Cattle futures were lower Thursday, giving back a fair bit of the previous day’s gains as equity markets lost ground.
Toward the close, Live Cattle futures were an average of $2.09 lower. Feeder Cattle futures were an average of $2.50 lower.
Negotiated cash fed cattle trade was slow on slow to moderate demand in Nebraska through Thursday afternoon, according to the Agricultural Marketing Service. So far this week, FOB live prices are $2-$5 lower at $208/cwt. and dressed delivered prices are $7-$8 lower at $327-$328.
Elsewhere, trade ranged from limited on light demand to a standstill with too few transactions to trend.
Last week, FOB live prices were $208 in the Southern Plains and $210-$213 in the western Corn Belt, where dressed delivered prices were $335.
Grain and Soybean futures were mixed Thursday with Corn and Soybeans receiving support from lower ending stocks in the latest World Agricultural Supply and Demand Estimates (see below).
Toward the close and through Sep ’25 contracts,
Corn futures were 3¢ to 8¢ higher. Soybean futures were 8¢ to 15¢ higher. Kansas City Wheat futures were 9¢ to 11¢ lower.
******************************
Major U.S. financial indices closed sharply lower Thursday with continued uncertainty surrounding U.S. tariffs.
The Dow Jones Industrial Average closed 1,014 points lower. The S&P 500 closed 188 points lower. The NASDAQ was down 737 points.
Through midafternoon West Texas Intermediate Crude Oil futures (CME) were $1.57 to $1.96 lower through the front six contracts.
******************************
USDA’s Economic Research Service (ERS) increased the forecast five-area direct fed steer price for the remainder of this year, compared to the previous month’s outlook, in the latest World Agricultural Supply and Demand Estimates (WASDE). Based on forecast strong consumer beef demand, projected prices increased $3 to $205/cwt. in the first quarter, $6 in the second quarter to $204, $8 in the third quarter to $206 and $7 in the fourth quarter to $207.
Beef production was projected 15 million pounds more year over year at 26.7 billion pounds. If so, it would be 288 million pounds less than last year (-1.1%). The increase was based on heavier projected dressed weights and higher cow and bull slaughter, partially offset by lower steer and heifer slaughter.
Among other WASDE highlights…
Corn
The 2024/25 U.S. corn outlook was for more exports, reduced feed and residual use, and smaller ending stocks. Ending stocks were projected 75 million bushels less than the previous month at 1.5 billion.
The season-average corn price received by producers was unchanged at $4.35 per bushel.
Wheat
The supply and demand outlook for 2024/25 U.S. wheat was for larger supplies, slightly smaller domestic use, reduced exports, and increased ending stocks. Projected 2024/25 ending stocks were raised 27 million bushels to 846 million, 22% more than last year.
The season average farm price was unchanged at $5.50 per bushel.
Soybeans
The outlook for U.S. soybean supply and use for 2024/25 included higher imports and crush, and lower ending stocks. Soybean ending stocks were lowered 5 million bushels to 375 million.
The forecast U.S. season-average soybean price for 2024/25 was unchanged at $9.95 per bushel. The soybean meal price was lowered $10 to $300 per short ton and the soybean oil price was raised 2¢ to 45¢ cents per pound.