Negotiated cash fed cattle trade was moderate on moderate demand in Nebraska and the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service.
FOB live prices were unevenly steady in both regions at $228/cwt. Dressed delivered prices in Nebraska were $3 higher at mostly $358. Although too few to trend, there were some dressed delivered trades at $355-$358 in the western Corn Belt, where prices last week were $350-$355.
Last week, FOB live prices were $230/cwt. in Kansas.
Choice boxed beef cutout value was $1.19 higher Thursday afternoon at $357.28/cwt. Select was $2.46 lower at $343.97.
Cattle futures continued lower Thursday with still-overbought conditions.
Toward the close, Live Cattle futures were an average of 75¢ lower (25¢ lower at the back to $1.72 lower in spot Dec).
Feeder Cattle futures were an average of $1.87 lower.
Grain futures were higher again on Thursday, while Soybean futures continued to flounder.
Toward the close, through near Jly, Corn futures were 3¢ to 4¢ higher, supported by strong ethanol production and demand.
KC HRW Wheat futures were 8¢ to 9¢ higher, likely buoyed by short covering.
Soybean futures were 6¢ to 8¢ lower.
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Major U.S. financial indices closed higher Thursday, supported by a tamer inflation reading than expected.
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% on a seasonally adjusted basis over the two months from September 2025 to November 2025, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 2.7% before seasonal adjustment. BLS did not collect survey data for October 2025 due to a lapse in appropriations.
The Dow Jones Industrial Average was up 65 points. The S&P 500 closed 63 points higher, and the NASDAQ closed 313 points higher.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were unchanged to 7¢ higher through the front six contracts.
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Economic uncertainty surrounding U.S. trade policy is much lower than it was a year ago, steadying the broader outlook for 2026, according to a new year-ahead report from CoBank’s Knowledge Exchange.
“With the year-on-year tariff inflationary effect fading by end of the first quarter, core inflation is likely to resume its downward trend in the second half of the year,” say CoBank analysts. “That will provide sufficient cover for the Federal Reserve to continue cutting interest rates in 2026. Moreover, the Congressional Budget Office estimates the accelerated depreciation provisions in the One Big Beautiful Bill Act will boost GDP growth by almost a full percentage point next year.”
Although the labor market has cooled from the post-COVID cycle and is now more in line with historic norms, CoBank analysts explain that wage growth near 4% and unemployment below 5% are well within the margin of safety for a growing economy in 2026.