cattle earlier than planned.

According to the latest U.S. Drought Monitor, 43% of cattle are in areas affected by drought versus 46% a year earlier

Cattle futures closed mostly higher Monday, supported by Choice wholesale beef values and softer Corn futures.

Toward the close, Live Cattle futures were an average of 26¢ higher, except for 40¢ lower in spot Oct. Feeder Cattle futures were an average of 79¢ higher, except for an average of 51¢ lower in the front two contracts.

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

Last week, FOB live prices were generally steady to $1 higher at $186-$187/cwt. in Kansas, $187 in the Texas Panhandle and $187-$188 in the North. Dressed delivered prices were steady at $296.

Last week’s weighted average five-area direct FOB live steer price was 32¢ higher at $187.21/cwt. The weighted average dressed delivered steer price was 8¢ lower at $295.92.

Choice boxed beef cutout value was $2.10 higher Monday afternoon at $313.32/cwt. Select was 38¢ higher at $289.10.

Grain and Soybean futures closed lower Monday, with pressure including a positive South American weather outlook and the recently stronger U.S. dollar.

Toward the close and through Sep ’25 contracts, Corn futures were 8¢ to 9¢ lower. Kansas City Wheat futures were 13¢ to 14¢ lower. Soybean futures were 9¢ to 10¢ lower.

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Major U.S. financial indexes continued higher on bullish sentiment Monday.

The Dow Jones Industrial Average closed 201 points higher. The S&P 500 closed 44 points higher. The NASDAQ was up 159 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $1.17 to $1.57 lower through the front six contracts.

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Calves and feeder cattle traded mixed to higher last week at the weekly auctions monitored by Cattle Current. In fact, Andrew P. Griffith, agricultural economist at the University of Tennessee notes calf prices are strengthening counter-seasonally.

“October tends to be the month in which calf prices reach their seasonal low, as many producers are bringing their spring born calf crop to market,” Griffith explains in his weekly market comments. “The softness in the market tends to still be evident in November before slowly firming in December. Contrary to this seasonal tendency is the fall of 2024. The price of calves may have already achieved its seasonal low as two consecutive weeks of higher prices to start October may be the price reversal. If the price lows for the fall marketing time period have already been experienced, then cattle producers have much more to look forward to as prices will be expected to increase through the spring.”

Griffith notes the declining cattle supplies coming into play.

“It is well documented that fewer cows were in the herd, which means fewer calves available for stocker, backgrounding, and feedlot operations,” Griffith says. “This known information has been masked to some degree as feeder cattle have continued making their way to the feedlot due to heifers not being retained and strong beef production from growing cattle larger in the feedlot.”

Negotiated cash fed cattle prices ended last week generally steady to $1 higher. FOB live prices were generally $186-$187/cwt. in Kansas, $187 in the Texas Panhandle and $187-$188 in the North. Dressed delivered prices were steady at $296.

Cattle futures closed mixed on Friday but higher week to week. Live Cattle futures were an average of 25¢ lower, except for unchanged in away Dec. Feeder Cattle futures were an average of 48¢ higher (5¢ to $1.05 higher), except for an average of 34¢ lower in the front two contracts.

Week to week on Friday, Live Cattle futures closed an average of $1.03 higher (25¢ to $1.70 higher). Feeder Cattle futures closed an average of $2.69 higher (7¢ to $4.60 higher).

Choice boxed beef cutout value was $1.27 higher Friday afternoon at $311.12/cwt. Select was $2.01 lower at $288.72. Week to week on Friday, Choice was $8.64 higher and Select was $1.11 higher.

Estimated total cattle slaughter last week of 586,000 head was 25,000 head fewer than the previous week and 30,000 head fewer than the same week last year. Year-to-date total cattle slaughter of 24.5 million head was 975,000 head fewer (-3.8%). Year-to-date beef production of 20.7 billion pounds was 152.7 million pounds less (-0.7%).

Turning to crops, Grain and Soybean futures closed lower Friday, lacking support from the monthly World Agricultural Supply and Demand Estimates (see below).

Corn futures closed mostly 1¢ to 3¢ lower. Kansas City Wheat futures were 4¢ to 6¢ lower. Soybean futures closed mostly 10¢ to 11¢ lower.

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Major U.S. financial indexes closed higher Friday, boosted by bank stocks.

The Dow Jones Industrial Average closed 409 points higher. The S&P 500 closed 34 points higher. The NASDAQ was up 60 points.

West Texas Intermediate Crude Oil futures on the CME closed 11¢ to 29¢ lower through the front six contracts.

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USDA’s Economic Research Service (ERS) increased the expected five-area average direct fed steer price for the remainder of this year and the beginning of next year, in the October World Agricultural Supply and Demand Estimates (WASDE). That was based on prices in September and expectations of continued strong demand for fed cattle.

Compared to the previous month’s projection the ERS increased the five-area price by $1.26 in the third quarter to $189.26 and by $3 in the fourth quarter to $186 for an annual average price of $186.18, which was $1.07 higher.

Projected prices for next year increased by $1 in the first quarter to $187. The projected annual 2025 price also increased by $1 to $187.

Compared to the previous month, the ERS increased expected beef production for this year by 205 million pounds to 27 billion pounds, which would be slightly more than last year. Next year’s projected beef production of 25.9 billion pounds would be 1.1 billion pounds less than this year’s estimated production (-4%).

Among other WASDE highlights…

Corn

Corn production for 2024/25was forecast at 15.2 billion bushels, up 17 million from the previous month on an increase of 0.2 bushels in yield to 183.8 bushels per acre. Total use was raised slightly to 15.0 billion bushels reflecting greater exports. With supply falling and use rising, ending stocks were cut 58 million bushels to 2.0 billion. The season-average corn price received by producers was unchanged at $4.10 per bushel.

Soybeans

2024/25 U.S. soybean production was forecast at 4.6 billion bushels, down 4 million on a projected 0.1-bushel decline in yield to 53.1 bushels per acre. With lower production partly offset by slightly higher beginning stocks, supplies were lowered 2.0 million bushels to 4.9 billion. Ending stocks were unchanged from the previous month at 550 million bushels. The U.S. season-average soybean price for 2024/25 was unchanged at $10.80 per bushel. Soybean meal and oil prices also were unchanged at $320 per short ton and 42¢ per pound, respectively.

Wheat

The outlook for 2024/25 U.S. wheat was for reduced supplies, larger domestic use, unchanged exports, and lower ending stocks. Projected ending stocks were lowered by 16 million bushels to 812 million, which still would be 17% more than the previous year. The season average farm price was unchanged at $5.70 per bushel.

Cattle futures gained Thursday, with steady to stronger cash fed cattle prices and higher wholesale beef values.

Toward the close, Live Cattle futures were an average of 66¢ higher. Feeder Cattle futures were an average of $1.16 higher.

Negotiated cash fed cattle trade ranged from slow on light demand to moderate on moderate demand through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, FOB live prices are steady to $1 higher in Kansas at $186-$187/cwt. and steady in the North at $187. Dressed delivered prices are steady at $296.

Last week, FOB live prices were $186 in the Texas Panhandle.

Choice boxed beef cutout value was $1.77 higher Thursday afternoon at $309.95/cwt. Select was $2.10 higher at $290.73.

Corn and soybean futures were lower Thursday with harvest pressure and more positive weather in South America. There was also likely positioning ahead of the monthly World Agricultural Supply and Demand Estimates due out on Friday.

Toward the close and through Sep ’25 contracts, Corn futures were 2¢ lower. Kansas City Wheat futures were 1¢ to 2¢ higher. Soybean futures were 3¢ to 6¢ lower.

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Major U.S. financial indexes closed slightly lower Thursday, pressured by readings of more inflation and employment weakness than expected.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% month to month in September on a seasonally adjusted basis, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 2.4% before seasonal adjustment.

On the labor front, for the week ending October 5, the advance figure for seasonally adjusted initial unemployment insurance claims was 33,000 more than the previous week at 258,000, the highest level since August 5.

The Dow Jones Industrial Average closed 57 points lower. The S&P 500 closed 11 points lower. The NASDAQ was down 9 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $1.96 to $2.33 higher through the front six contracts.

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U.S. beef exports weakened toward the end of summer, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

Beef exports in August totaled 102,682 metric tons (mt), down 6% from a year earlier and the lowest since January. Export value fell 4% to $845.9 million. Through the first eight months of the year, beef exports were 3% below last year at 856,834 mt but were 4% higher in value at just under $7 billion.

“Beef demand in our major Asian markets seemed to lose a bit of momentum in August, but exports held up well to Mexico, Taiwan and the Middle East,” says Dan Halstrom, USMEF president and CEO. “The headwinds in Asia remain formidable, but we are encouraged by the region’s ongoing tourism rebound. The late-September removal of Colombia’s restrictions on U.S. beef is also a positive development. While this came too late to impact the August results, it will help bolster fourth-quarter demand in Latin America.”

U.S. beef export value equated to $391.19 per head of fed slaughter in August, down 1% from a year ago. The January-August average was $414.88 per head, up 5%.

Cattle futures were lower Wednesday, with overbought conditions and the lack of weekly cash direction.

Toward the close, Live Cattle futures were an average of 73¢ lower. Feeder Cattle futures were an average of $1.11 lower.

Negotiated cash fed cattle trade was slow on light demand in the western Corn Belt through Wednesday afternoon, according to the Agricultural Marketing Service. There were a few FOB live trades at $187/cwt., but too few to trend. Elsewhere, trade was at a standstill.

Last week, FOB live prices were $186 in the Southern Plains, $187 in Nebraska and $187-$188 in the western Corn Belt. Dressed delivered prices were $296.

Choice boxed beef cutout value was $1.34 higher Wednesday afternoon at $308.18/cwt. Select was 2¢ higher at $288.63.

Turning to grains, toward the close and through Sep ’25 contracts, Corn futures were fractionally mixed. Kansas City Wheat futures were 4¢ to 5¢ higher. Soybean futures were mostly 2¢ to 5¢ higher.

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

The Dow Jones Industrial Average closed 431 points higher. The S&P 500 closed 49 points higher. The NASDAQ was up 108 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 21¢ to 55¢ lower through the front six contracts.