Cattle futures closed lower again Monday, pressured by bearish outside markets and despite Friday’s neutral-to-friendly Cattle on Feed report. Uncertainty also lingered about the potential strike at the JBS plant in Greeley, Colo.
Toward the close, Live Cattle futures were an average of $1.59 lower. Feeder Cattle futures were an average of $3.16 lower.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $1 higher in the Southern Plains at $249/cwt., mostly $2-$3 higher in Nebraska at mainly $247-$248 and $1-$2 higher in the western Corn Belt at $245-$247. Dressed delivered prices were $388, which was $6 higher in Nebraska and $6-$8 higher in the western Corn Belt.
Last week’s five-area direct weighted average FOB live fed steer price was $1.29 higher at $246.91. The weighted average dressed delivered fed steer price was $6.82 higher at $387.95.
Choice boxed beef cutout value was $2.52 higher Monday afternoon at $369.22/cwt. Select was $3.57 higher at $364.31.
Grain and Soybean futures were mixed on Monday with some likely repositioning and profit taking based on tariff uncertainty.
Toward the close, through near Sep contracts, KC HRW Wheat futures were 11¢ to 13¢ lower. Corn futures were fractionally higher to 1¢ higher. Soybean futures were fractionally mixed to 3¢ lower.
******************************
Major U.S. financial indices closed sharply lower Monday, pressured in part by confusion and uncertainty regarding U.S. tariffs.
The Dow Jones Industrial Average closed 821 points lower. The S&P 500 closed 71 points lower. The NASDAQ was down 258 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 2¢ lower to 20¢ higher through the front six contracts.
******************************
USDA provided the first glimpse of crop planting expectations at its Agricultural Outlook Forum last week. Analysts project acres planted to corn, wheat and soybeans to decline 1.3 million acres to 224 million. Forecast corn acres of 94 million acres would be 4.8 million acres less than last year and wheat acres of 45 million would be 300,000 acres less. Projected soybean acres of 85 million would be 3.8 million acres more.
For the 2026-27 crop year, USDA projects season-average prices received by farmers to be 10¢ higher for corn at $4.20 per bushel and wheat prices to be slightly higher at $5 per bushel. Soybean price was estimated marginally higher at $10.30 per bushel.
“A large 2025/26 corn crop and increased domestic soybean crush are expected to keep feedstuffs available for livestock producers,” according to the report. “Hay production increased slightly in 2025—including a 1% increase in alfalfa hay production. On farm hay stocks on Dec. 1, 2025 were estimated to be 81.7 million tons; a slight increase from the previous year and higher than the recent low in 2022 of 71.7 million tons. Alfalfa hay prices fell significantly in 2024 and 2025 as supplies have recovered. For 2026, prices are expected to be stable relative to a year ago and remain below highs seen in recent years.”