Cattle futures softened further Friday with week’s lower negotiated cash fed cattle prices.
Toward the close, Live Cattle futures were an average of $1.04 lower. Feeder Cattle futures were an average of $1.63 lower.
From Monday through Friday last week, Live Cattle futures closed an average of $4.12 lower, and Feeder Cattle futures were an average of $8.02 lower.
Negotiated cash fed cattle trade ranged from mostly inactive on light demand in the South to light on moderate demand in the North through Friday afternoon, according to the Agricultural Marketing Service.
For the week, FOB live prices were mostly $7 lower in all regions at mainly $248/cwt. Dressed delivered prices were $10 lower at $393.
Choice boxed beef cutout value was $1.87 higher Friday afternoon at $382.68/cwt. Select was $4.84 higher at 368.33. For the week, Choice was $3.80 lower and Select was $2.46 higher.
Estimated total cattle slaughter last week of 529,000 head was 71,000 head more than the previous holiday-shortened week, but 43,000 head fewer than the same week last year. Estimated year-to-date cattle slaughter of 14.3 million head was 1.3 million head fewer (-8.5%) than the same time last year. Estimated year-to-date beef production of 12.8 billion pounds was 800.5 million pounds less (-5.9%) than the same time a year earlier.
Grain and Soybean futures gained Friday with a mix of reaction to the World Agricultural Supply and Demand Estimates and geopolitical factors.
Corn futures were mostly 6¢ to 10¢ higher through Jly ’27 and then mostly 2¢ to 3¢ higher, helped by lower global production estimates than expected.
Soybean futures were mostly 9¢ to 16¢ higher through Jan ’27 and then fractionally higher to 7¢ higher with lower ending stock projections than expected and continued Chinese buying.
Kansas City HRW Wheat futures were mostly 19¢ to 22¢ higher on Russian export disruptions stemming from the war between the Ukraine and Russia.
******************************
Major U.S. financial indices edged higher Friday, once again supported by tech stocks and lower Crude Oil prices.
The Dow Jones Industrial Average closed 149 points higher. The S&P 500 closed 31 points higher. The NASDAQ was up 74 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 11¢ to 67¢ lower through the front six contracts.
******************************
Compared to the previous month, USDA’s Economic Research Service increased the third-quarter weighted average five-area direct fed steer price by $3 to $255/cwt. in the July World Agricultural Supply and Demand Estimates (WASDE). The projected fourth-quarter price was unchanged at $255, while the forecast annual average price was slightly higher at $251.10.
That was with beef production this year estimated 150 million pounds less (-0.6%) than the previous month at 25.3 billion pounds, which would be 715 million pounds less than last year (-2.7%).
“Beef production is lowered due to a slower rate of steer and heifer slaughter through the end of the year,” ERS analysts say. “The decrease in steer and heifer slaughter more than offsets an increase in cow slaughter. Dressed weights are also lowered in the second and third quarter.”
Projected fed steer prices for next year were unchanged at $250 in the first quarter and $254 for the annual average price in 2027.
“For 2027, beef production is lowered, as decreased feedlot placements in 2026 and a slower pace of marketings reduce total steer and heifer slaughter,” ERS analysts explain.
Among other WASDE highlights…
Corn
The 2026/27 U.S. corn outlook was for smaller supplies, greater exports, and reduced ending stocks. Corn production for 2026/27 was up fractionally based on updated planted and harvested area from the June 30 Acreage report. The yield was unchanged at 183.0 bushels per acre. The season-average farm price received by producers was unchanged at $4.40 per bushel.
Soybeans
U.S. 2026/27 U.S. soybean production was projected to be 40 million bushels more at 4.475 billion bushels, on higher harvested area. Harvested area, projected at 84.4 million acres in the June 30 Acreage report, was up 0.7 million from last month. The soybean yield forecast was unchanged at 53.0 bushels per acre. Soybean supplies for 2026/27 were raised 30 million bushels as higher production was partly offset by lower beginning stocks.
Prices were unchanged for 2026/27. The U.S. season-average soybean price was forecast at $11.40 per bushel; soybean meal and oil prices were projected at $310 per short ton and 70¢ per pound, respectively.
Wheat
The outlook for 2026/27 U.S. wheat was for lower supplies, unchanged domestic use and exports, and smaller ending stocks. Supplies were reduced 22 million bushels on lower beginning stocks and production. Production was forecast at 1,536 million bushels, down 7 million from last month. This would be the lowest U.S. wheat production since 1970/71. Projected 2026/27 ending stocks were reduced 22 million bushels to 722 million and would be 22% less than last year. The projected 2026/27 season-average farm price (SAFP) was unchanged at $6.00 per bushel, compared to last year’s final SAFP of $5.06.