Cattle futures gained Tuesday, helped by the decline in Crude Oil futures and the continued increase in wholesale beef values.
Toward the close, Live Cattle futures were an average of $2.49 higher. Feeder Cattle futures were an average of $3.27 higher.
Negotiated cash fed cattle trade ranged from limited on moderate demand in Nebraska to inactive on light demand elsewhere through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early dressed delivered sales in Nebraska at $372/cwt.
Across all regions last week, FOB live prices were $240 and dressed delivered prices were $380.
Choice boxed beef cutout value was $3.38 higher Tuesday afternoon at $394.67/cwt. Select was $3.15 higher at $386.77.
Grain futures were lower Tuesday with sharply lower Oil prices and little change in the World Agricultural Supply and Demand Estimates (see below).
Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures were unchanged to 9¢ lower. Corn futures were mostly unchanged to 1¢ lower. However, Soybean futures were 5¢ to 8¢ higher.
******************************
Major U.S. financial indices closed little changed Tuesday after a wild ride.
The Dow Jones Industrial Average closed 34 points lower. The S&P 500 closed 14 points lower. The NASDAQ was up 1 point.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.97 higher to $8.07 lower through the front six contracts.
******************************
USDA’s Economic Research Service raised the projected weighted average five-area direct fed steer price for the first three quarters of this year in the latest World Agricultural Supply and Demand Estimates (WASDE).
Compared to the previous month, based on recent prices and continued strong demand, prices increased $2 in the first quarter to $240/cwt., $3 in the second quarter to $241 and $2 in the third quarter to $242. The fourth-quarter price was unchanged at $245. The annual average price increased $2 to $240.
This year’s beef production was estimated 110 million pounds less than last month at 25.8 billion pounds. Beef production would be 191 million pounds less (-0.7%) than last year.
“Beef production is forecast lower on the slower-than-expected pace of slaughter through early March, partially offset by heavier dressed weights,” say ERS analysts.
Among other WASDE highlights…
Corn
The 2025/26 U.S. corn outlook was unchanged. The season-average corn price received by producers was unchanged at $4.10 per bushel.
Soybeans
U.S. 2025/26 soybean supply and use projections include increased imports and crush, and unchanged ending stocks.
The season-average soybean price was projected unchanged at $10.20 per bushel. The soybean meal price was raised $5 to $300 per short ton. The soybean oil price was projected 2¢ higher at 55¢ per pound.
Wheat
There were no changes for the 2025/26 U.S. wheat supply and use categories. The season-average farm price was forecast 5¢ higher at $4.95 per bushel, based on NASS prices reported to date and price expectations for the remainder of the marketing year.