Cattle futures were mixed to lower Monday with likely month-end and quarter-end profit taking.
Toward the close, Live Cattle futures were an average of 82¢ lower. Feeder Cattle futures were narrowly mixed, from an average of 58¢ lower to an average of 19¢ higher.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand in the western Corn Belt to a standstill elsewhere through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were steady to $1 lower in the Southern Plains at $209-$210/cwt. and unevenly steady in the North at mostly $213. Dressed delivered prices were steady to $10 higher at $335-$345.
The weighted average five-area direct FOB live steer price last week was 62¢ lower at $212.14. The weighted average dressed delivered steer price was $3.17 higher at $338.32.
Choice boxed beef cutout value was $2.44 higher Monday afternoon at $335.26/cwt. Select was $1.33 higher at $320.01.
Grain and Soybean were mixed Monday with the reaction to USDA’s Planting Intensions and Grain Stocks reports (see below), suggesting the market had factored in similar numbers.
Toward the close and through Sep ’25 contracts, Corn futures were fractionally higher to 4¢ higher, supported by tighter stocks. Kansas City Wheat futures were 3¢ to 4¢ higher. Soybean futures were 9¢ to 10¢ lower.
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Major U.S. financial indices closed mixed Monday, after a day of whipsaw volatility, recovering sharp early-session losses tied to unease about the implementation of reciprocal tariffs Wednesday and their impact on both inflation and economic growth.
The Dow Jones Industrial Average closed 417 points higher. The S&P 500 closed 30 points higher. The NASDAQ was down 23 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $1.64 to $2.09 higher, supported by U.S. threats of increasing tariffs on Russian oil imports and on other countries that import Russian oil.
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Depending on who was betting, USDA’s much-anticipated Prospective Plantings report projected corn acres on the top side of expectations ahead of Monday’s release and all wheat toward the bottom of expectations.
Prospective acres planted to corn were projected at 95.3 million acres, which would be 4.7 million acres more (+5.2%) than last year.
All acres planted to wheat were forecast at 45.4 million acres, which would be 729,000 fewer acres than a year earlier (-1.6%). If realized, this would be the second lowest all wheat planted area since records began in 1919, according to the National Agricultural Statistics Service (NASS).
Prospective soybean acres were in the middle of the range of expectations at 83.5 million acres. That would be 3.6 million fewer acres (-4.1%) than a year earlier.
The report pegs all acres planted to principal crops at 309.9 million acres, which would be 1.3 million acres less (-0.4%) than last year.
Projected all hay acres harvested in 2025 of 48.5 million acres would be 897,000 fewer acres (-1.8%).
NASS also released its quarterly Grain Stocks report Monday.
Corn stocks in all positions on March 1 totaled 8.15 billion bushels, down 2% percent from a year earlier. Of the total stocks, 4.50 billion bushels were stored on farms, which was 11% less year over year. Off-farm stocks of 3.65 billion bushels were 12% more than a year earlier.
Soybeans stored in all positions totaled 1.91 billion bushels, up 4% year over year. Soybean stocks stored on farms were estimated at 877 million bushels, down 6%. Off-farm stocks of 1.03 billion bushels were 13% less.
All wheat stored in all positions on March 1 totaled 1.24 billion bushels, up 14% from a year ago. On-farm stocks were estimated at 307 million bushels, up 13% year over year. Off-farm stocks of 930 million bushels were 14% more.