Cattle futures gained Thursday with higher cash fed cattle prices and stronger Choice wholesale beef values.
Toward the close, Live Cattle futures were an average of $1.22 higher. Feeder Cattle futures were an average of $2.83 higher.
Negotiated cash fed cattle trade was light to moderate on very good demand in Nebraska and the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service. FOB live prices were $3-$5 higher at $225-$228/cwt. Dressed delivered prices were mainly $5 higher in Nebraska at mostly $355. There were some early dressed delivered trades in the western Corn Belt at $355-$360, but too few to trend; prices were $350 last week.
Trade in the Southern Plains was limited on good demand with too few transactions to trend. So far this week, FOB live prices are steady to $1 higher in the Texas Panhandle at $218-$219 and steady to $2 higher in Kansas at $218-$220.
Choice boxed beef cutout value was $1.74 higher Thursday afternoon at $347.90/cwt. Select was 80¢ lower at $333.20.
Grain and Soybean futures were mixed Thursday with planting progress once again pressuring grains, while the same fast pace and notions of less crop swapping favored Soybeans.
Toward the close and through Mar ‘26 contracts, Corn futures were fractionally lower to 2¢ lower. Kansas City Wheat futures were mostly 4¢ to 5¢ lower. Soybean futures were mostly 2¢ to 5¢ higher.
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Major U.S. financial indices rose Thursday, buoyed by news the U.S. struck a trade deal with the United Kingdom, lifting hope that others will follow.
The Dow Jones Industrial Average closed 254 points higher. The S&P 500 closed 32 points higher. The NASDAQ was up 189 points.
Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.77 to $2.15 higher through the front six contracts.
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Cattle prices peak in 2027, according to the recently released U.S. Agricultural Market Outlookfrom the Food and Agricultural Policy Institute at the University of Missouri.
More specifically, the outlook pegs the five-area direct weighted average fed steer price rising to $198.19/cwt. in 2027 and then declining to $169.29 in 2034. Likewise, steer calf prices (600-650 lbs., Oklahoma City)are projected to rise to $307.21 in 2027 and then declining to $250.54 by 2033.
The Outlook provides projections for 2024-2034, using data available in January of this year.
For broader context, the projections peg the U.S. beef cow herd at a low of 27.8 million head when 2026 begins and then growing to a peak of 30.6 million head in 2031 before declining to 29.1 million head in 2034.