Daily Market Highlights

Cattle futures drifted lower Thursday, lacking the week’s cash fed cattle direction and perhaps with some wariness about Friday’s monthly Cattle on Feed report. Depending on the estimates you consider, analysts peg May placements about 2% less year over year, May marketings about even and the June 1 cattle on feed inventory about 1% less.

Before settlement, Live Cattle futures were an average of 38¢ lower, except for an average of 49¢ higher in the front two contracts. Feeder Cattle futures were an average of 37¢ lower.

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

Based on final established trade last week, FOB live prices were $186/cwt. in the Southern Plains $195-$198 in Nebraska and $193-$195 in the western Corn Belt. Dressed delivered prices were $305-$306; prices as high as $310.

Choice boxed beef cutout value was $2.17 higher Thursday afternoon at $322.87/cwt. Select was $1.14 higher at $304.40/cwt.

Turning to grain and Soybean futures, heading into the close, through Jly ’25 contracts, Corn futures were 8¢ to 10¢ lower. Kansas City Wheat futures were 7¢ to 10¢ lower. Soybean futures closed were 10¢ to 18¢ lower.

******************************

Yearling steers and heifers sold steady at Tulia Livestock Auction (1,634 head) in Texas. Stocker calves sold with a higher undertone.

Feeder steers and heifers sold $5-$8 higher at Woodward Livestock Auction (1,187 head) Oklahoma. Steer and heifer calves sold with a higher undertone in a light test.

Remember, if you’re looking for a weekly market summary and highlights, check out the CalfNews Price Point podcast that comes out each Tuesday. You’ll find it at CalfNews.net

******************************

Major U.S. financial indices closed mixed Thursday.

The Dow Jones Industrial Average closed 299 points higher. The S&P 500 closed 13 points lower. The NASDAQ was down 140 points.

Heading into the close, West Texas Intermediate Crude Oil futures on the CME were 21¢ to 77¢ higher through the front six contracts.

******************************

For the first four month of the year, cattle on feed longer than 150 days May 1 was the highest in 12 years, according to analysts with USDA’s Economic Research Service, in the latest Livestock, Dairy and Poultry Outlook.

“According to industry participants, some packers are foregoing typical discounts on cattle above certain weights, further incentivizing feedlots to keep cattle on feed longer, especially as they maintain feedlot capacity utilization in the face of slowing placements,” ERS analysts explain.

Year over year for the week ending May 25, 2024, steer carcass weights were 37 pounds heavier and heifer carcass weights were 29 pounds higher, according to ERS.

“This additional weight is enabling packers to partially offset the impact of having fewer cattle to process than a year ago, as carcasses are yielding about 4% more product year over year,” ERS analysts say.

As mentioned in Cattle Current recently, ERS left projected beef production for this year basically unchanged, compared to the previous month at 26.6 billion pounds, as heavier expected dressed weights mostly offset lower anticipated slaughter.

Forecast beef production for 2025 of 25.4 billion pounds was 245 million pounds more than the previous month’s estimate.

Next year’s total would be 1.2 billion pounds less (-4.6%) than this year’s projected total.

Cattle futures softened Tuesday, awaiting the week’s cash direction and perhaps with some profit taking. Before settlement, Live Cattle futures were an average of 49¢ lower. Feeder Cattle were an average of $1.52 lower.

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

Based on final established trade last week, FOB live prices were $186/cwt. in the Southern Plains $195-$198 in Nebraska and $193-$195 in the western Corn Belt. Dressed delivered prices were $305-$306; prices as high as $310.

Choice boxed beef cutout value was 5¢ higher Tuesday afternoon at $320.52/cwt. Select was 61¢ lower at $304.21/cwt.

Grain and soybean futures were mixed Tuesday. Heading into the close, through Jly ’25 contracts, Corn futures were 2¢ to 4¢ higher with likely technical correction. Kansas City Wheat futures were mostly 5¢ to 6¢ lower. Soybean futures closed were 10¢ to 16¢ higher in the front two contracts and then marginally higher through new-crop.

******************************

Major U.S. financial indices were little changed but to the upside Tuesday with continued support from tech stocks.

The Dow Jones Industrial Average closed 56 points higher. The S&P 500 closed 13 points higher. The NASDAQ was up 5 points.

Heading into the close, West Texas Intermediate Crude Oil futures on the CME were $1.05 to $1.06 higher through the front six contracts.

******************************

USDA’s Economic Research Service (ERS) left projected feeder steer prices (750-800 lbs., Oklahoma City) unchanged, compared to the previous month, in the latest Livestock, Dairy and Poultry Outlook, except for $1 lower in the second and fourth quarters. Average prices are forecast to be $254/cwt. in the second quarter, and $263 in the third and fourth quarters. The annual average price estimate was reduced 50¢ to $254.96. Next year’s annual average price was projected at $258.50 with the first-quarter price at $247.

“Demand for feeder cattle remains steady, supported in part by improved forage and pasture conditions from a year ago across most of the country,” say ERS analysts. “This has enabled cattle to go on grass rather than into

feedlots, particularly as feedlots are limiting placements in response to high feeder prices.”

As reported in Cattle Current last week, ERS raised the expected average five-area direct fed steer price for most of the remainder of the year, in the June World Agricultural Supply and Demand Estimates.

Compared to the previous month, prices were projected $2 higher in the second quarter at $186/cwt. and $1 higher in the third quarter at $183, but $1 lower in the fourth quarter at $186. The forecast annual price for this year increased 50¢ to $184.01. ERS also raised the expected first-quarter price and the 2025 annual average price by $1 to $186 and $189, respectively.

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

Based on final established trade last week, FOB live prices were $1 higher in the Southern Plains at $186/cwt., $5-$8 higher in Nebraska at $195-$198 and mainly $2-$3 higher in the western Corn Belt at mostly $193-$195. Dressed delivered prices were $4-$5 higher in Nebraska and the western Corn Belt at $305-$306; prices as high as $310.

The weighted average five-area direct FOB live steer price last week was $3.63 higher at $192.55. The weighted average dressed delivered steer price was $4.76 higher at $305.47.

Choice boxed beef cutout value was 58¢ higher Monday afternoon at $320.47/cwt. Select was $1.01 higher at $304.82/cwt.

Cattle futures closed narrowly mixed Monday with likely profit taking following the previous session’s surge.

Turning to row crops, Grain and soybean futures dropped Monday with an improved weather outlook. Heading into the close and through Jly ’25 contracts, Corn futures were mostly 6¢ to 7¢ lower, while Kansas City Wheat futures and Soybean futures were mostly 15¢ to 21¢ lower. 

******************************

Major U.S. financial indices gained Monday, bolstered by tech stocks and apparent optimism about the prospects of a rate cut this year.

The Dow Jones Industrial Average closed 188 points higher. The S&P 500 closed 41 points higher. The NASDAQ was up 168 points.

Heading into the close, West Texas Intermediate Crude Oil futures on the CME were $1.23 to $2.17 higher through the front six contracts.

******************************

Record and near-record high U.S. beef cattle prices are encouraging more live imports from Mexico and Canada. However, the relatively small numbers do not shift domestic price trends, says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University.

“The U.S. cattle industry is nearly five times the size of the Mexican cattle industry and nearly eight times the size of the Canadian industry,” Peel says, in his weekly market comments. “Changes in trade will result in relatively minor market adjustments but will not change the level or trajectory of U.S. cattle prices.”

For perspective, Peel explains the U.S. comprises 75% of the North American herd, followed by Mexico at 15% and 10% in Canada.

Total annual Cattle imports to the U.S. have averaged 1.93 million head over the past decade: 1.16 million head from Mexico (60.5 percent) and 0.764 million head from Canada averaging 0.764 million head (39.5 percent), according to Peel. Imports from Mexico are mostly feeder cattle. Canada exports mostly fed cattle to the U.S. for slaughter, as well as packer cows and bulls.

Through the first four months of this year, Peel says U.S. cattle imports of 762,450 head were 17% more year over year.

On the other side of the ledger, Peel notes the U.S. exported 116,084 head to Canada and Mexico during the first four months — most going to Canada.

Cattle futures charged higher Friday, supported by the hefty rise in cash fed cattle prices. Live Cattle futures closed an average of $2.41 higher ($1.92 to $3.67 higher). Feeder Cattle futures closed an average of $4.13 higher.

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

For the week, FOB live prices were $1 higher in the Southern Plains at $186/cwt., $5-$6 higher in Nebraska at $195-$196 and $2-$3 higher in the western Corn Belt at $193-$195. Some trades were as high at $197 in the latter two regions. Dressed delivered prices were $4-$5 higher in Nebraska and the western Corn Belt at $305-$306. Dressed delivered prices were as high as $308 in Nebraska and $309 in the western Corn Belt.

Choice boxed beef cutout value was $1.58 higher Friday afternoon at $319.89/cwt. Select was $4.56 higher at $303.81/cwt.

Estimated total cattle slaughter last week of 615,000 head was 1,000 head more than the previous week but 21,000 head fewer than the same week last year. Year-to-date total estimated cattle slaughter of 14.4 million head was 654,000 head fewer (-4.4%). Estimated year-to-date beef production of 12.1 billion pounds was 191 million pounds less (-1.6%).

Turning to row crops, Grain and Soybean future softened Friday on likely profit taking. Corn futures closed mostly 3¢ to 5¢ lower. KC HRW Wheat futures closed mostly 12¢ lower. Soybean futures closed mostly 5¢ to 11¢ lower.

******************************

Major U.S. financial indices were little changed Friday.

The Dow Jones Industrial Average closed 57 points lower. The S&P 500 closed 2 points lower. The NASDAQ was up 21 points.

West Texas Intermediate Crude Oil futures on the CME closed  17¢ to 38¢ lower through the front six contracts.

******************************

Wholesale beef prices continued to gain on seasonal demand last week.

Choice boxed beef cutout value was $3.14 higher week to week on Friday at $319.89/cwt. Select was $2.67 higher at $303.81. Choice is up $6.69 over the past two weeks.

“Both the Choice and Select beef cutout values have been methodically increasing the past few weeks as the grilling season is headed for the heart of summer,” says Andrew P. Griffith, agricultural economist at the University, in his weekly market comments.”

Griffith points out higher wholesale beef prices ultimately boost retail beef prices. So, upside potential will be etched by consumer willingness to pay more.

“Increasing retail beef prices lends itself to supporting direct to consumer beef sales as relative prices are expected to narrow,” Griffith says.

Negotiated cash fed cattle trade and demand were moderate in the Southern Plains through Thursday afternoon, according to the Agricultural Marketing Service. Prices were $1 higher at $186/cwt.

Elsewhere, trade was limited on good demand. Although too few transactions to trend, there were some early live FOB trades in Nebraska and the western Corn Belt at $192-$195. Last week, prices were $190 in Nebraska and $190-$193 in the western Corn Belt. Dressed prices were $301 last week.

Choice boxed beef cutout value was 71¢ higher Thursday afternoon at $318.31/cwt. Select was 32¢ higher at $299.25/cwt.

Cattle futures mostly edged higher with firmer wholesale beef prices and the outlook for higher cash prices this week. Before settlement, Live Cattle futures were an average of 44¢ higher. Feeder Cattle were an average of 22¢ lower, except for an average of 30¢ higher in the back two contracts.

Grain and soybean futures firmed Thursday.

Heading toward the close, and through Jly ’25 contracts, Corn futures were 4¢ to 7¢ higher, supported by a hot forecast and stronger weekly export sales. Kansas City Wheat futures were 1¢ to 6¢ lower. Soybean futures were 5¢ to 13¢ higher.

******************************

Major U.S. financial indices settled little changed Thursday.

The Dow Jones Industrial Average closed 65 points lower. The S&P 500 closed 12 points higher. The NASDAQ was up 59 points.

Heading toward the close, West Texas Intermediate Crude Oil futures on the CME were 25¢ to 57¢ lower through the front six contracts.

******************************

Although Choice beef cutout values rallied above $300/cwt. several weeks ago, Stephen Koontz, agricultural economist at Colorado State University notes prices are a bit softer year over year.

“Somewhat counteracting the normal improved demand during the summer are the strong slaughter volumes – especially of fed heifers – and the very strong counter-seasonal fed steer and heifer slaughter weights,” Koontz says, in the most recent issue of In the Cattle Markets. “Fed weights were flat through March, April, and May, so now there are almost 30 more pounds of beef per animal – both steers and heifers – than last year … there is almost 5% more beef due to heavier slaughter weights.”

At the same time, beef exports continue to face challenges for a number of reasons.

Net U.S. beef export sales the week ending June 6 of 12,000 metric tons were 17% less than the previous week and 28% less than the prior four-week average. Increases were primarily for South Korea, Japan, Canada, China, and Mexico.

Cattle futures drifted lower, pressured in part by the lack of firm cash direction for the week.

Before settlement, Live Cattle futures were an average of 52¢ lower. Feeder Cattle were an average of 42¢ lower.

Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $185/cwt. in the Southern Plains, $190 in Nebraska and $190-$193 in the western Corn Belt. Dressed delivered prices were $301 in Nebraska and $300-$301 in the western Corn Belt.

Choice boxed beef cutout value was 61¢ lower Wednesday afternoon at $317.60/cwt. Select was $1.69 lower at $298.93/cwt.

Grain and soybean futures were mixed again Wednesday, with little apparent direction taken from the monthly World Agricultural Supply and Demand Estimates.

Heading into the close, and through Jly ’25 contracts, Corn futures were 1¢ to 3¢ higher. Kansas City Wheat futures were 12¢ to 21¢ lower with likely harvest pressure. Soybean futures mostly 4¢ to 5¢ lower.

******************************

Major U.S. financial indices settled mixed Wednesday, but were buoyed by the monthly Consumer Prices Index, which indicated slightly less inflation than expected.

The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in May on a seasonally adjusted basis, after rising 0.3% in April, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 3.3% before seasonal adjustment.

The Dow Jones Industrial Average closed 35 points lower. The S&P 500 closed 45 points higher. The NASDAQ was up 264 points.

West Texas Intermediate Crude Oil futures on the CME were 32¢ to 42¢ higher through the front six contracts.

******************************

USDA’s Economic Research Service (ERS) raised the expected average five-area direct fed steer price for most of the remainder of the year, in the June World Agricultural Supply and Demand Estimates.

Compared to the previous month, prices were projected $2 higher in the second quarter at $186/cwt. and $1 higher in the third quarter at $183, but $1 lower in the fourth quarter at $186. The forecast annual price for this year increased 50¢ to $184.01. ERS also raised the expected first-quarter price and the 2025 annual average price by $1 to $186 and $189, respectively.

Projected beef production for this year was basically unchanged at 26.6 billion pounds as heavier expected dressed weights mostly offset lower anticipated slaughter.

Forecast beef production for 2025 of 25.4 billion pounds was 245 million pounds more than the previous month’s estimate.

“The beef production forecast is raised on higher expected placements in the fourth quarter of 2024 and faster expected pace of marketings during the first half,” ERS analysts say. “In addition, dressed weights are expected to remain relatively high into 2025.”

Next year’s total would be 1.2 billion pounds less (-4.6%) than this year’s projected total.

Cattle futures softened Tuesday as traders awaited weekly cash direction.

Before settlement, Live Cattle futures closed an average of 46¢ lower. Feeder Cattle were an average of 99¢ lower.

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 $185/cwt. in the Southern Plains, $190 in Nebraska and $190-$193 in the western Corn Belt. Dressed delivered prices were $301 in Nebraska and $300-$301 in the western Corn Belt.

Choice boxed beef cutout value was 79¢ higher Tuesday afternoon at $318.21/cwt. Select was 42¢ lower at $300.62/cwt.

Grain and soybean futures were mixed Tuesday, with likely positioning ahead of Wednesday’s World Agricultural Supply and Demand Estimates. Heading toward the close, through away Jly contracts, Corn futures were mostly 3¢ lower. Kansas City Wheat futures were 4¢ to 9¢ higher. Soybean futures were 5¢ to 11¢ lower. 

******************************

Major U.S. financial indices settled mixed Tuesday, with the most support from tech stocks.

The Dow Jones Industrial Average closed 120 points lower. The S&P 500 closed 14 points higher. The NASDAQ was up 151 points.

******************************

Expectations for continued historically strong domestic consumer beef demand will pave the way to record-high retail beef prices this summer as production declines, according to Rabobank’s Global Beef Quarterly for the second quarter.

RaboResearch analysts point out the U.S. all-fresh beef retail price in April was record-high at $7.95 per pound and demand was the second highest in the past three decades.

At the same time, those analysts note prices for calves, feeder cattle and fed cattle were record-high or near record-high in March. They expect calf and fed cattle prices to trend sideways through the summer, while feeder cattle prices strengthen.

Globally, Rabobank forecasts declining beef production in the U.S. and Europe will overshadow anticipated production increases in Australia and Brazil.

“The global cattle market is currently moving at two distinct paces,” according to Angus Gidley-Baird, Rabobank Senior Animal Protein Analyst. “North American markets are hovering near record highs amid the contraction in local production, while other regions are experiencing more subdued pricing. Europe finds itself in the middle ground, despite a recent uptick in production. These regional disparities are beginning to influence international trade flows, with the U.S. ramping up its import volumes and major Asian markets maintaining steady import levels.”

Cattle futures extended support from the previous session, buoyed by recently stronger wholesale beef prices and prospects of higher cash prices this week. Before settlement, Live Cattle futures were an average of $2.06 higher. Feeder Cattle were an average of $3.16 higher.

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 $1 lower in the Southern Plains at $185/cwt., steady in Nebraska at $190 and $1-$2 higher in the western Corn Belt at $190-$193. Dressed delivered prices were steady in Nebraska at $301 and steady to $1 higher in the western Corn Belt at $300-$301.

Choice boxed beef cutout value was 67¢ higher Monday afternoon at $317.42/cwt. Select was 10¢ lower at $301.04/cwt.

Grain and soybean futures were mixed Monday, perhaps with some positioning ahead of this week’s World Agricultural Supply and Demand Estimates.

Heading into the close, Corn futures were fractionally higher to 2¢ higher through Jly ’25 and Soybean futures fractionally higher to 8¢ higher through near Nov. However, nearby Kansas City Wheat futures were 19¢ to 24¢ lower with likely harvest pressure.

******************************

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

The Dow Jones Industrial Average closed 69 points higher. The S&P 500 closed 13 points higher. The NASDAQ was up 59 points.

West Texas Intermediate Crude Oil futures on the CME were $2.18 to $2.70 higher through the front six contracts on projections of summer demand exceeding supplies.

******************************

While fed cattle beef production continues higher than anticipated due to longer feeding periods and the slower packer pace, non-fed beef production is sharply lower so far this year, according to Derrell Peel, Extension livestock marketing specialist at Oklahoma State University.

“Total cow slaughter is down 14.1% year over year through the first 21 weeks of the year, with dairy cow slaughter down 13.4% and beef cow slaughter down 14.8% from last year,” Peel says in his weekly market comments. “Cow carcass weights are averaging 646.8 pounds, up 10 pounds over one year ago. Bull slaughter is down 7.0% year over year, with bull carcass weights up 28.7 pounds year over year and averaging 892 pounds.” 

Conversely, Peel explains fed cattle slaughter is 4.5% less year over year and fed cattle beef production is 2.0% less.

All told, Peel says total non-fed slaughter through May was down 13.6% and total non-fed beef production was down 12.0%, or 1.69 billion pounds less. He adds that non-fed beef makes up 20% of total beef production, on average. 

“Fed cattle slaughter is expected to decrease more in late 2024, though carcass weights will likely remain elevated,” Peel says. “Heifer retention may be starting, which would lead to a larger decline in heifer slaughter by the end of the year. Beef cow slaughter may also drop more sharply in the last part of the year. Herd rebuilding typically results in decreased heifer and beef cow slaughter. Moisture conditions through the summer and into the fall will be critical to determine if, and how much, herd rebuilding gets started and the impact on 2024 beef production.”

Hear more of Peel’s insights here.

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

For the week, FOB live prices were $1 lower in the Southern Plains at $185/cwt. and unevenly steady in the western Corn Belt at $190. Prices in Nebraska the previous week were $190.

Dressed delivered prices the previous week were $301 in Nebraska and $300-$301 in the western Corn Belt.

Choice boxed beef cutout value was 54¢ higher Friday afternoon at $316.75/cwt. Select was 31¢ higher at $301.14/cwt. Week to week on Friday, Choice was up $3.55 but Select was 57¢ lower.

Total cattle slaughter last week of 614,000 head was 74,000 head more than the previous holiday-shortened week. Estimated year-to-date total cattle slaughter of 13.7 million head was 631,000 head fewer (-4.4%) than the same time last year. Estimated year-to-date beef production of 11.6 billion pounds was 198.4 million pounds less (-1.7%).

Cattle futures found some footing Friday, helped along by firm wholesale beef prices.

Live Cattle futures closed an average of 20¢ higher, except for an average of 20¢ lower in two contracts. They were an average of $1.33 lower week to week on Friday, except for 62¢ higher in spot June.

Feeder Cattle futures closed an average of $1.37 higher. However, they were an average of $1.75 lower week to week on Friday.

Grain and Soybean futures weakened Friday on likely fund selling.

Corn futures closed mostly 1¢ to 3¢ lower. KC HRW Wheat futures closed 12¢ to 14¢ lower. Soybean futures 12¢ to 20¢ lower through near Sep and then 2¢ to 9¢ lower.

******************************

Major U.S. financial indices settled slightly lower Friday with pressure including a stronger than expected labor report.

Total non-farm payroll employment increased by 272,000 in May, and the unemployment rate was little- changed at 4.0%, according to the U.S. Bureau of Labor Statistics. In May, average hourly earnings for all employees on private non-farm payrolls increased by 14¢ to $34.91. Over the past 12 months, average hourly earnings have increased by 4.1%.

The Dow Jones Industrial Average closed 87 points lower. The S&P 500 closed 5 points lower. The NASDAQ was down 39 points.

West Texas Intermediate Crude Oil futures on the CME closed narrowly mixed through the front six contracts.

******************************

U.S. beef exports in April were the largest in 10 months at 111,580 metric tons (mt), according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Export value was 5% more year over year at $898.7 million, which was also the highest level since last June.

Through the first four months of 2024, beef export value increased 5% year-over-year to $3.38 billion, despite a 3% decline in volume (423,445 mt).

“Mexico continued to shine on the beef side, along with the Caribbean, Central America and the Middle East,” according to Dan Halstrom, USMEF president and CEO. “These markets are benefiting from foodservice demand and currency advantages compared to the main Asian markets. The headwinds in Asia remain formidable, but the tourism boom in Japan has helped solidify demand and exports have stabilized this year, despite the continued weakness in the yen and strong competition from Australia. Robust retail and e-commerce demand has helped U.S. chilled beef continue to dominate in Korea and Taiwan.”

April beef export value equated to $416.87 per head of fed slaughter, down 6% from a year ago, but the January-April average was still up 5% to $410.25.

April exports of U.S. pork reached the highest volume and value since May 2021. Pork exports totaled 277,910 metric tons (mt) in April, up 14% from a year ago and the fifth largest on record. Export value climbed 18% to $778.8 million, the third highest on record.

Negotiated cash fed cattle trade was moderate on moderate demand in Kansas through Thursday afternoon, according to the Agricultural Marketing Service. FOB live prices were $1 lower at $185/cwt.

Elsewhere, trade ranged from slow on light demand to a standstill.

Last week, FOB live prices were $186 in the Texas Panhandle, $190 in Nebraska and $188-$192 in the western Corn Belt. Dressed delivered prices were $301 in Nebraska and $300-$301 in the western Corn Belt.

Choice boxed beef cutout value was $1.42 higher Thursday afternoon at $316.21/cwt. Select was 7¢ lower at $300.83/cwt.

Cattle futures were lower again Thursday heading into the close, pressured by the weaker outlook for cash prices this week and surge in Corn futures. Live Cattle futures were 90¢ lower. Feeder Cattle were an average of $2.00 lower, except for 17¢ higher in spot Jun.

Corn and Soybean futures bounced higher Thursday on likely short covering.

Heading into the close, through Jly ‘25, Corn futures were 9¢ to 14¢ higher. Soybean futures were mostly 13¢ to 22¢ higher. Kansas City Wheat futures were mostly fractionally higher.

******************************

Major U.S. financial indices closed mixed and little changed Thursday.

The Dow Jones Industrial Average closed 78 points higher. The S&P 500 closed 1 point lower. The NASDAQ was down 14 points.

Heading toward the close West Texas Intermediate Crude Oil futures on the CME were $1.31 to $1.47 higher through the front six contracts.