Cattle futures softened Thursday on likely profit taking and weaker wholesale beef prices. Depending on the projections considered, analysts peg September placements about 8-9% less year over year with September marketings down about 7% for an on-feed inventory Oct. 1 about even.
Toward the close, Live Cattle futures were an average of 52¢ lower except for 2¢ higher in near Dec. Feeder Cattle futures were an average of $1.99 lower.
Negotiated cash fed cattle trade was mostly inactive on light demand in the North through Thursday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $225-$227/cwt. in Nebraska and mainly $224 in the western Cron Belt. Dressed delivered prices were $350-$355 in Nebraska and mainly $350 in the western Corn Belt.
The Texas Cattle Feeder Association reported its members trading fed steers at $228.50 and fed heifers at $226.
Choice boxed beef cutout value was $3.12 lower Thursday afternoon at $369.47/cwt. Select was $4.93 lower at $350.41.
Grain and Soybean futures were mixed Thursday.
Through late afternoon, and through the front four contracts, Corn futures were 2¢ to 3¢ lower with pressure from harvest progress.
Kansas City HRW Wheat futures were 7¢ to 9¢ lower with less Ukraine-Russia war premium.
Soybean futures were mostly 4¢ to 7¢ higher, helped by Chinese buying.
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Major U.S. financial indices were mixed Thursday with heavy pressure from tech stocks and renewed AI selling.
The Dow Jones Industrial Average closed 11 points higher. The S&P 500 closed 93 points lower. The NASDAQ was down 693 points.
Through mid-afternoon, West Texas Intermediate crude oil futures (CME) were mostly higher in nearby contracts on worries of more disruptions in the Middle East.
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U.S. Secretary of Agriculture Brooke L. Rollins announced earlier this week an update to the U.S. Department of Agriculture’s (USDA) Agricultural Marketing Service’s (AMS) Livestock Mandatory Reporting (LMR) cash cattle reports, aimed at providing broader price coverage and clarity.
Beginning with the afternoon reports published on Monday, October 26, 2026, AMS will use data already collected through the LMR system to create an additional cash cattle regional report aggregating data from Colorado, Texas, New Mexico, Oklahoma, and Kansas. This does not require any additional reporting from covered packers.
Negotiated cash cattle trade has declined significantly as cattle industry procurement practices have shifted toward formula-based purchasing methods, according to USDA. Cash purchases accounted for more than 50% of transactions in 2005 but fell to less than 18% in 2025. Because cash purchases serve as the basis for many formula transactions, the decline in negotiated trade has reduced the number of reportable transactions and created confidentiality challenges that can limit the usefulness of existing price reports.
For perspective, Matthew Diersen, risk and business management specialist at South Dakota State University, explains in the Oct. 19 Livestock Monitor, “A common benchmark for fed cattle prices is the 5-Area average … The series covers the negotiated cash transactions made directly between feedlots and large packers. The large packers must report these trades under mandatory price reporting laws. However, this series does not include sales made using other alternative marketing arrangements, e.g., formula sales. The series also does not get shared if there are not enough parties to avoid confidentiality rules.”
Diersen explains confidentiality means prices for Colorado have not been broken out for Colorado, —one of the 5-market areas — for several years.
“During the past year, confidentiality has also meant that negotiated direct sales have not been reported daily or weekly for two other areas. The combination of Texas, Oklahoma, and New Mexico is one affected area. Kansas is the other area. That leaves Nebraska and the combination of Iowa and Minnesota as areas that currently dominate the 5-Area average.”
“The National Cattlemen’s Beef Association (NCBA) appreciates the efforts of Secretary Rollins and USDA to increase the amount of data that is publicly reported while maintaining confidentiality requirements,” according to an NCBA statement on Wednesday. “This announcement helps improve transparency and provide more market information to cattle producers.”