Cattle futures closed higher Monday, buoyed by the recent Cattle on Feed report and a sharp decline in Grain futures.
Toward the close on Monday, Live Cattle futures were an average of $1.31 higher. Feeder Cattle futures were an average of $4.10 higher.
Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday, according to the Agricultural Marketing Service.
Last week, FOB live prices were $4 lower in the Southern Plains at $199/cwt., $3-$4 lower in Nebraska at $199-$200 and $2-$4 lower in the western Corn Belt at $199-$201. Dressed delivered prices were $5-$6 lower at $315.
The five-area direct weighted average FOB live steer price last week was $3.27 lower at $199.64/cwt. The weighted average dressed delivered steer price was $5.40 lower at $315.12.
Choice boxed beef cutout value was $2.96 higher Monday afternoon at $313.73/cwt. Select was $1.41 higher at $303.97.
Grain and Soybean futures were lower Monday with pressure including tariff concerns, early month-end position squaring and perhaps wariness about any initial acreage projections USDA shares during this week’s Agricultural Outlook Forum.
Toward the close and through Sep ’25 contracts, Corn futures were 5¢ to 8¢ lower. Kansas City Wheat futures were 10¢ to 11¢ lower. Soybean futures were 8¢ to 10¢ lower.
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Major U.S. financial closed mixed Monday, mostly retaining and extending losses from the previous two sessions. Pressure included tech stocks and looming U.S. tariffs on Mexico and Canada.
The Dow Jones Industrial Average closed 33 points higher. The S&P 500 closed 29 points lower. The NASDAQ was down 237 points.
Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were 15¢ to 43¢ higher through the front six contracts.
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USDA’s recent Cattle on Feed report also provided an update on feedlot capacity and a summary of cattle fed and marketed by all feedlots in 2023 and 2024. Together, they paint a picture of continuing concentration.
Painting with a broad brush, 26,105 feedlots last year marketed 24.82 million head, compared to 25,103 feedlots marketing 24.84 million head the previous year. So, there were 1,002 more feedlots last year —1,000 of them representing feedlots with less than 1,000 head capacity.
For feedlots with 1,000 head or more capacity, there were 10 more year over year with a capacity of 1,000 to 1,999 head, 10 fewer with a capacity of 8,000 to 15,999 head, two fewer with a capacity of 24,000 to 31,999 head and two more with a capacity of 50,000 head or more.
Feedlot capacity increased by 100,000 head year over year at the beginning of 2025 to 17.2 million head for feedlots with 1,000 head or more capacity.