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.
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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.
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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.