Cattle futures closed mostly higher again Monday with further follow-through support from last week’s surging cash fed cattle prices.
Toward the close, Live cattle futures were an average of $1.10 higher (7¢ higher to $3.12 higher in spot Jun), except for an average 15¢ lower in two contracts.
Feeder Cattle futures were an average of 52¢ higher, except 30¢ lower in the back contract.
Negotiated cash fed cattle trade was inactive on moderate demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, based on the latest established trade, FOB live prices were $9 higher in the Texas Panhandle at $232/cwt., $13 higher in Kansas at $235, $7 higher in Nebraska at $242-$244 and $5-$10 higher in the western Corn Belt at $240-$242. Dressed delivered prices were $10-$15 higher in Nebraska at $380 and $9 higher in the western Corn Belt at $380.
The five-area direct weighted average FOB live fed steer price last week was $6.68 higher at $236.62. The weighted average dressed delivered fed steer price was $12.28 higher at $380.34.
Choice boxed beef cutout value was $2.17 higher Monday afternoon at $367.25. Select was $2.20 higher at $358.93.
Turning to the grain complex, Grain and Soybean futures were lower Monday with likely pressure from the favorable weather outlook.
Toward the close and through Mar ‘26 contracts, Corn futures were 6¢ to 10¢ lower. Kansas City Wheat futures were 5¢ lower. Soybean futures were mixed, from 4¢ lower to 4¢ higher.
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Major U.S. financial indices were little changed Monday.
The Dow Jones Industrial Average closed 1 point lower. The S&P 500 closed 5 points higher. The NASDAQ was up 61 points.
West Texas Intermediate Crude Oil futures (CME) were 92¢ to $1.40 higher through the front six contracts.
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Depending on the sources consulted and interpretation of the proverbial tea leaves, historically high calf and feeder cattle markets are in a state of flux between some producers pulling calves forward to market at lighter weights than normal to exploit current prices, while others seem to be expressing more willingness to retain more heifers.
“Feeder cattle prices in recent weeks have started to ease in line with typical seasonal trends, moving down marginally as summer commences and calf supplies build towards fall,” say analysts with the Livestock Marketing Information Center (LMIC), in the early-June Livestock Monitor. “However, prices remain historically elevated due to continued supply constraints and strong underlying demand.”
The LMIC provides regional year-over-year price perspective for Medium and Large #1-#2 steers weighing 500-600 lbs. at the end of May:
Southern Plains — $389.05/cwt. average (+21.2%)
Nebraska — $392.18/cwt. average (+10.6%)
South Dakota — $405.77/average (+15.3%)
Washington — $391.32/cwt. (+19.7%)
Billings, Mont. — $408.89/cwt. (+20.9%), the highest level so far this year.
Georgia (500-pound steers) — $366.63/cwt. (+18.5%)
Across these six regions, prices were an average of 17.7% higher year over year, equivalent to an increase of $58.66/cwt., according to the LMIC.
“Since the beginning of the year, prices have steadily climbed to year-to-date highs, with an average magnitude of around 23%, which is about 2% faster than last year,” LMIC analysts say. “Among the six regions, Washington has experienced the most dramatic rise, with prices jumping 39.3% from $298.57/cwt. in January to $416 in April. While similar growth occurred last year, seasonal highs were not reached until late June, raising question about whether some areas of the U.S. have yet to see their peak.”
Looking ahead, LMIC analysts say feeder steer prices are expected to remain above last year’s levels, although the rate of increase will likely slow.
“Among the regions mentioned, Georgia and the Southern Plains have yet to break the $400/cwt. mark, while states like Nebraska and Washington have seen a decrease from peaks of approximately 6%, falling back below the $400 threshold,” LMIC analysts explain. “Although tight supplies continue to support prices, regional variations in forage conditions and placement patterns may introduce greater price fluctuations across different areas as we move forward.”