Cattle futures were higher Monday helped by the plunge in Corn futures, which was tied to the latest World Agricultural Supply and Demand Estimates (see below).
Toward the close, Live Cattle futures were an average of 82¢ higher (30¢ to $1.65 higher). Feeder Cattle futures were an average of $1.50 higher.
Negotiated cash fed cattle trade was mostly 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 steady to $1 higher in Kansas at $232-$233/cwt., mainly steady in Nebraska and the western Corn Belt at mostly $232/cwt. Dressed delivered prices were $5 higher at $365.
The five-area direct weighted average FOB live fed steer price last week was 18¢ higher at $231.86. The weighted average dressed delivered fed steer price was $5.13 higher at $364.99.
Choice boxed beef cutout value was $1.48 higher Monday afternoon at $357.11/cwt. Select was $5.88 higher at $358.05. The Choice-Select spread turned negative by 94¢.
As alluded to, Corn futures sank on Monday beneath the weight of the World Agricultural Supply and Demand Estimates.
Toward the close, through near Sep contracts, Corn futures were 15¢ to 24¢ lower. KC HRW Wheat futures were 2¢ to 3¢ lower. Soybean futures closed 5¢ to 13¢ lower.
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Major U.S. financial indices closed higher Monday.
The Dow Jones Industrial Average closed 86 points higher. The S&P 500 closed 10 points higher. The NASDAQ was up 62 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 31¢ to 46¢ higher through the front six contracts.
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USDA’s Economic Research Service (ERS) increased slightly the projected five-area direct weighted average fed steer price, in the January World Agricultural Supply and Demand Estimates (WASDE). Compared to the previous month, expected prices were $232/cwt. in the first quarter, $234 in the second and $237 in the third for an annual average of $236, which was $1 higher.
“Cattle prices for 2026 are raised on recent price data for the first quarter and tighter fed cattle supplies expected in the second half of the year,” say ERS analysts.
Estimated beef production for the year of 25.74 billion pounds was slightly higher than the previous month and would be 265 million pounds less (-1%) than the forecast total for 2025.
Among other WASDE highlights…
Corn
USDA shocked plenty of folks by increasing domestic yield and production rather than decreasing it as many had expected. Instead, yield estimate increased 0.5 bushels per acre to 186.5 and projected harvested area increased by 1.3 million acres for estimated production of 17 billion bushels, which was 269 million more than the previous month’s forecast.
Projected corn stocks rose by 198 million bushels to 2.2 billion. However, the season-average corn price received by producers was raised by 10¢ cents to $4.10 per bushel.
Soybeans
U.S. soybean production estimated at 4.3 billion bushels was up 9 million bushels with yield unchanged at 53.0 bushels per acres and harvested area increasing by 0.1 million acres to 80.4 million.
The U.S. season-average soybean price for 2025/26 was projected at $10.20 per bushel, down 30¢, reflecting reported NASS prices during the first quarter of the marketing year and expectations for future marketings and prices. The soybean meal price was forecast at $295 per short ton, down $5. The soybean oil price was unchanged at 53¢ per pound.
WheatThe outlook for 2025/26 U.S. wheat was for slightly larger supplies, lower domestic use, unchanged exports, and larger ending stocks. Projected ending stocks increased 25 million bushels to 926 million, up 8% from the previous year. The season-average farm price declined 10¢ per bushel to $4.90.