Cattle futures were lower Monday but off session lows by the end of the day, despite last week’s higher cash fed cattle prices and neutral Cattle on Feed report. There were some unfounded rumors of unfounded rumors that could have spooked funds and set loose the algos early in the session, but there’s no telling.
Toward the close, Live cattle futures were an average of $1.25 lower (60¢ lower at the front to $2.27 lower at the back).
Feeder Cattle futures were an average of $1.52 lower (32¢ lower at the back to $2.07 lower at the front).
Negotiated cash fed cattle trade was mostly inactive on moderate demand in all major cattle feeding regions through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
When the counting was finally done last week, FOB live prices were steady in the Texas Panhandle at $220/cwt., unevenly steady in Kansas at $219-$221, mostly $1-$2 higher in Nebraska at $230-$231 and mainly $1-$2 higher in the western Corn Belt at mostly $230. Dressed delivered prices were $2-$9 higher in Nebraska at $330-$367 and $2-$7 higher in the western Corn Belt at $360-$365 in a light test.
The weekly weighted average five-area direct FOB live fed steer price was 52¢ higher at $226.97/cwt. The weekly weighted average dressed delivered steer price was $4.07 higher at $361.74.
Choice boxed beef cutout value was 30¢ higher Monday afternoon at $361.85/cwt. Select was 49¢ lower at $350.84.
Corn and Wheat futures were lower Tuesday on the improved domestic weather outlook.
Toward the close and through Mar ‘26 contracts, Corn futures were 1¢ to 5¢ lower. Kansas City Wheat futures were 14¢ lower. Soybean futures were unchanged to 1¢ higher.
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Major U.S. financial indices rose Tuesday with investors cheering the White House delay on hefty EU tariffs — another day of on-again, off again headline trading.
The Dow Jones Industrial Average closed 740 points higher. The S&P 500 closed 118 points higher. The NASDAQ was up 461 points.
Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 32¢ to 44¢ lower through the front six contracts.
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Creighton University’s overall Rural Mainstreet Index (RMI) rose 4 points month to month in May to 44 but remained below growth neutral for the 20th time in the last 21 months. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.
“The economic outlook for 2025 farm income remains weak according to bank CEOs,” according to Ernie Goss, the Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business. “Almost one in four bankers rate tariff retaliation from trading partners as the top risk facing farmers in 2025 while 68.0% ranked lower farm commodity prices as the major risk factor for farmers.”
The RMI is based on a monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy.
The farmland price index slumped below growth neutral for the 12th time in the past 13 month, dropping to 39.6 from 41.7 in April.
“Elevated interest rates, higher input costs and volatility from tariffs have put downward pressure on ag land prices. Only 8.0% of bank CEOs are bullish on farmland prices for 2025,” Goss says.
Overall, rural bankers remain pessimistic about economic growth for their area over the next six months. The May confidence index slumped to 30.0 from 36.0 in April.