Cattle futures ended Friday and the week higher, supported by the step higher in negotiated cash fed cattle prices and lower grain futures.
Live Cattle futures closed an average of $2.33 higher. Feeder Cattle futures closed an average of $4.56 higher. Week to week on Friday, Live Cattle futures closed an average of $6.35 higher, and Feeder Cattle futures were an average of $12.13 higher.
Negotiated cash fed cattle was moderate on good demand in the North through Friday afternoon, according to the Agricultural Marketing Service.
For the week, FOB live prices were $1-$6 higher in Nebraska at mostly $224/cwt. and $3-$4 higher in the western Corn Belt at mostly $222-$223. Dressed delivered prices were mostly $5 higher at mainly $350.
Choice boxed beef cutout value was $2.43 lower Friday afternoon at $375.94/cwt. Select was $1.07 higher at $353.13. Week to week on Friday, Choice was 23¢ lower and Select was $2.74 lower.
Keeping Labor Day in mind, total estimated cattle slaughter last week of 505,000 head was 21,000 head fewer than the previous week and 68,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 19 million head was 1.6 million head fewer (-7.6%) than the same time last year. Estimated year-to-date beef production of 16.9 billion pounds was 923.8 million pounds less (-5.2%).
Grain and Soybean futures closed lower Friday on likely profit taking and no major surprises in the World Agricultural Supply and Demand Estimates (see below).
Soybean futures closed 28¢ to 35¢ lower through Aug ’27 and then 21¢ to 29¢ lower. Corn futures closed mostly 3¢ to 5¢ lower. Kansas City HRW Wheat futures closed 13¢ to 19¢ lower.
******************************
Major U.S. financial indices rose Friday after declining at the end of every other session during the week. Lower oil prices for the day helped provide support.
The Dow Jones Industrial Average closed 509 points higher. The S&P 500 closed 65 points higher. The NASDAQ was up 251 points.
West Texas Intermediate Crude Oil futures (CME) were $1.56 to $2.50 lower through the front six contracts.
******************************
USDA’s Economic Research Service (ERS) sliced expected five-area direct weighted average fed steer prices for the second half of this year and the first half of 2027 in the September World Agricultural Supply and Demand Estimates (WASDE). Price forecasts declined on lower-than-expected packer demand.
Compared to the previous month, projected prices declined $12 in the third quarter to $230/cwt. and $10 in the fourth quarter to $225. This year’s forecast annual average price declined $8 to $237.75.
Next year’s projected annual average price was $11 lower at $238 with the first-quarter prices $10 lower at $235 and the second-quarter price $15 lower at $235.
That was with this year’s estimated beef production at 24.9 billion pounds, which would be 1.1 billion pounds less than last year (-4.3%).
“Beef production is reduced on a slower pace of fed cattle marketings in the third quarter, lighter dressed weights in the third quarter, and lower cow slaughter in the fourth quarter,” according to ERS analysts.
Among other WASDE highlights…
Corn
The 2026/27 U.S. corn outlook was for smaller supplies, lower domestic use, unchanged exports and reduced ending stocks. Corn production was forecast at 15.8 billion bushels, down 213 million from last month on a 2.2-bushel reduction in yield to 178.5 bushels per acre and a fractional decrease in harvested area to 88.5 million.
With declining supply only partly offset by reduced use, ending stocks were lowered 86 million bushels to 1.6 billion. The season-average corn price received by producers was raised 30¢ per bushel to $4.80.
Soybeans
The 2026/27 outlook for U.S. soybeans included higher production and exports, and lower ending stocks. Soybean production was projected at 4.5 billion bushels, up 16 million with higher harvested area and yield. Harvested area increased 0.1 million acres from the August forecast. Ending stocks were projected at 310 million bushels, down 10 million from last month.
The U.S. season-average soybean price was forecast 60¢ higher at $12.00 per bushel. The soybean meal price increased $30 to $340 per short ton. The soybean oil price was unchanged at 70¢ per pound.
Wheat
Aggregate supply and use categories for 2026/27 U.S. wheat were unchanged.
The season-average farm price (SAFP) increased 20¢ per bushel to $6.40 based on NASS prices reported to date and expectations for futures and cash prices for the remainder of the marketing year. Additionally, the higher price is supported by increased U.S. corn prices.