Cattle futures were higher Wednesday, helped by early cash fed cattle bids on the upper end of last week’s range.
Toward the close, Live Cattle futures were an average of $1.10 higher. Feeder Cattle futures were an average of $2.93 higher.
Negotiated cash fed cattle trade was mostly inactive on light demand in all cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $234-$236/cwt. in the Texas Panhandle, $233-$236 in Kansas, $234-$236 in Nebraska and mainly $235 in the western Corn Belt.
Dressed delivered prices were $370 in Nebraska and $365-$370 in the western Corn Belt.
Choice boxed beef cutout value was $1.63 higher Wednesday afternoon at $369.74/cwt. Select was $1.62 lower at $363.57.
Grain and Soybean futures were higher Wednesday, helped along by the declining U.S. dollar value.
Toward the close, through near Sep contracts, Corn futures were 3¢ to 4¢ higher, supported by President Trump’s claim that a deal is near for making gasolene blended with ethanol available year-round.
KC HRW Wheat futures were 9¢ higher with likely short covering.
Soybean futures were 6¢ to 8¢ higher.
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Major U.S. financial indices closed little changed on Wednesday, with the Fed leaving interest rates unchanged, as was widely anticipated.
“Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has shown some signs of stabilization. Inflation remains somewhat elevated,” according to the FOMC statement.
The Dow Jones Industrial Average closed 12 points higher. The S&P 500 closed fractionally lower. The NASDAQ was up 40 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 69¢ to $1.13 higher through the front six contracts.
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David Anderson, Extension livestock economist at Texas A&M University provides further perspective about the percentage of heifers on feed published in the latest Cattle on Feed report.
As noted in Cattle Current earlier this week, the 4.44 million heifers on feed Jan. 1 were 140,000 head fewer (-3.1%) year over year, representing 38.7% of the on-feed mix, which was the same as a year earlier.
“It was the fewest Jan. 1 heifers on feed since 2019,” Anderson says in the late-January issue of In the Cattle Markets from the Livestock Marketing Information Center. But he points out last year’s number included spayed heifers imported from Mexico before the border was closed.
“Approximately 145,000 fewer spayed heifers were imported from Mexico in the months leading up to Jan. 1, 2026, compared to Jan. 1, 2025. So, the decline in heifers on feed could largely reflect fewer imports rather than a significant decline in domestic heifer feeders being placed,” Anderson explains. “While the decline in heifers on feed suggests some more herd retention, the reduction in supplies from Mexico and heifers as a percent of all cattle on feed indicates little herd rebuilding from additional heifer retention.”
USDA’s Cattle report with overall inventory numbers will be published Friday afternoon.