Daily Market Highlights

Cattle futures closed lower for a third consecutive session on Friday, but off session lows. Part of the early pressure was likely tied to some worries about the Secretary of Agriculture announcing a timetable for the U.S. border reopening during scheduled remarks in Texas, but she made no mention. Friday’s Cattle on Feed report (see below) could add more optimism when next week begins.

Live Cattle futures closed an average of 48¢ lower. Feeder Cattle futures closed an average of $2.13 lower.

Week to week on Friday, Live Cattle futures closed an average of $2.12 lower. Feeder Cattle futures closed an average of $6.31 lower.

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

For the week, FOB live prices were mainly $248/cwt., which was mostly $2 higher in the Texas Panhandle, unevenly steady in Kansas, steady to $1 lower in Nebraska and steady in the western Corn Belt. Dressed delivered prices were $388, which was steady in the western Corn Belt and steady to $1 lower in Nebraska.

Choice boxed beef cutout value was 51¢ lower Friday afternoon at $381.06/cwt. Select was $1.88 lower at $376.60. Week to week on Friday, Choice boxed beef cutout value was 16¢ higher and Select was $4.74 lower.

Estimated total cattle slaughter last week of 514,000 head was 2,000 head more than the previous week but 64,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 8.1 million head was 915,000 head fewer (-10.2%) the same time last year. Year-to-date estimated beef production of 7.3 billion pounds was 601.7 million pounds less (-7.7%).

Grain and Soybean futures were pressured early Friday by sharply lower Crude Oil prices related to the opening of the Strait of Hormuz. By the end of the session, though, futures were mixed.

Kansas City HRW Wheat futures closed mostly 3¢ to 6¢ lower with likely profit taking. Corn futures were mostly fractionally mixed through Jly ’27. Soybean futures were mostly 1¢ to 4¢ higher. 

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

Major U.S. financial indices closed sharply higher again Friday, supported by sharply lower Crude Oil prices and Iran declaring the opening of the Strait of Hormuz.

The Dow Jones Industrial Average closed 868 points higher. The S&P 500 closed 84 points higher. The NASDAQ was up 365 points.

West Texas Intermediate Crude Oil futures (CME) were $4.29 to $10.84 lower through the front six contracts.

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

Markets will likely view Friday’s monthly Cattle on Feed report as neutral to bullish with slightly fewer placements than expected and slightly more marketings.

Feedlots with 1,000 head or more capacity placed 1.7 million head in March. That was 7.3% less year over year and 0.8% less than average analyst estimates ahead of the report.

In terms of placement weights, 34% went on feed weighing 600 pounds or less, 53% weighing 700-899 pounds, and 13% weighing 900 pounds or more.

Marketings in March of 1.6 million head were 95,000 head fewer than the same time last year, which was 5.5% less but 0.8% more than expectations. Marketings for the month were second fewest since the data series began in 1996.

Cattle on feed April 1 of 11.6 million head were 62,000 head fewer (-0.5%) than the previous year and slightly less than pre-report estimates.

Cattle futures extended losses Thursday with likely technical selling, profit taking and positioning ahead of Friday’s monthly Cattle on Feed report.

Toward the close, Live Cattle futures were an average of $2.21 lower. Feeder Cattle futures were an average of $3.71 lower.

Negotiated cash fed cattle trade was limited on moderate demand in the Southern Plains through Thursday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some early FOB live trades at $248/cwt. Prices last week were mostly $246 in the Texas Panhandle and $246-$249 in Kansas on a light test.

Trade was light to moderate on moderate demand in Nebraska with dressed delivered prices steady to $1 lower at $388. FOB live prices there last week were mostly $248-$249.

Trade in the western Corn Belt was light on moderate demand with steady FOB live prices at $248. Dressed delivered prices there last week were mostly $388.

Choice boxed beef cutout value was 41¢ lower Thursday afternoon at $381.57/cwt. Select was 10¢ lower at $378.48.

Grain and Soybean futures were mixed Thursday.

Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 12¢ to 19¢ higher supported by worries about the winter wheat crop. Corn futures were 1¢ to 2¢ lower. Soybean futures were mostly 2¢ to 4¢ lower.

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

Major U.S. financial indices closed higher Thursday, buoyed by what investors deemed as progress in resolving the war with Iran.

The Dow Jones Industrial Average closed 115 points higher. The S&P 500 closed 18 points higher. The NASDAQ was up 86 points.

Through mid-afternoon West Texas Intermediate Crude Oil futures (CME) were 5¢ to $2.31 higher through the front six contracts.

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

With continued underlying market fundamentals of tight cattle supplies and strong consumer beef demand, the downside risk emerges from the negative margins in the meatpacking and cattle feeding sectors, according to Stephen Koontz, agricultural economist at Colorado State University.

“Packer margins – the revenue from beef and byproduct sales less the cost of finished cattle – spent all but four months of 2025 below $200 per head,” Koontz says, in the latest issue of In the Cattle Markets. “These gross margins were negative in February 2026 – the amounts paid for fed cattle were greater than the amount for which beef and byproducts were sold. Margins did bounce back in March 2026, but to just short of $250 per head. These margins are what packing companies need to pay for labor, facilities, supplies, equipment, and management. Reasonable estimates of packer per head slaughter and fabrication costs are between $285 and $365 per head – on every head. Packer losses through 2025 and into 2026 will result in facility closings. This has occurred but will continue. And this is not good news for the cattle industry.”

As for cattle feeding, Koontz points out estimated cash returns were strong last year and heading into this year, but are offset significantly by hedging losses, which are not publicly available. For perspective he explains, using deferred Live Cattle contract prices to estimate revenue and nearby Feeder Cattle and Corn contract prices to estimate costs, hedging opportunities for cattle feeders the remainder of this year pencil out to $100 to $300 lost per head.

“This downstream margin trouble is long-term trouble – excellent cattle prices now with much asset and investment risk and volatility in the future,” Koontz says. “Or will there be some creative business models that are constructed to create better long-term opportunities with less boom and bust in the different segments of the beef supply chain?”

Cattle futures were lower Wednesday. Part of it likely stemmed from rumors, yet again, about the reopening of the U.S. border to Mexican feeder cattle imports. Some profit taking ahead of Friday’s Monthly Cattle on Feed report could have also added pressure. Early estimates see March placements and marketings down 6-7% with the April 1 on-feed inventory slightly less year over year.

Toward the close, Live Cattle futures were an average of $1.16 lower, except for 12¢ higher in spot Apr. Feeder Cattle futures were an average of $3.76 lower.

Negotiated cash fed cattle trade was limited on moderate demand in the Texas Panhandle through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some early FOB live trades at $248/cwt. Prices there last week were mostly $246.

Elsewhere, trade was inactive on light demand.

Last week, FOB live prices were $246-$249 in Kansas, $248-$249 in Nebraska and mostly $248 in the western Corn Belt. Dressed delivered prices were $388-$390 in Nebraska and mainly $388 in the western Corn Belt.

Choice boxed beef cutout value was $1.22 lower Wednesday afternoon at $381.98/cwt. Select was $1.22 lower at $378.58.

Grain and Soybean futures were firm to higher Wednesday.

Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were fractionally higher to 1¢ higher.

Corn futures were 8¢ higher, supported by short covering and potential weather premium on the planting outlook.

Soybean futures were 7¢ to 9¢ higher through near Nov.

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

Major U.S. financial indices closed mixed Wednesday, but with growing investor optimism about an end to the war between the U.S. and Iran.

The Dow Jones Industrial Average closed 72 points lower. The S&P 500 closed 55 points higher. The NASDAQ was up 376 points.

Through mid-afternoon West Texas Intermediate Crude Oil futures (CME) were 8¢ lower to 47¢ higher through the front six contracts.

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

USDA’s Economic Research Service (ERS) left projected feeder steer prices unchanged for the remainder of this year in the April Livestock, Dairy and Poultry Outlook.

For Medium and Large #1 steers weighing 750-800 pounds and selling at Oklahoma National Stockyards, the average price was forecast at $367/cwt. in the third quarter, $369 in the fourth quarter and at $367.22 for the annual average.

The weighted-average price for that class and weight of steers in Oklahoma City was $366.16 in March — nearly $83 more year over year — according to ERS analysts.

“That differential adds up to over $600 per animal that feedlots paid for the same type of feeder cattle, compared with last year,” ERS analysts say. “It is worth noting that weekly prices in March had a relatively wide range, from $349.99 to $373.62/cwt., demonstrating broader market volatility.”

As mentioned in Cattle Current last week, the ERS also left projected five-area direct weighted average fed steer prices unchanged in the April World Agricultural Supply and Demand Estimates (WASDE). Prices were projected at $242/cwt. in the third quarter, $245 in the fourth quarter and at $242 for the annual average.

USDA projected beef production for this year at 25.8 billion pounds, which was 20 million pounds less than the previous month’s estimate. The total would be 211 million pounds less (-0.8%) than last year.

Cattle futures were higher Tuesday, bolstered by more bullish outside markets and last week’s stronger cash trade.

Toward the close, Live Cattle futures were an average of $1.47 higher. Feeder Cattle futures were an average of $1.65 higher.

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 mostly $246/cwt. in the Texas Panhandle, $246-$249 in Kansas, $248-$249 in Nebraska and mostly $248 in the western Corn Belt. Dressed delivered prices were $388-$390 in Nebraska and mainly $388 in the western Corn Belt.

Choice boxed beef cutout value was $1.28 higher Tuesday afternoon at $383.20/cwt. Select was $3.84 lower at $379.80.

Grain futures were broadly mixed Tuesday.  

Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 21¢ higher, supported by continued erosion in crop condition. According to the USDA Crop Progress for the week ending April 12, 34% of winter wheat was in Good (29%) or Excellent (5%) condition, which was 1% less than a week earlier and 13% less than a year earlier. On the other side of the scale, 32% was in Poor (20%) or Very Poor (12%) condition, compared to 19% a year earlier.

Corn and Soybean futures were pressured in part by lower Crude Oil prices.

Corn futures were mostly fractionally lower to 2¢ higher through near Dec. Soybean futures were 5¢ to 9¢ lower through near Nov.

Cattle futures were mixed but mostly higher Monday.

Toward the close, Live Cattle futures were narrowly mixed, from an average of 53¢ lower to an average of 42¢ higher.

Feeder Cattle futures were an average of $1.43 higher.

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

Last week, FOB live prices were mainly steady to $1 higher in the Texas Panhandle at mostly $246/cwt., steady to $3 higher in Kansas at $246-$249 on a light test, $3-$4 higher in Nebraska at mostly $248-$249 and mainly $3 higher in the western Corn Belt at mostly $248. Dressed delivered prices were $3-$5 higher in Nebraska at $388-$390 and mostly $3 higher in the western Corn Belt at mainly $388.

Choice boxed beef cutout value was $1.02 higher Monday afternoon at $381.92/cwt. Select was $2.30 higher at $383.64.

Grain futures were mixed Monday.  

Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were mostly 9¢ to 12¢ higher with disappointment in weekend moisture. Corn futures were unchanged to fractionally mixed. Soybean futures were 9¢ to 15¢ lower.

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

Major U.S. financial indices faced early pressure from the unraveled ceasefire talks between the U.S. and Iran but closed higher, supported by tech stocks.

The Dow Jones Industrial Average closed 301 points higher. The S&P 500 closed 69 points higher. The NASDAQ was up 280 points.

Through mid-afternoon West Texas Intermediate Crude Oil futures (CME) were $1.46 to $2.43 higher through the front six contracts.

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

Cattle markets’ fundamental strength is breathtaking considering how prices have performed in the face of multiple shocks, including significantly higher crude oil prices and uncertainty stemming from the U.S. War with Iran, the strike at the JBS packing plant in Greeley, Colo., and lingering wonderment about when the U.S. border will reopen to Mexican cattle imports.

For perspective, between Feb. 27, the last trading day before the U.S. strike on Iran and March 10, the spot April Live Cattle contract increased $19.55, and near-December was up $11.90. The spot April Feeder Cattle contract increased $22.95, and near-December was up $24.85.

During the same period, the five-area direct weighted average FOB live fed steer price and dressed delivered fed steer price a little more than $5/cwt., while cash calf and feeder cattle prices continue to hold their own at historically high levels.

All of that was with WTI Crude Oil futures (CME) increasing $29.68 per barrel to $96.57 and volatile gyrations in equity markets.

Cattle futures closed higher Friday, and on the week, buoyed by steady to stronger early negotiated cash fed cattle prices.

Live Cattle futures closed an average of 96¢ higher.

Feeder Cattle futures closed an average of $1.98 higher, with gains likely capped by wonderment about when the U.S. border will re-open to Mexican feeder cattle imports.

For the week, Live Cattle futures closed an average of $1.99 higher, except for 37¢ lower in the back contract. Feeder Cattle futures closed an average of $2.33 higher on the week.

Negotiated cash fed cattle trade was limited on moderate demand in the North through Friday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend at the time, there were some FOB live trades at $250/cwt. in the North. The previous week, FOB live prices were mostly $245 in Nebraska and the western Corn Belt and dressed delivered prices were mainly $385.

Trade was inactive on moderate demand in the Southern Plains. For the week, FOB live prices were steady to $1 higher in the Texas Panhandle at $246, the same as in Kansas the previous week.

Choice boxed beef cutout value was 19¢ lower Friday afternoon at $380.90/cwt. Select was 23¢ lower at $381.34. For the week, Choice was $7.14 lower and Select was $7.03 lower.

Estimated total cattle slaughter last week of 512,000 head was 21,000 head fewer than the previous week and 52,000 head fewer than the same week last year. Estimated year-to-date cattle slaughter of 7.6 million head was 846,000 head fewer (-10%). Year-to-date estimated beef production of 6.8 billion pounds was 551.8 million pounds less (-7.5%).

Grain futures were lower Friday.  

Kansas City HRW Wheat futures closed mostly 1¢ to 3¢ lower, with traders likely removing weather premium on the more optimistic moisture outlook.

Corn futures closed 1¢ to 3¢ lower, pressured by the larger global ending stocks revealed in the recent World Agricultural Supply and Demand Estimates, lower crude oil prices and the improved weather outlook for planting. Corn futures closed 11’7¢ lower through the front six contracts for the week. Those contracts were an average of 25¢ lower over the past two weeks.

Soybean futures closed 5¢ to 10¢ higher through Aug ’27, supported by apparent growing optimism concerning U.S.-China trade talks scheduled for next month.

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

Major U.S. financial indices closed mixed Friday, amid uncertainty about the ceasefire between the U.S. and Iran and related opening of the Strait of Hormuz.  

The Dow Jones Industrial Average closed 269 points lower. The S&P 500 closed 7 points lower. The NASDAQ was up 80 points.

West Texas Intermediate Crude Oil futures (CME) closed $1.30 lower to 79¢ higher through the front six contracts.

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

Domestic retail beef prices increased year over year in March, while retail chicken and pork prices softened, according to the Livestock Marketing Information Center (LMIC).

“The all-fresh retail beef price was $9.55 per pound in March, softening from $9.64 per pound in February but an increase of $1.12 per pound (+13%) from last year,” LMIC analysts explain, in the latest Livestock Monitor. “Ground beef was reported at $6.86 per pound in March, up $0.73 per pound (+12%) from last year. Rounds increased $1.06 per pound (+12%) from last year to $9.61 per pound in March but fell slightly by $0.49 per pound from the prior month. Steaks were reported at $12.73 per pound in March and on par with the prior month but increased $1.75 per pound compared to the prior year.”

On the other side of the fence, the March retail pork price of $4.87 per pounds was 2% less year over year and the lowest level since February 2025, according to LMIC. The March retail composite broiler price was also 2% less year over year at $2.41.

Cattle futures eased higher Wednesday with stronger outside markets and growing expectations for steady to stronger negotiated cash fed cattle prices.

Toward the close, Live Cattle futures were an average of $1.04 higher. Feeder Cattle futures were an average of $2.68 higher.

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

Last week, FOB live prices were $245-$246/cwt. in the Texas Panhandle, mostly $246 in Kansas and $245 in the North. Dressed delivered prices were mainly $385.

Choice boxed beef cutout value was $1.43 higher Thursday afternoon at $381.09/cwt. Select was 70¢ lower at $381.57.

Grain and Soybeans futures were mixed Thursday.  

Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 5¢ to 8¢ lower pressured by domestic rain chances and higher projected world ending stocks in the World Agricultural Supply and Demand Estimates (see below).

Corn futures were 2¢ to 3¢ lower. However, Soybean futures were fractionally lower to 2¢ higher through near Nov.

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

Major U.S. financial indices continued higher Thursday, supported by the ceasefire between the U.S. and Iran.  

The Dow Jones Industrial Average closed 275 points higher. The S&P 500 closed 41 points higher. The NASDAQ was up 187 points.

Through mid-afternoon West Texas Intermediate Crude Oil futures (CME) were $33¢ to $4.20 higher through the front six contracts.

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

USDA’s Economic Research Service (ERS) left projected five-area direct weighted average fed steer prices unchanged in the April World Agricultural Supply and Demand Estimates (WASDE). Prices were projected at $242/cwt. in the third quarter, $245 in the fourth quarter and at $242 for the annual average.

USDA projected beef production for this year at 25.8 billion pounds, which was 20 million pounds less than the previous month’s estimate. The total would be 211 million pounds less (-0.8%) than last year.

“Beef production is reduced as lower steer and heifer slaughter in the first half of the year is partially offset by higher cow slaughter in the first two quarters and heavier dressed weights throughout the year,” according to ERS analysts.

Among other WASDE highlights…

Corn

The 2025/26 U.S. corn outlook was unchanged relative to last month. However, the season-average corn price received by producers was raised 5¢ to $4.15 per bushel based on reported prices to date.

Soybeans

The outlook for U.S. soybean supply and use for 2025/26 included higher crush, lower exports, and unchanged ending stocks. Soybean ending stocks were unchanged at 350 million bushels.

The U.S. season-average soybean price for 2025/26 was forecast 10¢ higher at $10.30 per bushel. The soybean meal price increased $10 to $310 per short ton, and the soybean oil price rose 4¢ to 59¢ per pound.

Wheat

The outlook for 2025/26 U.S. wheat was for slightly higher supplies, marginally lower domestic use, unchanged exports, and higher ending stocks. Ending stocks were raised to 938 million bu., 10% more than last year and the largest since 2019/20. The projected 2025/26 season-average farm price increased 5¢ per bushel to $5.00 on NASS prices reported to date and price expectations for the remainder of the marketing year.

Cattle futures rose cautiously on Wednesday, helped along by falling oil prices and higher outside markets tied to the announced ceasefire between the U.S. and Iran.

Toward the close, Live Cattle futures were an average of 85¢ higher, except for an average of 8¢ lower in two contracts.

Feeder Cattle futures were an average of $1.38 higher.

Negotiated cash fed cattle trade was mostly 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 $245-$246/cwt. in the Texas Panhandle, mostly $246 in Kansas $245 in the North at $. Dressed delivered prices were mainly $385.

Choice boxed beef cutout value was $3.08 lower Wednesday afternoon at $379.66/cwt. Select was $4.06 lower at $382.27.

Grain futures were lower on the cease-fire news and less weather premium for wheat.

Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 12¢ to 14¢ lower. Corn futures were 1¢ to 2¢ lower. Soybean futures were fractionally higher to 3¢ higher.

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

Major U.S. financial indices closed sharply higher Wednesday on news of the ceasefire between the U.S. and Iran.  

The Dow Jones Industrial Average closed 1,325 points higher. The S&P 500 closed 165 points higher. The NASDAQ was up 617 points.

Through mid-afternoon West Texas Intermediate Crude Oil futures (CME) were $1.22 to $16.51 lower through the front six contracts.

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 $7-$8 higher in the Texas Panhandle at $245-$246/cwt., mostly $8 higher in Kansas at mainly $246 and $10 higher in the North at $245. Dressed delivered prices were mostly $13 higher at mainly $385.

Choice boxed beef cutout value was $5.30 lower Tuesday afternoon at $382.74/cwt. Select was $2.04 lower at $386.33.

Cattle futures pulled back Tuesday with pressure from iffy outside markets, declining wholesale beef values and likely profit taking.

Toward the close, Live Cattle futures were an average of $1.14 lower. Feeder Cattle futures were an average of $3.88 lower.

Corn and Soybeans trended lower Tuesday on increased risk aversion based on President Trump’s escalating threats against Iran.

Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 1¢ lower. Corn futures were 5¢ lower. Soybean futures were 7¢ to 9¢ lower.

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

Major U.S. financial indices closed narrowly mixed Tuesday after pressure during most of the session tied to wonderment about a potential ceasefire between the U.S. and Iran.  

The Dow Jones Industrial Average closed 85 points lower. The S&P 500 closed 5 points higher. The NASDAQ was up 21 points.

Through mid-afternoon West Texas Intermediate Crude Oil futures (CME) were 17¢ higher to $1.15 lower through the front six contracts.

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

Longer-term optimism helped boost agricultural producer sentiment in March, according to the Purdue University/CME Group Ag Economy Barometer. The overall index increased 11 points from the previous month to 127. The Futures Expectations Index rose 14 points but remains lower year over year. The Current Conditions Index increased 6 points. The survey was conducted March 16-20.

“While producers are feeling more optimistic about the future, there’s still a noticeable gap between short-term challenges and long-term confidence,” says Michael Langemeier, the barometer’s principal investigator and director of Purdue’s Center for Commercial Agriculture. “Longer-term optimism is supported by stronger expectations for farmland values and the broader economy, though livestock producers remain notably more optimistic than crop producers.”

Producers reported mixed financial conditions in March, with 18% indicating their operations were better off than a year ago. Expectations for the year ahead continue to be cautiously optimistic, with 20% of respondents anticipating improved financial performance, compared with 18% expecting worse financial performance over the next 12 months. The Farm Capital Investment Index edged up 3 points to 53, but plans to expand machinery purchases remain limited, with only 4% of producers planning increases.

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

For the week, however, FOB live prices were mostly $245/cwt., which was $7 higher in the Southern Plains and $10 higher in the North. Dressed delivered prices were mostly $13 higher at mainly $385.

Estimated total cattle slaughter last week of 533,000 head was 10,000 head more than the previous week but 53,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 7.1 million head was 796,000 head fewer (-10.1%) than the same period a year earlier. Estimated year-to-date production of 6.3 billion pounds was 521.4 million pounds less (-7.6%).

Higher cash fed cattle prices came in the face of sluggish wholesale beef values. Choice boxed beef cutout value was $1.80 lower Friday afternoon at $387.78/cwt. Select was $1.51 lower at $386.19. Week to week on Friday, Choice was $5.19 lower and Select was $3.68 lower.

Futures markets were closed Friday, in observance of Good Friday. For the week, though, Cattle futures were sharply higher.

Week to week on Thursday, Live Cattle futures closed an average of $7.92 higher. Feeder Cattle futures closed an average of $17.30 higher. During the same period, Corn futures closed 13’3¢ lower through the front six contracts.

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

Equity markets were also closed Friday.

Although major U.S. financial indices gained on the week, uncertainty related to the U.S. war with Iran and sharply higher nearby crude oil prices continued to weigh on sentiment. Crude Oil futures (WTI-CME) closed an average of $8.45 higher in the front three contracts week to week on Thursday and then an average of $4.41 lower in the next three contracts.

An economic bright spot heading into this week was a more positive labor outlook than expected. Total non-farm payroll employment increased by 178,000 in March, and the unemployment rate changed little at 4.3%, according to the U.S. Bureau of Labor Statistics on Friday. In March, average hourly earnings for all employees on private non-farm payrolls rose by 9¢ to $37.38. Average hourly earnings have increased by 3.5% over the last 12 months.

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

U.S. beef exports totaled 85,066 metric tons (mt) in February, which was 13% less year over year, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Value fell 10% to $722.7 million. Much of the shortfall stemmed from China’s lockout of U.S. beef. Exports were also below last year to Korea, Japan and Canada. However, exports increased year-over-year to Mexico, Taiwan, the Caribbean and South America, while demand was steady in the Middle East and Central America. Excluding China, February exports were 4% higher in value and just 1% below last year’s volume.

Exports of beef variety meats were a bright spot. The 24,081 mt of beef variety meat in February were 12% more than a year earlier, while the value of these shipments soared 40% to $106 million.

“Beef variety meat exports continue to trend higher, especially on the value side, and that makes such an important contribution to the value of every animal,” says Dan Halstrom, USMEF president and CEO. “Where U.S. beef has access, muscle cut demand has held up well and provides a great complement to our robust domestic market. But for beef variety meats, export markets are really the whole ball game, so it’s great to see these products achieve broad-based growth.”

Beef export value equated to $422.87 per head of fed slaughter in February, down 2% from a year ago but the highest in 11 months. The January-February per-head average was $418.83, up 5% from a year earlier.

February U.S. pork exports totaled 242,511 mt, up 1% from a year ago, with export value edging 1% higher to $678.8 million.