Daily Market Highlights

Cattle futures rose Wednesday with expectations of steady to higher cash fed cattle prices again this week.

Toward the close, Live Cattle futures were an average of $2.08 higher ($3.45 higher near the front to $1.17 higher at the back). Feeder Cattle futures were an average of $3.11 higher.

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

Last week, FOB live prices were mainly $245/cwt. in the Southern Plains, mostly $240/cwt. in Nebraska and $240-$242 in the western Corn Belt. Dressed delivered prices were $378.

Choice boxed beef cutout value was $1.63 lower Wednesday afternoon at $365.92/cwt. Select was 32¢ lower at $362.58.

Grain and Soybean futures were firmer Wednesday.  

Toward the close, through near Sep contracts, Corn futures were 1¢ lower to 1¢ higher. KC HRW Wheat futures were 6¢ to 7¢ higher. Soybean futures were 1¢ to 2¢ higher.

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Major U.S. financial indices closed little changed on Wednesday despite a more bullish labor outlook than anticipated.

Total non-farm payroll employment rose by 130,000 in January, and the unemployment rate was a touch lower at 4.3%, according to the U.S. Bureau of Labor Statistics. Average hourly earnings for all employees on private non-farm payrolls rose by 15¢ in January to $37.17. Over the past 12 months, average hourly earnings have increased by 3.7%.

The Dow Jones Industrial Average closed 66 points lower. The S&P 500 closed fractionally lower. The NASDAQ was down 36 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 88¢ to $1.01 higher through the front six contracts.

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Farmer sentiment weakened sharply last month, according to the Purdue University/CME Group Ag Economy Barometer. The overall index dropped 23 points month-to-month to a reading of 113. Increased short-term and long-term pessimism drove the decline. The Current Conditions Index dropped 19 points to 109, while the Future Expectations Index fell 25 points to 115, the lowest level since September 2024.

The survey was conducted Jan. 12-16, coinciding with USDA’s release of the January World Agricultural Supply and Demand Estimates.

“What stands out this month is the growing number of producers who report that higher operating-loan needs stem from carrying over unpaid debt from the previous year,” says Michael Langemeier, the barometer’s principal investigator and director of Purdue’s Center for Commercial Agriculture. “That points to increasing financial pressure heading into the year ahead.”

Half of the farmers surveyed indicated that their operations were worse off than a year earlier. Looking ahead to the next 12 months, more producers expect conditions to worsen.

Producers’ broader outlook for the U.S. economy also softened.

When asked whether the U.S. is headed in the right direction or on the wrong track, 62% of respondents said the U.S. was headed in the right direction, down from 75% month earlier.

Cattle futures eased lower Tuesday amid two-sided trade and waiting this week’s cash fed cattle direction.

Toward the close, Live Cattle futures were an average of 55¢ lower. Feeder Cattle futures were an average of $1.06 lower.

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

Last week, FOB live prices were mainly $245/cwt. in the Southern Plains, mostly $240/cwt. in Nebraska and $240-$242 in the western Corn Belt. Dressed delivered prices were $378.

Choice boxed beef cutout value was 21¢ lower Tuesday afternoon at $367.55/cwt. Select was $2.45 lower at $362.90.

Grain and Soybean futures were higher Tuesday in the wake of the latest WASDE report (see below).  

Toward the close, through near Sep contracts, Corn futures were unchanged to 1¢ higher. KC HRW Wheat futures were 3¢ higher. Soybean futures were 12¢ to 13¢ higher.

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Major U.S. financial indices wobbled on Tuesday, led by tech stocks and pressured by retail stocks with the latest data indicating flat consumer spending. Retail and food service sales in December were virtually unchanged month to month, according to the U.S. Census Bureau. The 2.4% increase year over year lags inflation.

The Dow Jones Industrial Average closed 52 points higher. The S&P 500 closed 23 points lower. The NASDAQ was down 136 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 14¢ to 22¢ lower through the front six contracts.

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USDA’s Economic Research Service (ERS) increased expected five-area direct average fed steer prices for this year, in the February World Agricultural Supply and Demand Estimates (WASDE). Compared to forecasts the previous month, and based on continued demand strength, the ERS increased prices $6 in the first quarter to $238/cwt., $4 in the second quarter to $238, $3 in the third quarter to $240 and $5 in the fourth quarter to $245. The projected annual average price increased $4 to $240.

Compared to the previous month, the ERS also increased projected beef production for the year by 185 million pounds (0.7%) to 25.7 billion pounds.

“Beef production is raised on higher slaughter of steers and heifers, increased cow slaughter and slightly heavier dressed weights,” say ERS analysts. “The USDA’s January Cattle report estimated that the 2025 calf crop was lower than the previous year, but as of January 1, more cattle held outside feedlots were available to be placed during the first half of 2026.”

This year’s estimated beef production would be just 81 million pounds less (-0.3%) than last year.

Among other WASDE highlights …

Corn

The 2025/26 U.S. corn outlook was for greater exports and lower ending stocks. Exports were raised 100 million bushels to 3.3 billion, reflecting sales and shipments to date. With no supply changes and use rising, corn ending stocks were down 100 million bushels to 2.1 billion. The season-average corn price received by producers was unchanged at $4.10 per bushel.

Soybeans

U.S. 2025/26 soybean supply and use projections were unchanged. The season-average soybean price was projected unchanged at $10.20 per bushel. Soybean meal and oil prices were unchanged at $295 per short ton and 53¢ per pound, respectively.

Wheat

The outlook for 2025/26 U.S. wheat was for unchanged supplies, modestly lower domestic use, unchanged exports and slightly higher ending stocks. Domestic use was lowered on reduced food use as indicated by the NASS Flour Milling Products report, issued on Feb. 2. Ending stocks increased to 931 million bushels, 9% more than last year and the most since 2019/20. The projected 2025/26 season-average farm price remained at $4.90 per bushel.

Cattle futures mostly extended gains Monday, buoyed by last week’s stronger cash fed cattle prices.

Toward the close, Live Cattle futures were an average of 68¢ higher, except for 47¢ lower and unchanged in the back two contracts.  

Feeder Cattle futures were an average of 92¢ higher, except for $1.02 lower in the back contract.

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

Last week, FOB live prices were mainly $5 higher in the Southern Plains at mostly $245/cwt., mainly steady in the Nebraska at $240 and steady to $2 higher in the western Corn Belt at $240-$242. Dressed delivered prices were steady with the top end of the previous week’s range at $378.

Last week’s five-area direct weighted average FOB live fed steer price was $1.87 higher at $241.31. The weighted average dressed delivered fed steer price was $1.84 higher at $378.00.

Choice boxed beef cutout value was $1.57 lower Monday afternoon at $367.76/cwt. Select was 82¢ higher at $364.53.

Grain and Soybean futures were lower Monday with likely positioning ahead of Tuesday’s monthly World Agricultural Supply and Demand Estimates.  

Toward the close, through near Sep contracts, Corn futures were fractionally lower to 1¢ lower. KC HRW Wheat futures were 2¢ lower. Soybean futures were fractionally lower to 5¢ lower.

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

The Dow Jones Industrial Average closed 20 points higher. The S&P 500 closed 32 points higher. The NASDAQ was up 207 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 82¢ to 89¢ higher through the front six contracts.

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President Trump signed an executive order late last week to temporarily increase the tariff-rate quota for beef imported to the United States from Argentina (from 20,000 to 100,000 metric tons), in a stated effort to make domestic ground beef more affordable. However, it is unlikely to have much impact, according to Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments.

“Imports from Argentina were already exceeding the 20,000-ton limit. It’s not clear how much additional Argentine beef might actually be imported this year,” Peel says.  “Argentina consumes nearly three-quarters of beef production domestically. Of the roughly 24% of beef exported, exports to the U.S. are only about 7% of Argentine beef exports. Increased exports of beef to the U.S. will compete with domestic demand in Argentina, as well as exports to other markets. The impact in the U.S. is likely to be minimal. Beef imports from Argentina would only be about 4% of U.S. imports if the new quota is filled and mostly likely an increase in imports from Argentina will simply displace imports from another country, not changing the total much, if any.”

Listen to more of Peel’s market insights here.

Cattle futures closed higher Friday, supported by steady to stronger cash fed cattle prices, recovering from the previous session’s sell-off tied to news union workers voted to authorize a strike at the JBS beef packing plant in Greeley, Colo., though no timetable was set for the strike.

Live Cattle futures closed an average of $1.63 higher. Feeder Cattle futures closed an average of $1.76 higher.

Week to week on Friday, Live Cattle futures closed an average of $2.87 higher (45¢ higher near the front to $4.00 higher). Feeder Cattle futures closed an average of $3.34 higher.

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

Last week, FOB live prices were mainly $5 higher in the Southern Plains at mostly $245/cwt., and mainly steady in the North at $240. Dressed delivered prices were steady with the top end of the previous week’s range at $378.

Choice boxed beef cutout value was $2.08 higher Friday afternoon at $369.33/cwt. Select was $4.16 higher at $364.53. Week to week on Friday, Choice boxed beef cutout value was $3.77 higher and Select was $2.59 higher.

Estimated total cattle slaughter last week of 536,000 head was 8,000 head more than the previous week but 47,000 head fewer than the same week last year. Estimated total year-to-date cattle slaughter of 2.9 million head was 382,000 head fewer (-11.7%) than the same time last year. Estimated year-to-date beef production of 2.6 billion pounds was 276.1 million pounds less (-9.7%).

Grain and Soybean futures were mixed Friday.  

Corn futures closed 3¢ to 4¢ lower. KC HRW Wheat futures closed 5¢ to 7¢ lower. Soybean futures closed 1¢ to 3¢ higher through near Aug and then 4¢ to 7¢ lower.

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Major U.S. financial indices closed higher on Friday as tech stocks recovered from the week’s selloff.

The Dow Jones Industrial Average closed 1,206 points higher. The S&P 500 closed 133 points higher. The NASDAQ was up 490 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 26¢ to 52¢ higher through the front six contracts.

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U.S. cattle producers appear ready and able to begin a new cattle cycle marked by slow expansion, according to CattleFax analysts at the organization’s Outlook Seminar last week in Nashville.

“The U.S. cattle and beef industry enters 2026 with strong but volatile market conditions, as historically tight cattle supplies, record-setting beef demand, and elevated policy and weather uncertainty continue to support prices, even as markets appear to near cyclical highs,” according to Mike Murphy, CattleFax chief operating officer. “Tight inventories and exceptional demand remain the dominant forces shaping the market; however, producer demographics, high input costs, and policy uncertainty point to a slow and measured expansion phase.”

Cattle availability will remain constrained in the first half of 2026 due to limited feeder cattle supplies, according to CattleFax. Fed slaughter is projected to decline by 600,000 head, primarily early in the year, and non-fed slaughter is expected to remain historically tight at 5.6 million head. Total commercial beef production is projected to decline again in 2026, albeit at a slower pace than in 2025. With imports up 5% and exports down 5%, U.S. per-capita beef supplies are forecast 0.2 lbs. larger in 2026 at 59.2 lbs., the largest since 2010.

Cattle and beef prices are forecast to average steady to higher in 2026, with risk increasing later in the year as markets anticipate larger supplies in 2027.

Cow-calf producers are expected to retain the strongest leverage as the cycle turns, supporting continued profitability for several more years. CattleFax forecasts the average 2026 fed steer price at $224/cwt., steady from 2025. All cattle classes are expected to trade higher, with 800-lb. steer prices expected to average $335/cwt., and 550-lb. steer prices averaging $440/cwt. Utility cows are expected to average $155/cwt., with bred cows at an average of $4,000/head.

“As we look ahead, several factors will shape the trajectory of the beef industry. The potential threat of New World Screwworm and the status of Mexican feeder cattle imports is something we’re watching closely,” Murphy says. “At the same time, shifts in packing capacity are rebalancing market leverage. Finally, the dairy industry will continue to be a growth industry supplying more cattle to the beef industry, following strong financial performance in 2025.”

On the other side of the trade, retail beef demand remained historically strong in 2025, with record retail prices supported by steady consumption and exceptional product quality. Consumer preferences continue to favor high-protein, nutrient-dense foods, reinforcing demand even as higher prices move through the supply chain.

“With 84% of fed cattle grading Choice or higher and 12% grading Prime, the industry is well positioned to sustain premium pricing,” says Kevin Good, CattleFax vice president of market analysis. “Beef demand continues to be anchored by exceptional quality and strong consumer confidence in beef as a premium protein. Even as markets adjust and trade flows shift, the fundamentals supporting long-term beef demand remain solid.”

CattleFax expects 2025 USDA all-fresh retail beef prices to average $9.25/pound, however, CattleFax analysts see consumer resistance to further price increases, even as demand is supported by a strong economy, beef quality and dietary focus on protein.

Cattle futures closed higher Monday, buoyed by last week’s stronger cash fed cattle prices and the friendly Cattle inventory report (see below).

Toward the close, Live Cattle futures were an average of $2.72 higher. 

Feeder Cattle futures were an average of $4.67 higher.

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

Last week, FOB live prices were mainly $240/cwt., which was $4-$6 higher in the Texas Panhandle, $4-$7 higher in Kansas, $4-$6 higher in Nebraska and $5 higher in the western Corn Belt. 

Dressed delivered prices were $375-$378, which was $5-$8 higher in Nebraska and $8-$10 higher in the western Corn Belt.

Last week’s five-area direct weekly weighted average FOB live fed steer price was $4.74 higher at $239.44. The weekly weighted average dressed delivered fed steer price was $7.36 higher at $376.16.

Choice boxed beef cutout value was $2.65 higher Monday afternoon at $368.21/cwt. Select was $2.97 higher at $364.91.

Grain and Soybean futures continued lower Monday.  

Toward the close, through near Sep contracts, Corn futures were 1¢ to 2¢ lower. KC HRW Wheat futures were 9¢ to 10¢ lower. Soybean futures were mostly 4¢ to 5¢ lower.

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Major U.S. financial indices closed higher on Monday with earnings bets for the week and the turn of the calendar.

The Dow Jones Industrial Average closed 515 points higher. The S&P 500 closed 37 points higher. The NASDAQ was up 130 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $2.65 to $2.84 lower through the front six contracts.

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As expected, markets views Friday’s USDA Cattle inventory report as friendly, with beef cows 1.0% less year over year.

“Nearly all inventory categories were down year over year, including the all cattle and calves total, down 0.4% compared to last year,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. “The 2025 calf crop was smaller than earlier projections at 32.9 million head, the smallest since 1941.”

There were 41,700 more (0.9%) beef replacement heifers at the beginning of this year compared to last.  However, Peel explains the increase it too little to suggest herd growth. If anything, he says it indicates stabilization of the herd at current levels in anticipation of potential future growth. 

“Little, if any, beef cow herd growth is possible in 2026. It will depend on beef cow slaughter and herd culling,” Peel says. “Beef cow slaughter decreased 40.5% in three years from 2022-2025, leading to a net culling rate of 8.4% in 2025. This low culling rate means that older cows will need to be culled going forward. Beef cow slaughter is expected to stabilize or perhaps increase some in 2026. That means that the slight increase in beef replacement heifers will be needed just to maintain the current herd or, at most, increase fractionally in 2026.”

Cattle futures closed lower at the end of a volatile session Friday. Although cash fed cattle prices improved, wariness remained ahead of the semiannual Cattle inventory report (see below), while traders squared books for end of the week and month.

Live Cattle futures were an average of $2.11 lower (47¢ to $2.57 lower), except for 35¢ higher in spot Feb. 

Feeder Cattle futures were an average of $4.66 lower.

Week to week on Friday, Live Cattle futures closed an average of $1.14 lower (12¢ to $1.75 lower) except for 95¢ higher in spot Feb. Feeder Cattle futures closed an average of 78¢ lower, except for 10¢ higher in new spot Mar.

Negotiated cash fed cattle trade was moderate to active on good demand in all cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were mainly $240/cwt., which was $4-$6 higher in the Texas Panhandle, $4-$7 higher in Kansas, $4-$6 higher in Nebraska and $5 higher in the western Corn Belt. 

Dressed delivered prices were $375-$378, which was $5-$8 higher in Nebraska and $8-$10 higher in the western Corn Belt.

Choice boxed beef cutout value was $2.10 lower Friday afternoon at $365.56/cwt. Select was $1.22 higher at $361.94. Week to week on Friday, Choice boxed beef cutout value was $3.36 lower and Select was 45¢ lower.

Estimated total cattle slaughter last week of 531,000 head was 4,000 head fewer than the previous week and 71,000 head fewer than the same week last year as packers slow production. Estimated year-to-date cattle slaughter of 2.3 million head was 337,000 head fewer (-12.6%). Estimated year-to-date beef production of 2.1 billion pounds was 244.8 million pounds less (-10.5%).

Grain and Soybean futures were lower Friday with likely profit taking and month-end position squaring.

Corn futures were 2¢ to 3¢ lower through Jly ‘27. KC HRW Wheat futures were 1¢ to 4¢ lower. Soybean futures were mostly 7¢ to 9¢ lower.

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Major U.S. financial indices closed lower Friday, with investors squaring books for the end of the month.

The Dow Jones Industrial Average closed 179 points lower. The S&P 500 closed 29 points lower. The NASDAQ was down 223 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 19¢ to 27¢ lower through the front six contracts.

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All told, markets will likely view the semiannual Cattle report as neutral to a touch friendly, confirming that beef replacement heifer retention remains sluggish, while the beef cow herd begins the year even smaller.

Beef cows numbered 27.6 million head Jan. 1, which was 284,800 fewer (-1.0%) than a year earlier. Moreover, the beef cow inventory was steady to less year over year in all states with 1 million or more (in order by total head): Texas (-1%); Oklahoma (steady); Missouri (-3%); Nebraska (-1%); South Dakota (steady); Montana (-2%); Kansas (-7%).

Heifers for beef cow replacement of 4.7 million head were 41,700 head more (0.9%) year over year. Year-over-year inventory increased in Texas (8.3%), Oklahoma (1.5%), Nebraska (1.8%) and Montana (1.6%). Replacement inventory remained unchanged in Oklahoma and South Dakota but declined 3.8% in Missouri.

Milk cows of 9.6 million head were 187,500 head more (2%) than the same time last year.

All cattle and calves of 86.2 million head were 316,900 head fewer (-0.3%) year over year.

The number of cattle outside feedlots was 24.5 million head, which was 218,600 head more (0.9%) than a year earlier.

Cattle futures eased mostly lower Thursday with likely profit taking, the lack of direction in weekly cash fed cattle trade and positioning ahead of USDA’s Cattle report due to be published on Friday.

Toward the close, Live Cattle futures were an average of $1.o5 lower. Feeder Cattle futures were an average of $1.27 lower, except for $1.00 higher in expiring Jan.

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

Last week, FOB live prices were $234-$236/cwt. in the Texas Panhandle, $233-$236 in Kansas, $234-$236 in Nebraska and mainly $235 in the western Corn Belt.

Dressed delivered prices were $370 in Nebraska and $365-$370 in the western Corn Belt.

Choice boxed beef cutout value was $2.08 lower Thursday afternoon at $367.66/cwt. Select was $2.85 lower at $360.72.

Grain and Soybean futures were mixed Thursday.

Toward the close, through near Sep contracts, Corn futures were 1¢ higher. KC HRW Wheat futures were 5¢ higher. Soybean futures were 1¢ to 3¢ lower.

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Major U.S. financial indices closed mixed Thursday, pressure from tech stocks.

The Dow Jones Industrial Average closed 59 points higher. The S&P 500 closed 9 points lower. The NASDAQ was down 172 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.40 to $2.20 higher through the front six contracts with added risk premium based on tensions between the U.S. and Iran.

Cattle futures were higher Wednesday, helped by early cash fed cattle bids on the upper end of last week’s range.

Toward the close, Live Cattle futures were an average of $1.10 higher. Feeder Cattle futures were an average of $2.93 higher.

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

Last week, FOB live prices were $234-$236/cwt. in the Texas Panhandle, $233-$236 in Kansas, $234-$236 in Nebraska and mainly $235 in the western Corn Belt.

Dressed delivered prices were $370 in Nebraska and $365-$370 in the western Corn Belt.

Choice boxed beef cutout value was $1.63 higher Wednesday afternoon at $369.74/cwt. Select was $1.62 lower at $363.57.

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

Toward the close, through near Sep contracts, Corn futures were 3¢ to 4¢ higher, supported by President Trump’s claim that a deal is near for making gasolene blended with ethanol available year-round.

KC HRW Wheat futures were 9¢ higher with likely short covering.

Soybean futures were 6¢ to 8¢ higher.

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Major U.S. financial indices closed little changed on Wednesday, with the Fed leaving interest rates unchanged, as was widely anticipated.

“Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has shown some signs of stabilization. Inflation remains somewhat elevated,” according to the FOMC statement.

The Dow Jones Industrial Average closed 12 points higher. The S&P 500 closed fractionally lower. The NASDAQ was up 40 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 69¢ to $1.13 higher through the front six contracts.

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David Anderson, Extension livestock economist at Texas A&M University provides further perspective about the percentage of heifers on feed published in the latest Cattle on Feed report.

As noted in Cattle Current earlier this week, the 4.44 million heifers on feed Jan. 1 were 140,000 head fewer (-3.1%) year over year, representing 38.7% of the on-feed mix, which was the same as a year earlier.

“It was the fewest Jan. 1 heifers on feed since 2019,” Anderson says in the late-January issue of In the Cattle Markets from the Livestock Marketing Information Center. But he points out last year’s number included spayed heifers imported from Mexico before the border was closed.

“Approximately 145,000 fewer spayed heifers were imported from Mexico in the months leading up to Jan. 1, 2026, compared to Jan. 1, 2025. So, the decline in heifers on feed could largely reflect fewer imports rather than a significant decline in domestic heifer feeders being placed,” Anderson explains. “While the decline in heifers on feed suggests some more herd retention, the reduction in supplies from Mexico and heifers as a percent of all cattle on feed indicates little herd rebuilding from additional heifer retention.”

USDA’s Cattle report with overall inventory numbers will be published Friday afternoon.

Cattle futures meandered Tuesday, awaiting weekly cash direction.

Toward the close, Live Cattle futures were an average of 24¢ lower, except for an average of 2¢ higher in the back two contracts. Feeder Cattle futures were narrowly mixed, from an average of 29¢ lower in five contracts to an average of 19¢ higher.

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

Last week, FOB live prices were $234-$236/cwt. in the Texas Panhandle, $233-$236 in Kansas $234-$236 in Nebraska and mainly $235 in the western Corn Belt.

Dressed delivered prices were $370 in Nebraska and $365-$370 in the western Corn Belt.

Choice boxed beef cutout value was 79¢ lower Tuesday afternoon at $368.11/cwt. Select was $1.93 lower at $365.19.

Grain and Soybean futures were mixed Tuesday.

Toward the close, through near Sep contracts, Corn futures were 1¢ lower. KC HRW Wheat futures were 1¢ to 2¢ higher. Soybean futures were 3¢ to 5¢ higher.

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Major U.S. financial indices closed mixed on Tuesday, supported by tech stocks, but pressured by health care.

The Dow Jones Industrial Average closed 408 points lower. The S&P 500 closed 28 points higher. The NASDAQ was up 215 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.31 to $1.93 higher through the front six contracts.

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Rural bankers remain pessimistic about economic growth for their area over the next six months, according to the latest Creighton University Rural Main Street Index. However, the January confidence index rose to 44.0, its highest reading since February 2023, and up from 40.9 in December.

“Despite $12 billion of federal farm support, weak grain prices and negative farm cash flows, combined with tariff retaliation concerns, continue to weigh on banker confidence,” explains Ernie Goss, the Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business. “More than one of three bankers, (34.7%) indicated that their local economy was currently in a recession. Another 26.9% expect their local economy to experience recession conditions in the first half of 2026.”

The overall Rural Mainstreet Index was 52.0 in January, rising 1.9 points month to month and reaching the highest level since July 2023. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral. It is based on a monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy.

Last week’s stronger cash fed cattle prices helped Cattle futures continue higher on Monday.

Toward the close, Live Cattle futures were an average of $1.10 higher.  Feeder Cattle futures were an average of $2.35 higher

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

Last week, FOB live prices were steady to $3 higher in Kansas at $233-$236/cwt., mostly $1-$3 higher in Nebraska at $234-$236, and mostly $3 higher in the western Corn Belt at mainly $235. Prices in the Texas Panhandle were $234-$236; there was no recent tests for a comparison.

Dressed delivered prices were mostly $5 higher in Nebraska at mainly $370 and $2-$3 higher in the western Corn Belt at $365-$368.

The five-area direct weekly weighted average FOB live fed steer price was $2.20 higher at $234.70/cwt. The weekly weighted average dressed delivered fed steer price was $4.16 higher at $368.80.

Choice boxed beef cutout value was 2¢ lower Monday afternoon at $368.90/cwt. Select was $4.73 higher at $367.12.

Grain and Soybean futures were lower Monday on likely profit taking.

Toward the close, through near Sep contracts, Corn futures were fractionally lower to 2¢ lower. KC HRW Wheat futures were 9¢ to 11¢ lower. Soybean futures were 4¢ to 7¢ lower.

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Major U.S. financial indices closed higher on Monday.

The Dow Jones Industrial Average closed 313 points higher. The S&P 500 closed 34 points higher. The NASDAQ was up 100 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 3¢ to 37¢ lower through the front six contracts.

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Derrell Peel, Extension livestock marketing specialist at Oklahoma State University provides further perspective on the monthly Cattle on Feed report, in his weekly market comments.

Peel notes total feedlot placements during the last six months account for 92% of the current feedlot inventory and were down 8.2% year over year. As mentioned in the previous Cattle Current, feedlots with 1,000 head or more capacity placed 5.4% fewer cattle year over year in December, according to the latest report.

December marketings were 1.8% more than a year earlier. Peel explains it was the first increase in monthly marketings in eight months, but total marketings for the past six months were down 6.9% year over year.

The on-feed inventory Jan. 1 of 11.5 million head was 3.2% less than a year earlier, representing the 14^thconsecutive month of declining inventories, according to Peel. “Average feedlot inventories for the past year (12-month moving average) are now at the lowest level since September 2018 and are down 3.8% from the cyclical peak in September 2022,” he says.

Listen to more or Peel’s market insights here.