Negotiated cash fed cattle trade was mostly inactive on moderate demand in all major cattle feeding regions through Thursday afternoon, according to the Agricultural Marketing Service.
So far, this week, FOB live prices are $4-$6 lower in Nebraska at $236/cwt. and $3-$4 lower in the western Corn Belt at $236-$238. Dressed delivered prices are $4 lower at $376.
Last week, FOB live prices were $235.00/cwt. in the Southern Plains.
Choice boxed beef cutout value was $4.92 higher Thursday afternoon at $393.79. Select was $1.85 higher at $374.59.
Futures markets were closed Thursday.
Through midday Friday, Cattle futures were trading higher, supported by strong wholesale beef values and perhaps positioning ahead of the monthly Cattle on Feed report. Depending on the source, estimates ahead of the report pegged May placements at about 6% less year over year, May marketings at 10% less and the June 1 feedlot inventory at about 1% less.
Feeder Cattle futures were an average of $1.57 higher. Live Cattle futures were an average of 96¢ higher.
In the grain complex, also through midsession Friday, Corn futures were trading mostly 1¢ to 2¢ lower. Kansas City Wheat futures were 3¢ to 5¢ lower through Jly ’26. Soybean futures were 3¢ to 6¢ lower through Jly ’26.
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Equity markets were closed Thursday. Major U.S. financial indices were mixed through midday Friday. At the time, West Texas Intermediate Crude Oil futures (CME) were 14¢ to 30¢ higher through the front six contracts.
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Federally inspected cattle slaughter declined month to month in May for the first time since the data series began in 1970, according to USDA’s Economic Research Service (ERS), in the June Livestock, Dairy and Poultry Outlook. Slaughter typically increases in the spring months leading up to grilling season
“Further, this was unexpected because the number of cattle on feed over 150 days was above volumes a year ago at the beginning of March, April, and May,” ERS analysts explain. “Upon reviewing slaughter data through mid-June, it appears that the pace may stay relatively flat month over month, which would also be a divergent trend.”
Although wholesale beef values have increased seasonally at a faster pace than usual, ERS analysts say fed cattle prices have risen comparatively more, keeping the pressure on packer margins.
“Specifically, from the first week of April to the second week of June, comprehensive boxed beef prices have climbed 9% compared to 13% for slaughter steer prices in the five-area marketing region over the same period,” ERS analysts say. “Weekly slaughter steer prices in the five-area marketing region have been climbing so rapidly that eight consecutive records have been established with the week ending June 15.”