Cattle futures trended lower Tuesday with likely profit taking.
Toward the close, Live Cattle futures were an average of 97¢ lower. Feeder Cattle futures were an average of $1.06 lower.
Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $258-$260/cwt. in the Southern Plains and mostly $260 in the North. Dressed delivered prices were mostly $408 in Nebraska at $405 in the western Corn Belt on a light test.
Choice boxed beef cutout value was $4.25 higher Tuesday afternoon at $400.31/cwt., the highest level since March. Select was $5.47 higher at $381.06.
Positive growing conditions and crop progress continued to challenge grain and Soybean futures Tuesday.
Toward the close, and through near Mar contracts, Corn futures were 1¢ to 2¢ lower. Soybean futures were 1¢ lower to 1¢ higher. Kansas City HRW Wheat futures were 12¢ to 14¢ lower with likely added harvest pressure.
******************************
Major U.S. financial indices closed lower Tuesday, pressured by tech stocks, specifically shares related to memory chips.
The Dow Jones Industrial Average closed 45 points lower. The S&P 500 closed 107 points lower. The NASDAQ was down 579 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 12¢ to 47¢ lower through the front six contracts.
******************************
Stalwart domestic consumer beef demand may be showing signs of wear, based on the latest Meat Demand Monitor (MDM).
“Consumer frustrations with their finances continue to grow by a larger subset of the U.S. population,” according to Glynn Tonsor, agricultural economist at Kansas State University. “Specifically, the latest Meat Demand Monitor base report notes 39% of U.S. residents indicate their household finances are worse than in May of 2025 – the highest on record for May since the MDM series launched in 2020. This corresponds with weaker beef demand per the MDM for the month of May and is a cautionary point regarding the broader risk at hand to beef demand’s historically strong run that truly has been the largest economic force underpinning cattle and beef prices.”
At the same time, in the latest issue of In the Cattle Markets from the Livestock Marketing Information Center, Tonsor points out consumers have, thankfully, taken news of New World screwworm in stride this far.