Cattle futures wobbled Tuesday with indecisive two-sided trade.
Toward the close, Live Cattle futures were an average of 25¢ higher, except for 53¢ lower in two contracts.
Feeder Cattle futures were an average of 45¢ lower, except for 32¢ higher in Nov.
Negotiated cash fed cattle trade was mostly inactive on light demand through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $225/cwt. in Kansas, $220-$225 in Nebraska and $220 in the western Corn Belt. Dressed delivered prices were $340-$345.
FOB live prices in the Texas Panhandle the previous week were $215-$220.
Choice boxed beef cutout value was 14¢ higher Tuesday afternoon at $361.04/cwt. Select was 57¢ lower at $348.60.
Grain and Soybean futures were mixed on Tuesday.
Toward the close and through Jly contracts, Corn futures were mostly fractionally lower 4¢ higher, helped by reduced ending stocks in the latest World Agricultural Supply and Demand Estimates (see below).
KC HRW Wheat futures were unchanged to fractionally mixed, challenged by an increase in estimated global ending stocks.
Soybean futures were 6¢ to 7¢ lower, with no supply or use changes in the WASDE.
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Major U.S. financial indices teetered on Tuesday as investors awaited this week’s Fed decision about interest rates.
The Dow Jones Industrial Average closed 179 points lower. The S&P 500 closed 6 points lower. The NASDAQ was up 30 points.
Though mid-afternoon, West Texas Intermediate Crude Oil futures (CME) an average of 34¢ lower through the front six contracts.
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USDA’s Economic Research Service (ERS) lowered estimated five-area direct fed steer prices significantly, compared to the previous month, in the December World Agricultural Supply and Demand Estimates (WASDE).
For this year, the fourth-quarter price dropped $8 to $226/cwt. and the annual average price declined $2 to $223.97. For 2026, projected prices declined $12 in the first quarter to $230, $9 in the second quarter to $234 and $12 in the third quarter to $236. The annual 2026 average price was $11 lower at $235. Price reductions were based on recent price data and the announced loss of packing capacity.
Compared to the previous month, the ERS increased expected 2025 beef production by 194 million pounds to 25.95 billion pounds, based on the faster rate of fed and non-fed slaughter in the fourth quarter, as well as heavier dressed weights. That would be 1 billion pounds less than last year (-3.8%)
Estimated 2026 production of 25.73 billion pounds would be 225 million pounds less (-0.9%) than this year’s estimated total.
Among other WASDE highlights…
Corn
The 2025/26 U.S. corn outlook was for greater exports and lower ending stocks. Exports were raised 125 million bushels to 3.2 billion, reflecting shipments to date. With no supply changes and with use rising, corn ending stocks were lowered 125 million bushels to 2.0 billion. The season-average corn price received by producers was unchanged at $4.00 per bushel.
Soybeans
2025/26 U.S. soybean supply, use, and price projections were unchanged. U.S. season-average prices were projected at $10.50 per bushel for soybeans, $300 per short ton for soybean meal and 53¢ per pound for soybean oil.
Wheat
All supply and use categories for 2025/26 U.S. wheat were unchanged. The projected 2025/26 season-average farm price was unchanged at $5.00 per bushel.