Negotiated cash fed cattle trade ranged from mostly inactive on moderate demand in the western Corn Belt to moderate on very good demand in Kansas through Thursday afternoon, according to the Agricultural Marketing Service.
FOB live prices were $3-$8 higher in Kansas at $233-$238/cwt.
Although too few to trend, there were some FOB live trades in the Texas Panhandle at $234-$235. Established trade the previous day of $235 was $3 higher than last week.
Last week, FOB live prices were $24-$244 in Nebraska and $240-$242 in the western Corn Belt. Dressed delivered prices were $380.
Choice boxed beef cutout value was $1.96 higher Thursday afternoon at $376.72. Select was $2.32 higher at $363.07.
Cattle futures basically hovered Thursday with traders waiting for further cash direction from trade in the North.
Toward the close, Live cattle futures were an average of 38¢ lower, except for 43¢ higher in spot Jun. Feeder Cattle futures were an average of 34¢ lower, except for 10¢ higher in spot Aug.
Turning to the grain complex, futures were mixed Thursday, with little impetus from the World Agricultural Supply and Demand Estimates (see below).
Toward the close and through Mar ‘26 contracts, Corn futures were fractionally higher to 1¢ higher, perhaps receiving support from slightly snugger ending stocks projected in the latest WASDE. Kansas City Wheat futures were 2¢ to 4¢ lower. Soybean futures were 1¢ to 7¢ lower.
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Major U.S. financial indices rose Thursday, led by tech stocks.
The Dow Jones Industrial Average closed 101 points higher. The S&P 500 closed 23 points higher. The NASDAQ was up 46 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 19¢ to 55¢ higher through the front six contracts.
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USDA’s Economic Research Service (ERS) increased projected fed steer prices for the remainder of this year in June’s World Agricultural Supply and Demand Estimates (WASDE).
Based on recent price strength and continued demand for cattle, ERS increased the forecast five-area direct fed steer price $9-$10 higher than the previous month. Prices were projected at $217/cwt. in the second quarter, $226 in the third quarter and $229 in the fourth quarter. The annual average price increased $7 to $221.51.
That was with this year’s beef production projected to be 65 million pounds less than the previous month’s forecast at 26.4 billion pounds, based on reduced steer and heifer slaughter in the second quarter and reduced cow slaughter for the remainder of the year. Production would be 626 million pounds less (-2.3%) than the previous year.
For next year, the ERS projected the first-quarter price to be $227 and the annual average price to be $229.