Cattle futures were lower Tuesday with likely profit taking from the recent gains.
Toward the close, Live Cattle futures were an average of $1.70 lower. Feeder Cattle futures were an average of $3.43 lower.
Negotiated cash fed cattle was inactive on light demand in the North through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were steady to $6 higher in Nebraska at mostly $223-$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 77¢ higher Tuesday afternoon at $376.08/cwt. Select was $1.81 higher at $356.36.
Grain and Soybean futures gained on Tuesday.
Through late afternoon and the front four contracts, Soybean futures were 14¢ to 15¢ higher. Corn futures were mostly 1¢ to 2¢ higher. Kansas City HRW Wheat futures were 2¢ to 3¢ higher.
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Major U.S. financial indices were lower again Tuesday as oil prices and Treasury yields continued to rise.
The Dow Jones Industrial Average closed 328 points lower. The S&P 500 closed 34 points lower. The NASDAQ was down 204 points.
Through late afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.50 to $4.29 higher through the front six contracts.
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Despite recent pressure on calf and feeder cattle prices, the Livestock Marketing Information Center (LMIC) projects cow-calf returns at or near historical highs.
“In 2025, LMIC estimated cow-calf returns to be about $950 per cow which was a substantial increase of $467 per cow previous returns.
“… Early in the summer, LMIC was estimating cow-calf returns to be around $1,150 per cow for 2026), but recent steer calf price pressure has limited prospective cow-calf return estimates to be just below $1,000 per cow, say LMIC analysts in the recent Livestock Monitor. They add that There is still potential for steer calf prices to rebound through the end of the year and that could bolster cow-calf returns.”
The LMIC estimates returns for the next two years at $900 to $1,000 per cow, contingent steer calf prices remaining strong, total costs remaining steady and strong consumer beef demand.
On the other side of the equation, LMIC analysts say, “Total costs have been above $1,000 per cow for the last three years and will likely remain above that level this year.”
Finally, they explain, “Efforts to rebuild the herd will be a measured approach and take time, which are likely to keep supplies tight for the next 2-3 years.”