Cattle futures regained some footing Thursday with some likely positioning ahead of Friday’s monthly Cattle on Feed report. Depending on who you follow, August placements are estimated to be nearly 9% less year over year with August marketing down about 13% and the Sept. 1 cattle on feed inventory down nearly 1%.
Toward the close, Live cattle futures were an average of $1.53 higher. Feeder Cattle futures were an average of $3.10 higher.
Negotiated cash fed cattle trade ranged from limited on light demand in the Texas Panhandle to light on moderate demand in the North, through Thursday afternoon, according to the Agricultural Marketing Service.
Dressed delivered prices were $5-$8 lower in Nebraska at $370/cwt. FOB live prices there last week were mostly $240.
In the western Corn Belt, FOB live prices were steady to $3 lower at $237. Dressed delivered prices in the region last week were $375-$378.
Although too few to trend, there were some FOB live trades at $240 in Kansas. Prices in the Southern Plains last week were $240.
Choice boxed beef cutout value was $2.37 lower Thursday afternoon at $385.81/cwt. Select was $5.06 lower at $361.31.
Grain and Soybean futures continued lower Thursday with harvest pressure, farmer selling and profit taking.
Toward the close and through Jly contracts, Corn futures were 2¢ lower. Kansas City Wheat futures were 5¢ to 6¢ lower. Soybean futures were 4¢ to 5¢ lower.
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Major U.S. financial indices road the coattails of the Fed interest rate cut higher on Thursday.
The Dow Jones Industrial Average closed 124 points higher. The S&P 500 closed 31 points higher. The NASDAQ was up 209 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 39¢ to 41¢ lower through the front six contracts.
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USDA’s Economic Research Service (ERS) projected feeder steer prices significantly higher than the previous month in the September Livestock, Dairy and Poultry Outlook.
Based on recent price strength, projections increased $10 in the third quarter to $353/cwt. and $18 in the fourth quarter to $363 for an annual average of $323.79, which was $7 higher. ERS estimated prices $12 higher in the first and second quarters of next year at $360 and $362, respectively, for an annual average price of $362.25, which was also $12 higher. Prices are basis a Medium and Large #1 steer weighing 750-800 lbs. and selling at Oklahoma City.
ERS analysts noted the August weighted-average price at Oklahoma City was record-high at $355.55, which $20.46 more than the previous month and more than $121 higher year over year.
As noted in Cattle Current, the ERS raised expected average five-area direct fed steer prices, compared to last month, in the September World Agricultural Supply and Demand Estimates(WASDE), based on recent price strength.
Prices increased $2 in the third quarter to $240/cwt. and $4 in the fourth quarter to $244, for an annual average price of $228.56, which was $1.50 more. That was with beef production for this year estimated 100 million pounds less than the previous month at 25.8 billion pounds. The total would be 1.2 billion pounds less (-4.3%) than last year.
Prices for 2026 increased $5 in the first and second quarters to $247 and $248, respectively. The 2026 annual average price was also $5 higher at $249. Beef production for the year was estimated at 25.5 billion pounds, which would be 336 million pounds less (-1.3%) than this year’s projected total.