Cattle futures closed lower Thursday, retracing some of the gains from the previous two sessions amid light trade, declining open interest, likely month-end position squaring, lower cash fed cattle prices.

Feeder Cattle futures closed an average of $1.74 lower ($1.20 to $2.25 lower).

Live Cattle futures closed an average of $1.27 lower (95¢ to $1.65 lower).

Negotiated cash fed cattle trade ranged from slow on light demand to moderate on moderate demand through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, FOB live prices are $174-$175/cwt. in all regions which is $2-$3 lower in the Southern Plains, $1-$2 lower in Nebraska and steady to $4 lower in the western Corn Belt.

Dressed delivered prices are $275, which is $5 lower in Nebraska and $3-$5 lower in the western Corn Belt.

Choice boxed beef cutout value was $1.99 higher Thursday afternoon at $299.02/cwt. Select was 66¢ higher at $264.75/cwt.

Grain futures closed higher Thursday, supported by positive export sales. Net weekly U.S. 2023-24 Corn export sales were a marketing year high, 35% more than the previous week and up 54% from the prior four-week average.

Corn futures closed mostly 2¢ to 6¢ higher.

KC HRW Wheat futures closed mostly 6¢ to 8¢ higher.

Soybean futures closed 2¢ to 4¢ lower through Aug ’24 and then 1¢ higher.

Cattle futures extended gains Wednesday, supported by renewed buying interest in the previous session.

Feeder Cattle futures closed an average of 63¢ higher (2¢ to $1.15 higher).

Live Cattle futures closed an average of 57¢ higher (25¢ to $1.05 higher), except for 5¢ lower in the back contract.

Negotiated cash fed cattle trade ranged from slow on light demand to mostly inactive on light demand through Wednesday afternoon, according to the Agricultural Marketing Service.

So far this week, FOB live sales are $2 lower in the Southern Plains at $175/cwt. and $1 lower in Nebraska at $175.

Last week, FOB live prices were $175-$178 in the western Corn Belt. Dressed delivered prices were mostly $280 in Nebraska and $278-$280 in the western Corn Belt.

Choice boxed beef cutout value was $1.14 lower Wednesday afternoon at $297.03/cwt. Select was $2.26 lower at $264.09/cwt.

Corn futures closed mostly 2¢ higher.

KC HRW Wheat futures closed mostly 12¢ to 16¢ higher.

Soybean futures closed mostly fractionally higher through Sep ’25. and then 1¢ to 2¢ higher.

Cattle futures have plenty of distance to cover before making up the ground lost in the previous two trading sessions, but they made a strong start with Tuesday’s rally as buyers were likely attracted by the extremely oversold conditions.

Feeder Cattle futures closed an average of $7.29 higher, including limit-up $8.25 in spot Jan.

Live Cattle futures closed an average of $3.44 higher ($2.87 to $4.20 higher).

Negotiated cash fed cattle trade ranged from slow on light demand to mostly inactive on light demand through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

So far this week, FOB live sales are $2 lower in the Texas Panhandle at $175/cwt.

Last week, FOB live prices were $177 in the Southern Plains, $176 in Nebraska on light trade and $175-$178 in the western Corn Belt. Dressed delivered prices were mostly $280 in Nebraska and $278-$280 in the western Corn Belt.

Choice boxed beef cutout value was 92¢ higher Tuesday afternoon at $298.17/cwt. Select was $1.45 lower at $266.35/cwt.

Soybean futures closed 10¢ to 16¢ higher.

Corn futures closed narrowly mixed, mostly fractionally lower to 1¢ higher.

KC HRW Wheat futures closed mostly 17¢ to 19¢ higher.

The Cattle Futures exodus that began Friday continued on Monday with a similar degree of momentum, likely exacerbated by month-end positioning.

Feeder Cattle futures closed an average of $6.02 lower ($4.72 to $6.52 lower). That’s an average of $12.28 lower in the past two trading sessions.

Live Cattle futures closed an average of $2.52 lower, down an average of $6.27 in the last two sessions.

Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some early FOB live trades in the Southern Plains and the western Corn Belt at $175/cwt.

Last week, FOB live prices were $1 lower in the Southern Plains at $177, $2 lower in Nebraska at $176 on light trade and steady to $3 lower in the western Corn Belt at $175-$178. Dressed delivered prices were mostly $2 lower in Nebraska at mainly $280 and $2-$4 lower in the western Corn Belt at $278-$280.

The weighted average five-area direct FOB live steer price last week was 87¢ lower at $176.99/cwt. The weighted average dressed delivered steer price was $1.76 lower at $280.09.

Choice boxed beef cutout value was 78¢ lower Monday afternoon at 297.25/cwt. Select was 96¢ lower at $267.80.

Grain futures closed lower amid a commodity-wide sell-off.

Corn futures closed mostly 5¢ to 7¢ lower.

Kansas City Wheat Futures closed 10¢ to 15¢ lower.

Soybean futures closed narrowly mixed but mostly fractionally higher.

Keeping in mind the holiday-shortened week and the abbreviated session to end the week, Cattle futures took a steep step lower Friday, pressured by lower cash fed cattle prices, light trade and apparent technical selling.

Feeder Cattle futures closed an average of $6.66 lower ($5.62 to $6.80 lower).

Live Cattle futures closed an average of $3.75 lower.

Negotiated cash fed cattle trade ranged from light on light demand to a standstill through Friday afternoon, according to the Agricultural Marketing Service.

Based on the last established trade for the week, FOB live price were $1 lower in the Southern Plains at $177/cwt. and steady to $1 lower in the western Corn Belt at $177-$178. Dressed delivered prices were $7 lower in Nebraska at $275.

The previous week, FOB live prices in Nebraska were $178 and dressed delivered prices in the western Corn Belt were $282.

Choice boxed beef cutout value was $1.03 higher Friday afternoon at $298.03/cwt. Select was $1.14 higher at $268.76/cwt.

Estimated total cattle slaughter last week of 538,000 head was 98,000 head fewer than the previous week and 51,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 29.2 million head was 1.5 million head fewer (-4.7%) than the same time last year. Year-to-date estimated beef production of 24.0 billion lbs. was 1.4 billion lbs. less (-5.4%).

Net U.S. 2023 beef export sales for the week ending Nov. 16 were 10,000 metric tons, which was 12% more than the previous week but 30% less than the prior four-week average. Increases primarily were for China, Hong Kong, South Korea, Japan and Mexico.

Traders doused the weather premium in Soybean futures on Friday with the wetter forecast in Brazil, taking the grain complex along for the wide.

Soybean futures closed 20¢ to 25¢ lower through Jan ’25 and then 14¢ to 18¢ lower.

Corn futures closed mostly 2¢ to 5¢ lower.

KC HRW Wheat futures closed mostly 9¢ to 12¢ lower.

Cattle futures closed lower Wednesday, following early support, amid light pre-holiday trade and positioning.

Feeder Cattle futures closed an average of $1.14 lower (67¢ to $1.22 lower).

Live Cattle futures closed an average of 48¢ lower.

Negotiated cash fed cattle trade was light to moderate on light to moderate demand in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. FOB live prices were $1 lower at $177/cwt.

In Nebraska, trade was slow on light demand with dressed delivered prices $2 lower at $282. FOB live prices last week were $178.

Trade was also slow on light demand in the western Corn Belt with too few transactions to trend. Last week, FOB live prices were $178 and dressed prices were $282.

Choice boxed beef cutout value was $1.19 higher Wednesday afternoon at $297.00/cwt. Select was $1.15 lower at $267.62/cwt.

Soybean futures closed 15¢ to 20¢ lower through Aug ’24 and then 8¢ to 12¢ lower on likely profit taking

Corn futures closed mostly 1¢ lower.

KC HRW Wheat futures closed narrowly mixed — unchanged to 1¢ lower through Sep ’24 and then mostly 1¢ to 2¢ higher.

Cattle futures softened Tuesday with limited interest and light trade.

Live Cattle futures closed an average of 33¢ lower, except for unchanged in away Dec.

Feeder Cattle futures closed an average of 94¢ lower (45¢ to $1.52 lower)

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $178/cwt. in all regions and dressed prices were $282.

Choice boxed beef cutout value was 6¢ higher Tuesday afternoon at $295.81/cwt. Select was $2.18 lower at $268.77/cwt.

Soybean futures closed mostly 7¢ to 11¢ higher, leading grains higher.

Corn futures closed mostly 1¢ to 2¢ higher.

KC HRW Wheat futures closed 4¢ to 6¢ higher.

Cattle futures closed higher Monday with the neutral to positive monthly Cattle on Feed report. However, they closed off session highs with trade likely limited by this week’s Thanksgiving holiday.

Feeder Cattle futures closed an average of $1.34 higher.

Live Cattle futures closed an average of 67¢ higher (30¢ to $1.05 higher), except for an average of 21¢ lower in the front two contracts.

Negotiated cash fed cattle trade was at a standstill through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $178/cwt. in all regions, which was $3 lower in the Texas Panhandle, mostly $2 lower in Kansas, $3.50 lower in Nebraska and steady to $2 lower in the western Corn Belt. Dressed delivered prices were $5 lower in Nebraska at $282 and $1-$5 lower in the western Corn Belt at $282.

Last week’s weighted average five-area direct FOB fed steer price was $2.09 lower at $188.82/cwt. The dressed delivered steer price was $4.72 lower at $281.41

Choice boxed beef cutout value was $1.88 higher Monday afternoon at $295.75/cwt. Select was 25¢ higher at $270.95/cwt.

Soybean futures closed 20¢ to 27¢ higher through Jan ‘25 and then 12¢ to 17¢ higher with apparently more weather premium based on the South American crop.

Corn futures closed mostly 1¢ to 2¢ higher.

KC HRW Wheat futures closed mostly 5¢ to 7¢ lower.

Cattle futures closed higher Friday with likely positioning ahead of Friday’s neutral to positive monthly Cattle on Feed report (see below).

Feeder Cattle futures closed an average of $1.02 higher. They were an average of $2.64 higher week to week.

Live Cattle futures closed an average of $1.16 higher on Friday and an average of $1.55 higher week to week.

Negotiated cash fed cattle trade ranged from limited on light demand to inactive on light demand through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, FOB live prices were $178/cwt. in all regions, which was $3 lower in the Texas Panhandle, mostly $2 lower in Kansas, $3.50 lower in Nebraska and steady to $2 lower in the western Corn Belt. Dressed delivered prices were $5 lower in Nebraska at $282 and $1-$5 lower in the western Corn Belt at $282.

Choice boxed beef cutout value was 85¢ lower Friday afternoon at $293.87/cwt. Select was $3.05 higher at $270.70/cwt.

Estimated total cattle slaughter last week of 636,000 head was 18,000 head more than the previous week but 36,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 28.7 million head was 1.4 million head fewer (-4.7%). Estimated year-to-date beef production of 23.5 billion lbs. was 1.3 billion lbs. less (-5.3%).

Turning to row crops, Corn futures closed mostly 4¢ to 7¢ lower. KC HRW Wheat futures closed mostly 8¢ to 10¢ lower. Soybean futures closed 15¢ to 20¢ lower through Aug ‘25 and then 7¢ to 12¢ lower.

Cattle futures closed sharply lower Thursday with lower cash fed cattle prices and likely positioning ahead of Friday’s Monthly Cattle on Feed report.

Feeder Cattle futures closed an average of $3.59 lower, except for 5¢ lower in expiring Nov.

Live Cattle futures closed an average of $2.85 lower ($2.25 to $3.45 lower).

Negotiated cash fed cattle trade ranged from light on light to moderate demand to light on moderate demand through Thursday afternoon, according to the Agricultural Marketing Service.

FOB live prices were $178/cwt. in all regions, which was $3 lower in the Texas Panhandle, mostly $2 lower in Kansas, $3.50 lower in Nebraska and steady to $2 lower in the western Corn Belt.

So far this week, dressed delivered prices are $5 lower in Nebraska at $282. Dressed prices in the western Corn Belt last week were $283-$287.

Choice boxed beef cutout value was $1.61 lower Thursday afternoon at $294.72/cwt. Select was 20¢ lower at $267.65/cwt.

Net U.S. beef export sales for 2023 of 8,900 metric tons the week ending Nov. 9 were 35% less than the previous week and 27% less than the prior four-week average. Increases were primarily for South Korea, Mexico, China, Japan  and Taiwan.

Turning to row crops, Corn futures closed mostly 3¢ to 4¢ higher. KC HRW Wheat closed mostly 10¢ to 12¢ lower. Soybean futures closed 19¢ to 24¢ lower through Jan ‘25 and then mostly 14¢ to 17¢ low.

Cattle futures gained on Wednesday, led by Feeder Cattle, helped along by positive outside markets and weaker Corn futures.

Feeder Cattle futures closed an average of $2.15 higher, except for 62¢ lower in spot Nov.

Live Cattle futures closed an average of $1.33 higher (90¢ to $1.92 higher).

Negotiated cash fed cattle trade was slow on light to moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. Dressed delivered prices were mostly $5 lower at $282/cwt. FOB live prices last week were $181.50.

Elsewhere, trade ranged from slow on light demand to a standstill with too few transactions to trend.

Last week, FOB live prices were $181/cwt. in the Texas Panhandle, $180 in Kansas and $178-$180 in the western Corn Belt. Dressed delivered prices were $283-$287 in the western Corn Belt.

Choice boxed beef cutout value was 66¢ higher Wednesday afternoon at $296.33/cwt. Select was 3¢ lower at $267.85/cwt.

Corn futures closed mostly 5¢ to 7¢ lower.

KC HRW Wheat closed 1¢ to 3¢ lower.

Soybean futures closed 1¢ to 4¢ lower through Jly ‘24 and then mostly 3¢ to 5¢ higher.

Stronger outside markets and oversold conditions helped Cattle futures extend gains Tuesday.

Feeder Cattle futures closed an average of $1.63 higher (70¢ to $2.32 higher), except for 67¢ lower in spot Nov.

Live Cattle futures closed an average of $1.24 higher.

Depending on which estimates you look at, expectations are for October placements to be about 6% higher year over year, in Friday’s monthly Cattle on Feed report. October marketing are expected to be about 2% less, leaving the on-feed inventory Nov. 1 about 2% higher.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $181/cwt. in the Texas Panhandle, $180 in Kansas, $181.50 in Nebraska and $178-$180 in the western Corn Belt. Dressed delivered prices were $287 in Nebraska and $283-$287 in the western Corn Belt.

Choice boxed beef cutout value was $2.18 lower Tuesday afternoon at $295.67/cwt. Select was $1.36 lower at $267.88/cwt.

Corn futures closed mostly fractionally higher to 1¢ higher.

KC HRW Wheat closed mostly 2¢ lower.

Soybean futures closed mostly 3¢ to 7¢ higher through Nov ‘25.

Cattle futures crawled higher Monday.

Feeder Cattle futures closed an average of $1.33 higher.

Live Cattle futures closed an average of 66¢ higher.

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $4 lower in the Texas Panhandle at $181/cwt., $5 lower in Kansas at $180, $3.50 lower in Nebraska at $181.50 and $5-$7 lower in the western Corn Belt at $178-$180. Dressed delivered prices were $5 lower in Nebraska at $287 and $5-$9 lower in the western Corn Belt at $283-$287.

The weekly weighted average five-area direct fed steer price was $5.88 lower on a live basis at $179.91/cwt. The average price in the beef was $5.78 lower at $286.14.

Choice boxed beef cutout value was $2.61 lower Monday afternoon at $297.85/cwt. Select was $1.82 higher at $269.24/cwt.

Turning to row crops, Soybean futures closed mostly 20¢ to 34¢ higher Monday — dragging the grain complex along —  supported by the South American weather premium and export sales to China. Corn futures closed mostly 10¢ to 13¢ higher. KC HRW Wheat closed 1¢ higher.

Cattle futures stabilized Friday to end a week of massive declines.

Feeder Cattle futures closed an average of $1.50 higher (72¢ to $1.97 higher). Week to week on Friday, they were an average of $13.13 lower ($10.87 to $13.90 lower).

Live Cattle futures closed narrowly mixed, from 25¢ lower to 17¢ higher. Week to week on Friday, they were an average of $9.48 lower ($8.20 to $10.90 lower).

Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, FOB live prices were $4 lower in the Texas Panhandle at $181/cwt., $5 lower in Kansas at $180, $3.50 lower in Nebraska at $181.50 and $5-$7 lower in the western Corn Belt at $178-$180. Dressed delivered prices were $5 lower in Nebraska at $287 and $5-$9 lower in the western Corn Belt at $283-$287.

Choice boxed beef cutout value was $1.04 higher Friday afternoon at $300.46/cwt. Select was $2.00 lower at $267.42/cwt.

Estimated total cattle slaughter last week of 618,000 head was 14,000 fewer than the previous week and 52,000 less than the same week last year. Estimated year-to-date cattle slaughter of 28 million head was 1.4 million head fewer (-4.7%) than the same time last year. Estimated year-to-date beef production of 23 billion pounds was 1.3 billion pounds less (-5.3%).

Turning to row crops, Corn futures closed 2¢ to 4¢ lower. KC HRW Wheat closed 7¢ to 9¢ lower. Soybean futures closed 2¢ to 5¢ higher through May ’24 and then mostly 1¢ to 3¢ lower.

Cattle futures fell hard Thursday. The driving force appeared to be continuation of what began with the bearish Cattle on Feed report last month (lots more placements than anticipated) and the expectation of another negative report this month, tied to the realization supplies will be higher than thought in the shorter term. Likewise, the monthly World Agricultural Supply and Demand Estimates (see below) published on Thursday confirmed expectations of more beef production than previously anticipated.

Feeder Cattle futures closed an average of $7.28 lower ($5.50 to $7.87 lower).

Live Cattle futures closed an average of $4.11 lower ($3.25 to $5.05 lower).

Negotiated cash fed cattle trade was slow on light to moderate demand in all major cattle feeding regions through Thursday afternoon, according to the Agricultural Marketing Service.

In light tests, FOB live prices were mostly $4 lower in the Texas Panhandle at $181/cwt. and mostly $5 lower in Kansas at $180.

Dressed delivered prices in Nebraska were mostly $5 lower at $287. Although too few to trend, there were a few FOB live trades at $181.50, compared to last week’s $185.

There were too few transactions to trend in the western Corn Belt, but there were some FOB live sales at $180 and some in the beef at $283-$287. Prices there last week were $185 and $292, respectively.

Choice boxed beef cutout value was 67¢ higher Thursday afternoon at $299.42/cwt. Select was $1.61 lower at $269.42/cwt.

Soybean and grain futures closed lower, pressured by the World Agricultural Supply and Demand Estimates.

Corn futures closed mostly 5¢ to 8¢ lower.

KC HRW Wheat closed 5¢ to 7¢ lower.

Soybean futures closed 12¢ to 22¢ lower through Sep ’24 and then 8¢ to 10¢ lower.

Cattle futures stabilized Wednesday after early pressure and amid strong volume.

Feeder Cattle futures closed an average of $1.52 higher (57¢ to $2.32 higher).

Live Cattle futures closed an average of 82¢ higher (27¢ to $1.05 higher).

Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive on very light demand through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $185/cwt. in all regions and dressed delivered prices were $292.

Choice boxed beef cutout value was $1.63 lower Wednesday afternoon at $298.75/cwt. Select was $1.55 higher at $271.03/cwt.

Soybean and grain futures closed mainly higher ahead of Thursday’s World Agricultural Supply and Demand Estimates.

Soybean futures closed fractionally higher to 3¢ higher through Jly ’24 and then 1¢ lower.

Corn futures closed mostly 4¢ to 7¢ higher.

KC HRW Wheat closed mostly 18¢ to 22¢ higher.

Cattle futures slid further Tuesday with technical pressure and the apparent continued exodus of fund positions. Spot contracts closed at their lowest levels since May (Feeder Cattle) and June (Live Cattle).

Feeder Cattle futures closed an average of $5.48 lower.

Live Cattle futures closed an average of $3.52 lower ($2.55 to $4.00 lower).

Negotiated cash fed cattle trade ranged from slow on light demand to a standstill in all major cattle feeding regions through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $185/cwt. in all regions and dressed delivered prices were $292.

Choice boxed beef cutout value was $1.34 lower Tuesday afternoon at $300.38/cwt. Select was 88¢ lower at $269.48/cwt.

Soybean and grain futures closed lower with likely profit taking and positioning ahead of Thursday’s World Agricultural Supply and Demand Estimates.

Soybean futures closed mostly 7¢ to 10¢ lower.

Corn futures closed mostly 4¢ to 8¢ lower.

KC HRW Wheat closed mostly 10¢ to 13¢ lower.

Cattle futures gapped lower Monday with apparent nervousness about the inability of boxed beef prices to catch a strong seasonal grip and chatter about declining long fund positions.

Feeder Cattle futures closed an average of $3.39 lower.

Live Cattle futures closed an average of $2.64 lower.

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were steady to $1 higher in the Southern Plains at $185/cwt., Prices in the North were also $185, at the upwards end of the previous week’s trading range. Dressed delivered prices were $2 higher at $292.

Choice boxed beef cutout value was 62¢ lower Monday afternoon at $301.72/cwt. Select was $1.65 lower at $270.36/cwt.

Turning to row crops, Soybean futures closed 11¢ to 13¢ higher through Aug ‘24  Monday with follow-through support from bearish weather forecasts in South America.

Corn futures closed mostly unchanged to fractionally higher.

KC HRW Wheat closed mostly 1¢ to 2¢ higher.

Cattle futures closed lower Friday on likely profit taking and week-end positioning.

Feeder Cattle futures closed an average of $1.74 lower (80¢ to $2.42 lower). However, they were an average of $3.89 higher week to week ($3.45 to $5.02 higher).

Live Cattle futures closed an average of 59¢ lower on Friday (37¢ to $1.20 lower). They gained back a lion’s share of the previous week’s losses, closing an average of $3.19 higher week to week on Friday ($1.65 higher at the front to $3.92 higher at the back).

Soybean futures rallied Friday on bearish weather reports in South America, leading Corn and Wheat futures higher.

Soybean futures closed 19¢ to 24¢ higher through Nov ‘24 and then 10¢ to 17¢ higher.

Corn futures closed mostly 5¢ to 7¢ higher.

KC HRW Wheat closed mostly 2¢ higher.

Negotiated cash fed cattle trade ranged from slow on light to moderate demand to a standstill through Friday afternoon, according to the Agricultural Marketing Service.

Although too few to trend, there were some FOB live prices at $185/cwt. in Nebraska and the western Corn Belt, and a few dressed delivered at $292.

The previous week, FOB live prices were $185/cwt. in the Southern Plains, $183-$186 in Nebraska and mostly $183-$184 in the western Corn Belt. Dressed delivered prices were $290.

Choice boxed beef cutout value was $2.19 lower Friday afternoon at $302.34/cwt. Select was $2.33 lower at $272.01/cwt.

Estimated total cattle slaughter last week was 4,000 head fewer than the previous week at 632,000 head, which was 32,000 head fewer year over year. Estimated total year-to-date cattle slaughter of 27.4 million was 1.3 million head fewer (-4.6%). Estimated year-to-date beef production of 22.5 billion pounds was 1.2 billion pounds less (-5.2%) than the same time last year.

Feeder Cattle led Live Cattle futures higher Thursday, supported by renewed trader interest, recently oversold conditions and stronger outside markets.

Feeder Cattle futures closed an average of $3.93 higher.

Live Cattle futures closed an average of $1.43 higher.

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $185/cwt. in the Southern Plains, $183-$186 in Nebraska and $183-$185 in the western Corn Belt. Dressed delivered prices were $290.

Choice boxed beef cutout value was $2.35 higher Thursday afternoon at $304.53/cwt. Select was $4.21 lower at $274.34/cwt.

Net U.S. beef export sales of 17,100 metric tons for 2023, for the week ending Oct. 26, were 2% less than the previous week, but 71% more than the prior four-week average. Increases were primarily for China, Japan, Taiwan, South Korea and Canada.

Corn futures closed 2¢ to 5¢ lower through Sep ‘24 and then mostly fractionally lower.

KC HRW Wheat closed mostly 2¢ higher.

Soybean futures closed 11¢ to 13¢ higher through Sep ‘24 and then 9¢ higher.

Cattle futures closed higher Wednesday amid growing open interest and thoughts cash fed cattle prices will gain this week.

Feeder Cattle futures closed an average of 88¢ higher (57¢ to $1.27 higher).

Live Cattle futures closed an average of 71¢ higher (7¢ to $1.20 higher).

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill in all major cattle feeding regions through Wednesday afternoon, with too few trades to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $185/cwt. in the Southern Plains, $183-$186 in Nebraska and $183-$185 in the western Corn Belt. Dressed delivered prices were $290.

Choice boxed beef cutout value was $3.00 lower Wednesday afternoon at $302.18/cwt. Select was 95¢ lower at $278.55/cwt.

Corn futures closed 1¢ to 3¢ lower. KC HRW Wheat closed mostly 5¢ to 8¢ higher. Soybean futures closed mostly 1¢ to 4¢ higher.

Cattle futures closed mainly higher Tuesday amid choppy trade and following early pressure.

Feeder Cattle futures closed an average of 25¢ higher, except for unchanged and 5¢ lower in two away contracts.

Live Cattle futures closed an average of 75¢ higher, except for 37¢ lower in expiring Oct.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill in all major cattle feeding regions through Tuesday afternoon, with too few trades to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $185/cwt. in the Southern Plains, $183-$186 in Nebraska and $183-$185 in the western Corn Belt. Dressed delivered prices were $290.

Choice boxed beef cutout value was $4.10 lower Tuesday afternoon at $305.18/cwt. Select was $1.39 lower at $279.50/cwt.

Corn futures closed mostly fractionally higher to 1¢ higher.

KC HRW Wheat closed mostly 12¢ to 15¢ lower.

Soybean futures closed mostly 1¢ to 4¢ higher.

Cattle futures extended gains Monday, supported by stronger cash fed cattle prices late last week and more positive outside markets.

Feeder Cattle futures closed an average of 68¢ higher.

Live Cattle futures closed an average of 88¢ higher (12¢ higher in spot Oct to $1.30 higher at the back).

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were steady to $1 higher in the Southern Plains at $184-$185/cwt., steady to $4 lower in Nebraska at $183-$186 and $2-$3 lower in the western Corn Belt at $183-$185. Dressed delivered prices were mainly $4 lower at $290.

The weighted average five-area direct FOB fed steer price was $2.12 lower at $184.02. The weighted average dressed delivered steer price was $3.51 lower at $290.06.

Choice boxed beef cutout value was $1.71 higher Monday afternoon at $309.28/cwt. Select was 77¢ higher at $280.89/cwt.

Corn futures closed lower Monday on likely month-end profit taking. They were 2¢ lower through new crop contracts and then fractionally higher to 2¢ higher.

KC HRW Wheat closed mostly 1¢ higher.

Soybean futures closed 7¢ to 14¢ lower.

Cattle futures closed higher Friday with likely positioning, helped along by stronger cash fed cattle prices as the week wore on.

Feeder Cattle futures closed an average of 51¢ higher, except for 32¢ lower in newly minted away Oct. However, they were an average of $9.06 lower week to week.

Live Cattle futures closed an average of $1.60 higher on Friday (35¢ to $2.92 higher). They were an average of $3.84 lower week to week.

Negotiated cash fed cattle trade and demand were moderate in the Southern Plains on Friday, according to the Agricultural Marketing Service. FOB live prices were $185/cwt., which was steady in the Texas Panhandle and steady to $1 higher in Kansas.

Elsewhere, trade was slow on moderate demand. Although too few to trend, there were some FOB live trades in Nebraska at $186 and a few in the beef at $290-$292.

Established FOB live prices for the week in Nebraska and the western Corn Belt were $2-$3 lower at $183-$185. Dressed delivered prices were $4 lower at $290.

Choice boxed beef cutout value was 72¢ higher Friday afternoon at $307.57/cwt. Select was 43¢ higher at $280.12/cwt.

Estimated total cattle slaughter last week of 636,000 head was 2,000 head fewer than the previous week and 31,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 26.8 million head was 1.3 million head fewer (-4.6%) than the same time last year. Year-to-date estimated beef production of 21.9 billion pounds was 1.2 billion pounds less (-5.2%).

Net U.S. beef export sales of 17,400 metric tons (2023) for the week ending Oct. 19 were up noticeably from the previous week and up 72% from the prior four-week average, according to USDA’s weekly Export Sales report. Increases primarily were for South Korea, China, Japan, Hong Kong and Taiwan.

Turning to row crops, Corn futures closed 1¢ to 3¢ higher. KC HRW Wheat closed mostly 2¢ to 6¢ lower. Soybean futures closed 14¢ to 19¢ higher.

Cattle futures closed mostly lower Thursday, following stronger support early in the session.

Feeder Cattle futures closed an average of $1.56 lower, except for 57¢ higher in expiring Oct. 

Live Cattle futures closed an average of 72¢ lower, (10¢ to $1.10 lower) except for 57¢ higher in waning spot Oct.

Negotiated cash fed cattle trade was slow on light to moderate demand through Thursday afternoon, according to the Agricultural Marketing Service. Although too few to trend in any region, there were some FOB live trades in the Southern Plains at $183/cwt., in Nebraska at $183-$185 and in the western Corn Belt $183.

In established trade so far this week, FOB live prices are $2-$3 lower in the western Corn Belt at $183-$185. Dressed delivered prices are $4 lower in Nebraska and the western Corn Belt at $290.

Last week, FOB live prices were $184-$185/cwt. in the Southern Plains and $186-$187 in Nebraska.

Choice boxed beef cutout value was 65¢ lower Thursday afternoon at 306.85/cwt. Select was $1.97 lower at $279.69/cwt.

Corn futures closed mostly fractionally lower to 1¢ lower.

Soybean futures closed 7¢ to 8¢ lower through Jly ‘24 and then mostly 2¢ lower to fractionally higher.

KC HRW Wheat closed 3¢ to 5¢ higher.

Cattle futures gained Wednesday, with apparent technical support, continued bullish long-term fundamentals and continued erosion in Corn futures.

Feeder Cattle futures closed an average of $1.47 higher (55¢ to $2.62 higher). 

Live Cattle futures closed an average of 60¢ higher (32¢ higher at the back to $1.12 higher in spot Oct).

Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.

So far this week, FOB live prices are $2-$3 lower in the western Corn Belt at $183-$185/cwt., and dressed delivered prices are $4 lower in Nebraska at $290 in a light test.

Last week, FOB live prices were $184-$185/cwt. in the Southern Plains and $186-$187 in Nebraska. Dressed delivered prices were $294.

Choice wholesale beef prices continued the seasonal turn higher. Choice boxed beef cutout value was $1.52 higher Wednesday afternoon at 307.50/cwt. Select was $2.34 lower at $281.66/cwt.

Corn futures closed mostly 2¢ to 3¢ lower.

Soybean futures closed mostly 2¢ to 7¢ lower.

KC HRW Wheat closed mostly 8¢ to 14¢ lower.

Cattle futures found some stability following the previous session’s massive selloff but still eased mostly lower as early support faded.

Feeder Cattle futures closed an average of 52¢ lower, except for $1.80 higher in spot Oct and an average of 49¢ higher in the back two contracts.

Live Cattle futures closed mixed, from an average of 29¢ lower in four contracts to an average of 51¢ higher (12¢ to $1.75 higher).

Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Established FOB live prices in the western Corn Belt are $183-$185/cwt., which is $2-$3 lower than last week.

Last week, FOB live prices were $184-$185/cwt. in the Southern Plains and $186-$187 in Nebraska. Dressed delivered prices were $294.

Choice boxed beef cutout value was $1.44 higher Tuesday afternoon at 305.98/cwt. Select was $2.98 higher at $284.00/cwt.

Corn futures closed mostly 4¢ to 6¢ lower with harvest pressure.

Soybean futures closed 5¢ to 9¢ higher through Aug ‘24 and then 1¢ to 3¢ higher.

KC HRW Wheat closed 7¢ to 9¢ lower.

The bearish monthly Cattle on Feed report ravaged Cattle futures Monday.

Feeder Cattle futures closed an average of $6.51 lower ($4.20 to $7.35 lower).

Live Cattle futures closed an average of $5.44 lower ($3.92 to $6.75 lower).

Through mid-morning Tuesday, Cattle futures were recovering some of the losses.

Negotiated cash fed cattle trade ranged from slow on light demand to mostly inactive with very light demand through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

FOB live prices last week were $184-$185/cwt. in the Southern Plains and $186-$187 in the North. Dressed delivered prices were $294.

Choice boxed beef cutout value was 84¢ lower Monday afternoon at 304.54/cwt. Select was $2.32 higher at $281.02/cwt.

Corn futures xlosed mostly 1¢ to 5¢ lower.

Soybean futures closed 9¢ to 15¢ lower through Sep ‘24 and then 5¢ to 8¢ lower.

KC HRW Wheat closed fractionally higher to 2¢ higher.

Feeder Cattle futures continued lower Friday, under pressure from positioning ahead of the monthly Cattle on Feed report (see below) and eroding outside markets. They were trending sharply lower on Monday

On Friday, Feeder Cattle futures closed an average of $2.48 lower.

Live Cattle futures closed an average of $1.05 lower (12¢ lower at the front to $1.62 lower at the back).

Negotiated cash fed cattle trade ranged from limited on light demand to inactive on light demand through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Based on the latest established trade, the week’s FOB live prices were $2 higher in the Texas Panhandle at $185/cwt., $1-$2 higher in Kansas at $184-$185 and $1-$2 higher in Nebraska and the western Corn Belt at $186-$187. Dressed delivered prices were $2 higher in Nebraska at $294 and $2-$4 higher in the western Corn Belt at $294.

Choice boxed beef cutout value was $1.26 higher Friday afternoon at 305.38/cwt. Select was $1.22 higher at $278.70/cwt.

Total estimated cattle slaughter last week of 638,000 head was 21,000 head more than the previous week but 37,000 head fewer (-5.5%) than last year. Total estimated year-to-date cattle slaughter of 26.1 million head was 1.3 million head fewer (-4.6%) than the same time last year. Year-to-date estimated beef production of 21.4 billion pounds was 1.2 billion pounds less (-5.3%).

Corn futures mostly 4¢ to 9¢ lower.

Soybean futures closed 6¢ to 13¢ lower through Jly ‘24 and then mostly fractionally higher to 2¢ higher.

KC HRW Wheat closed mostly 4¢ lower.

Feeder Cattle futures plunged Thursday, carrying Live Cattle along. Primary pressure appeared to be the surge in Corn futures, skittishness about consumer beef demand with lower outside markets and Friday’s Cattle on Feed report.

Feeder Cattle futures closed an average of $4.83 lower ($3.55-$5.52 lower).

Live Cattle futures closed $1.77 lower ($1.45 to $2.12 lower).

Negotiated cash fed cattle trade ranged from slow on light to moderate demand to slow on light demand through Thursday afternoon, according to the Agricultural Marketing Service. FOB live prices were $1-$2 higher in the western Corn Belt at $186-$187, where dressed delivered prices were $2 higher at $292-$294 in a light test.

Although too few transactions to trend, there was some live trade in Kansas at $184 and at $186 in Nebraska, where there were a few in the beef at $294.

Last week, FOB live prices were $183/cwt. in the Southern Plains and $185 in Nebraska, where dressed prices were $292.

Choice boxed beef cutout value (p.m.): 26¢ higher at 304.12/cwt. Select was 87¢ lower at $277.48/cwt.

Grain and soybean futures closed higher Thursday, in part buoyed by thoughts that the harvest low has been established.

Corn futures closed 9¢ to 13¢ higher through the front four contracts and then mostly 4¢ to 7¢ higher.

Soybean futures closed mostly 2¢ to 4¢ higher.

KC HRW Wheat closed mostly 3¢ to 5¢ higher.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $183/cwt. in the Southern Plains and $185 in the north.  Dressed delivered prices were $290-$292.

Choice boxed beef cutout value was $1.28 lower Wednesday afternoon at $303.86/cwt. Select was 28¢ lower at $278.35/cwt.

Cattle futures wobbled Wednesday amid slack interest, the wait for the week’s cash fed cattle direction and Friday’s Cattle on Feed report.

Feeder Cattle futures closed an average of $1.38 lower.

Live Cattle futures closed narrowly mixed from unchanged to an average of 21¢ higher in the front four contracts to an average of 31¢ lower.

Soybean futures closed 8¢ to 14¢ higher through Aug ‘24. and then 4¢ to 6¢ higher, helped along by an export announcement for China.

Corn futures closed fractionally higher to 3¢ higher.

KC HRW Wheat closed 1¢ to 3¢ higher.

Cattle futures firmed Tuesday, helped along by recently higher cash fed cattle prices.

Feeder Cattle futures closed an average of 98¢ higher

Live Cattle futures closed an average of 43¢ higher.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $183/cwt. in the Southern Plains and $185 in the north.  Dressed delivered prices were $290-$292.

Choice boxed beef cutout value was 47¢ higher Tuesday afternoon at $305.14/cwt. Select was $1.43 higher at $278.63/cwt.

Corn futures closed mostly 1¢ lower.

KC HRW Wheat closed 2¢ to 3¢ lower.

Soybean futures closed 7¢ to 10¢ higher through Sep ‘24 and then 3¢ to 6¢ higher.

Cattle futures closed lower Monday after early strength as traders appear cautious about Friday’s next Cattle on Feed report, as well as lingering future demand concerns.

Feeder Cattle futures closed an average of $1.13 lower.

Live Cattle futures closed an average 39¢ lower, except for 7¢ higher in spot Oct.

Negotiated cash fed cattle trade was at a standstill through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $1 higher in the Southern Plains at $182/cwt. and $2 higher in in the North at $185. Dressed delivered prices were $2-$4 higher in Nebraska at $292 and steady to $4 higher in the western Corn Belt at $290-$292.

The five-area direct weighted average fed steer price last week was $184.30/cwt., which was $1.58 higher than last week. The average fed steer price in the beef was $2.57 higher at $291.83.

Corn futures closed mostly 3¢ lower.

Soybean futures closed 3¢ to 6¢ higher.

KC HRW Wheat closed mostly fractionally lower to 1¢ lower.

Cattle futures closed lower Friday on the previous day’s softer USDA price outlook, likely profit taking, and no support from the previous day’s export news.

Net U.S. beef export sales for the week ending Oct. 5 were 9,000 metric tons, according to USDA’s weekly Export Sales report. The volume was 32% less than the previous week and 29% less than the prior four-week average. Increases were primarily for South Korea, Japan, Mexico, Taiwan and Canada. 

Feeder Cattle futures closed an average of $1.80 lower.

Live Cattle futures closed an average of $1.11 lower (27¢ lower in spot Oct to $1.57 lower at the back).

Negotiated cash fed cattle trade ranged from slow on moderate demand to limited on moderate demand through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, based on the most recent established trade, FOB live prices were $1 higher in the Southern Plains at $182/cwt., $3 higher in Nebraska at $186 and $1-$3 higher in the western Corn Belt at $184-$186. Dressed delivered prices were $2-$4 higher in Nebraska at $292 and steady to $4 higher in the western Corn Belt at $290-$292.

Choice boxed beef cutout value was 39¢ lower Friday afternoon at $300.80/cwt. Select was 47¢ higher at $275.49/cwt.

Grain and Soybean futures eased lower Friday with likely profit taking.

Corn futures closed 1¢ to 3¢ lower.

Soybean futures closed mostly 7¢ to 11¢ lower.

KC HRW Wheat closed 4¢ to 7¢ lower.

Cattle futures extended gains Thursday, supported by the weeks higher cash fed cattle prices and despite some bearishness in the monthly World Agricultural Supply and Demand Estimates (see below).

Feeder Cattle futures closed an average of $1.35 higher.

Live Cattle futures closed an average of 94¢ higher.

Negotiated cash fed cattle trade ranged from moderate on moderate demand to slow on moderate demand, according to the Agricultural Marketing Service.

So far this week, FOB live prices are $1 higher in the Southern Plains at $183/cwt., $1-$2 higher in Nebraska at $185 and $2 higher in the western Corn Belt at $185.

Dressed delivered prices were $2-$4 higher in Nebraska at $292. Prices in the western Corn Belt last week were $290.

Choice boxed beef cutout value was 91¢ higher at $301.19/cwt. Select was 28¢ lower at $275.02/cwt.

Corn futures gained on the World Agricultural Supply and Demand Estimates (see below).

Corn futures closed 5¢ to 8¢ higher through May ’25 and then 2¢ higher.

KC HRW Wheat closed mostly 8¢ higher.

Soybean futures closed 29¢ to 37¢ higher through Aug ‘24 and then 18¢ to 22¢ higher.

Cattle futures finally found some traction Wednesday on oversold conditions and a promising start to the week’s cash fed cattle trade.

Feeder Cattle futures closed an average of $1.37 higher.

Live Cattle futures closed an average of $1.39 higher (85¢ to $1.97 higher).

Negotiated cash fed cattle trade and demand were moderate in the Southern Plains through Wednesday afternoon, with FOB live prices mostly $1 higher at mainly $183/cwt., according to the Agricultural Marketing Service.

Elsewhere, trade was limited on light demand, with too few transactions to trend.

Last week, FOB live prices were $183-$184 in Nebraska and the western Corn Belt. Dressed delivered prices were $288-$290.

Choice boxed beef cutout value was 78¢ lower Wednesday afternoon at $300.28/cwt. Select was 85¢ lower at $275.30/cwt.

Grain futures had a wait-and-see feel ahead of Thursday’s World Agricultural Supply and Demand Estimates.

Corn futures closed mostly 2¢ to 3¢ higher.

Soybean futures closed 12¢ to 19¢ lower through Aug ‘24 and then 8¢ to 10¢ lower.

KC HRW Wheat closed 4¢ to 5¢ lower.

Cattle futures closed mostly lower Tuesday, unable to muster much interest.

Feeder Cattle futures closed an average of 65¢ lower, except for unchanged to an average of 87¢ higher in the front three contracts.

Live Cattle futures closed an average of 53¢ lower, except for 20¢ higher spot Oct.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $182/cwt. in the Southern Plains and $183-$184 in the north. Dressed delivered prices were $288-$290.

Choice boxed beef cutout value was $2.36 lower Tuesday afternoon at $301.06/cwt. Select was $1.35 lower at $276.15/cwt.

Grain futures softened a touch Tuesday with likely positioning ahead of this week’s World Agricultural Supply and Demand Estimates.

Corn futures closed mostly 1¢ to 2¢ lower.

KC HRW Wheat closed 13¢ to 14¢ lower.

Cattle futures closed lower Monday, hamstrung by more negative outside markets, this time tied to war between Israel and Hamas.

Feeder Cattle futures closed an average of $1.68 lower.

Live Cattle futures closed an average of $1.07 lower.

Negotiated cash fed cattle trade ranged from inactive on very light demand to a standstill through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $1 lower in the Southern Plains at $182/cwt. and $1 lower in the north at $183. Dressed delivered prices were steady to $2 lower at $288-$290.

Choice boxed beef cutout value was $1.41 higher Monday afternoon at $303.42/cwt. Select was $1.72 higher at $277.50/cwt.

Corn and Soybean futures closed lower on harvest pressure.

Corn futures closed 1¢ to 3¢ lower.

Soybean futures closed mostly 4¢ to 6¢ lower.

KC HRW Wheat closed mostly 12¢ higher on geopolitical risk.

Cattle futures closed higher Friday, helped along by lower Corn futures and the notion that boxed beef cutout values might be on the cusp of carving out a seasonal low.

Feeder Cattle futures closed an average of 79¢ higher.

Live Cattle futures closed an average of $1.01 higher.

Negotiated cash fed cattle trade ranged from limited on light to demand to a standstill through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, FOB live prices were $1 lower in the Southern Plains at $182/cwt. $1 lower in Nebraska at $183 and steady to $1 lower in the western Corn Belt at $183-$184. Dressed delivered prices were steady to $2 lower at $288-$290 in Nebraska and steady in the western Corn belt at $290.

Choice boxed beef cutout value was $4.25 higher Friday afternoon at $302.01/cwt. Select was $1.01 higher at $275.78/cwt.

Estimated total cattle slaughter last week of 628,000 head was 16,000 head more than the previous week but 41,000 head fewer than the same week last year. Estimated year-to-date cattle slaughter of 24.9 million head was 1.2 million head less (-4.5%) than the same period last year. Estimated year-to-date beef production of 20.4 billion pounds was 1.1 billion pounds less (5.2%).

As for row crop futures, they closed lower Friday on likely week-end profit taking.

Corn futures closed 5¢ lower through Jly ‘24 and then fractionally lower to 3¢ lower.

KC HRW Wheat closed 12¢ to 16¢ lower through May ‘25 and then 9¢ lower.

Soybean futures closed 11¢ to 14¢ lower through May ‘24 and then mostly 5¢ to 9¢ lower.

Cattle futures closed mixed to lower Thursday with follow-through pressure from declining open interest and lingering concerns about the nation’s economy.

Feeder Cattle futures closed an average of 65¢ lower.

Live Cattle futures closed mixed, from an average of 48¢ lower to an average of 27¢ higher.

Negotiated cash fed cattle trade ranged from slow on light to moderate demand to mostly inactive on light demand through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, FOB live prices are $1 lower at $182/cwt. in the Southern Plains and at $183 up north. Dressed delivered prices in Nebraska are steady to $2 lower at $288-$290. Dressed delivered prices were $290 in the western Corn Belt last week.

Choice boxed beef cutout value was $1.00 higher Thursday afternoon at $297.76/cwt. Select was 10¢ lower at $274.77/cwt.

Wheat futures climbed Thursday on new shipping concerns related to Russia’s war on Ukraine, dragging Corn futures higher.

Corn futures closed 11¢ higher through Jly ‘24 and then mostly 5¢ to 8¢ higher.

KC HRW Wheat closed 18¢ to 24¢ higher through May ‘25 and then mostly 12¢ higher.

Soybean futures closed 3¢ to 7¢ higher through Aug ‘24 and then mostly 1¢ higher.

Cattle futures stabilized following steep losses in the previous session.

Feeder Cattle futures closed narrowly mixed, from an average of 39¢ lower to an average of 33¢ higher.

Live Cattle futures closed an average of 13¢ higher, except for 37¢ lower in the back contract.

Negotiated cash fed cattle trade ranged from light on light demand to inactive on light demand in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. So far this week, FOB live prices are mostly $1 lower at mainly $182/cwt.

Trade in the western Corn Belt was light on light to moderate demand with FOB live prices mainly $1 lower at mostly $183/cwt. Dressed delivered prices last week were $290.

In Nebraska, trade was slow on light demand. Although too few to trend, there were some early dressed delivered sales at $291. Last week, FOB live prices were $184 and dressed delivered prices were $290.

Choice boxed beef cutout value was $3.31 lower Wednesday afternoon at $296.76/cwt. Select was 72¢ lower at $274.87/cwt.

Corn futures closed mostly fractionally lower.

KC HRW Wheat closed 11¢ to 16¢ lower.

Soybean futures closed mixed, from 3¢ lower to 4¢ higher.

Cattle futures surged lower Tuesday beneath the weight of pessimistic outside markets tied to more indicators of persistent inflation.

Feeder Cattle futures closed an average of $5.12 lower.

Live Cattle futures closed an average of $2.42 lower ($1.60 to $2.87 lower).

Corn futures closed mostly 1¢ to 2¢ lower.

KC HRW Wheat closed 3¢ to 6¢ higher.

Soybean futures closed mostly 3¢ to 5¢ lower.

Cattle futures and other commodities gained on Monday with the weight of a potential government shutdown averted, if only temporarily. However, Cattle futures closed a ways from session highs.

Feeder Cattle futures closed an average of $1.05 higher.

Live Cattle futures closed an average of 55¢ higher.

Grain and Soybean futures also closed higher Monday, buoyed by the averted government shutdown and new-month positioning.

Corn futures closed mostly 10¢ to 12¢ higher.

KC HRW Wheat closed mostly 11¢ to 12¢ higher.

Soybean futures closed 5¢ to 9¢ higher, except for 2¢ to 4¢ higher in the front four contracts.

Negotiated cash fed cattle trade was at a standstill in all regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were steady in the Southern Plains at $183/cwt., steady to $1 lower in Nebraska at $184 and $1-$2 lower in the western Corn Belt at $184. Dressed delivered prices were $2 lower at $290.

The five-area direct weighted average steer price last week was $183.64/cwt. on a live basis, which was $1.09 less than the previous week. The weighted average fed steer price in the beef was $1.72 lower at $290.27.

Choice boxed beef cutout value was $2.30 higher Monday afternoon at $303.08/cwt. Select was 94¢ higher at $276.98/cwt.

Cattle futures closed lower Friday with traders wary of the looming government shutdown, which was subsequently averted with a temporary spending bill approved on Saturday. Traders were also closing the book on the week, month and quarter.

Feeder Cattle futures closed an average of $2.38 lower. They were an average of $6.21 lower week to week on Friday ($5.97 lower at the back to $8.62 lower toward the front).

Live Cattle futures closed an average of $1.97 lower ($1.57 to $2.50 lower). They were an average of $3.07 lower week to week on Friday. 

Negotiated cash fed cattle trade ranged from slow on light to moderate demand to inactive on light demand through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were steady in the Southern Plains at $183/cwt., steady to $1 lower in Nebraska at $184 and $1-$2 lower in the western Corn Belt at $184. Dressed delivered prices were $2 lower at $290.

Choice boxed beef cutout value was 73¢ lower Friday afternoon at $300.78/cwt. Select was $1.40 lower at $276.04/cwt.

Total estimated cattle slaughter last week of 612,000 head was 13,000 head fewer than the previous week and 55,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 24.2 million head was 1.1 million head fewer (-4.4%) than the same time last year. Estimated year-to-date beef production of 19.8 billion pounds was 1.1 billion pounds less (-5.2%).

Cattle futures rebounded Thursday, helped along by more positive outside markets, including a lower U.S. dollar and weaker crude oil prices, as well as recently higher Choice boxed beef cutout values and positive weekly exports.

Net U.S. export sales for 2023 sales of 17,700 metric tons were up 29% from the previous week and up 42% from the prior four-week average, according to the Weekly U.S. Export Sales report for the week ending Sept. 21. Increases were primarily for, South Korea, China, Canada, and Mexico.

Feeder Cattle futures closed an average of $2.31 higher (80¢ to $2.87 higher).

Live Cattle futures closed an average of $1.75 higher ($1.10 to $2.50 higher).

Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

So far this week, FOB live sales are steady in the Southern Plains at $183/cwt. and steady to $1 lower in Nebraska and the western Corn Belt at $184. Dressed delivered prices are $2 lower at $290

Choice boxed beef cutout value was 56¢ higher Thursday afternoon at $301.51/cwt. Select was $1.07 lower at $277.44/cwt.

Turning to grains, ahead of Friday’s stocks report, Corn futures closed mostly 3¢ to 5¢ higher through new-crop contracts and then mostly 1¢ to 2¢ higher. KC HRW Wheat closed 6¢ to 9¢ lower through May ‘25 and then 1¢ lower. Soybean futures closed mostly 3¢ to 4¢ lower.

Cattle futures continued lower Wednesday, with follow-through pressure from outside markets and concerns that beef demand may falter. Stronger Corn futures added weight.

Feeder Cattle futures closed an average of $2.01 lower ($1.07 to $2.70 lower).

Live Cattle futures closed an average of 85¢ lower (30¢ to $1.07 lower), except for 10¢ higher in spot Oct.

Negotiated cash fed cattle trade ranged from slow on light demand to inactive on light demand through Wednesday afternoon, according to the Agricultural Marketing Service.

So far this week, FOB live sales are steady in the Southern Plains at $183/cwt. and steady to $1 lower in Nebraska and the western Corn Belt at $184 in a light test. Dressed delivered prices in Nebraska are $2 lower at $290 (a few up to $291) and steady to $2 lower in the western Corn Belt at $290-$292.

Choice boxed beef cutout value was $1.41 higher Wednesday afternoon at $300.95/cwt. Select was 59¢ lower at $278.51/cwt.

Corn futures closed mostly 3¢ to 4¢ higher.

KC HRW Wheat closed mostly 10¢ to 15¢ lower.

Soybean futures closed mostly 4¢ to 7¢ higher.

Cattle futures closed sharply lower Tuesday, pressured by pessimistic outside markets, demand worries, and likely some month-end and quarter-end position squaring.

Feeder Cattle futures closed an average of $4.56 lower ($1.27 to $5.82 lower).

Live Cattle futures closed an average of $1.88 lower (85¢ lower at the back to $2.85 lower).

Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $183/cwt. in the Southern Plains, $184-$185 in Nebraska and $185-$186 in the western Corn Belt. Dressed delivered prices were $292.

Choice boxed beef cutout value was $1.94 lower Tuesday afternoon at $299.54/cwt. Select was $1.35 lower at $279.10/cwt. That’s the first time since May that Choice cutout dropped below $300.

Grain and soybean futures appeared to jockey for some position ahead of Friday’s Grain Stocks report.

Corn futures closed 1¢ lower through Sep ‘24 and then mostly fractionally mixed.

KC HRW Wheat closed 1¢ to 4¢ lower through Jly ‘24 and then mostly fractionally higher.

Soybean futures closed 4¢ to 5¢ higher.

Cattle futures basically paddled in place Monday, looking for further direction and amid firmer Corn futures.

Feeder Cattle futures closed an average of 33¢ lower, except for 25¢ higher in the back contract.

Live Cattle futures closed mixed, from an average of 15¢ lower to an average of 19¢ higher.

Negotiated cash fed cattle trade was at a standstill in all regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were steady to $1 higher in the Southern Plains at $183/cwt., steady in Nebraska at $184-$185 and steady to $1 higher in the western Corn Belt at $185-$186. Dressed delivered prices were steady at $292.

The weighted average five-area direct fed steer price was 69¢ higher on a live basis at $184.73/cwt. and 15¢ higher in the beef at $291.99.

Choice boxed beef cutout value was $1.85 lower Monday afternoon at $301.48/cwt. Select was 2¢ higher at $280.45/cwt.

Grain and soybean futures strengthened on Monday.

Corn futures closed 2¢ to 4¢ higher.

KC HRW Wheat closed mostly 3¢ to 4¢ higher.

Soybean futures closed mostly 3¢ to 5¢ higher.

Cattle futures bounced back from the previous day’s widespread commodity and equity sell-off, supported by stronger-late-week cash fed cattle prices and ongoing bullish fundamentals.

Feeder Cattle futures closed an average of $1.34 higher (82¢ to $1.62 higher).

Live Cattle futures closed an average of $1.48 higher ($1.22 to $2.10 higher).

Negotiated cash fed cattle trade ranged from slow on light to moderate demand to inactive on light demand through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were steady to $1 higher in the Southern Plains at $183/cwt., steady in Nebraska at $184-$185 and steady to $1 higher in the western Corn Belt at $185-$186. Dressed delivered prices were steady at $292.

Choice boxed beef cutout value was $1.40 higher Friday afternoon at $303.33/cwt. Select was $1.43 higher at $280.43/cwt.

Estimated total cattle slaughter last week of 625,000 head was 7,000 head fewer than the previous week and 46,000 head fewer (-6.9%) than the same week last year. Year-to-date estimated total cattle slaughter of 23.6 million head was 1.1 million head fewer (-4.3%) than the same time last year. Estimated year-to-date beef production of 19.3 billion pounds was 1 billion pounds less (-5.1%) than a year earlier.

Grain and soybean futures firmed on Friday.

Corn futures closed mostly 2¢ higher.

KC HRW Wheat closed mostly 1¢ to 2¢ higher.

Soybean futures closed 1¢ to 3¢ higher.

Cattle futures and other commodity futures closed lower Thursday with the higher dollar and apparent fund selling tied to yesterday’s comments from the Fed suggesting interest rates will stay higher for longer. Wariness over Friday’s Cattle on Feed report could have added pressure.

Feeder Cattle futures closed an average of $2.31 lower (90¢ lower in spot Sep to $2.87 lower).

Live Cattle futures closed an average of $1.80 lower ($1.57 to $2.02 lower).

Negotiated cash fed cattle trade ranged from slow on light to moderate demand to a standstill through Thursdayafternoon, according to the Agricultural Marketing Service.

Dressed delivered prices were steady in Nebraska at $292/cwt. FOB live prices last week were $184-$185.

Elsewhere last week, FOB live prices were $182-$183/cwt. in the Southern Plains and $185 in the western Corn Belt, where dressed delivered prices were $292.

Choice boxed beef cutout value was 67¢ higher Thursday afternoon at $301.93/cwt. Select was 32¢ higher at $279.00/cwt.

Net U.S. beef export sales (2023) of 13,700 metric tons were up noticeably from the previous week and up 15% from the prior four-week average, according to the U.S. Export Sales report for the week ending Sept. 14. Increases primarily for Japan, South Korea, China, Mexico and Canada.

Turning to row crops, grain and Soybean futures closed lower with the pressure from outside markets.

Corn futures closed mostly 4¢ to 7¢ lower.

KC HRW Wheat closed 12¢ to 18¢ lower through May ‘25 and then mostly fractionally lower.

Soybean futures closed mostly 16¢ to 26¢ lower.

Cattle futures rebounded Wednesday with thoughts of steady to higher cash fed cattle prices this week and perhaps some early positioning ahead of Friday’s monthly Cattle on Feed report.

Feeder Cattle futures closed an average of $1.48 higher (55¢ to $2.20 higher).

Live Cattle futures closed an average of $1.08 higher (76¢ to $1.37 higher).

Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were a few live trades in Nebraska at $186/cwt.

Last week, FOB live prices were $182-$183/cwt. in the Southern Plains, $184-$185 in Nebraska and $185 in the western Corn Belt. Dressed delivered prices were $292.

Choice boxed beef cutout value was 86¢ lower Wednesday at $301.26/cwt. Select was $3.10 lower at $278.68/cwt.

Corn futures closed mostly 4¢ to 6¢ higher Wednesday, bolstered by trade worries over a commercial cargo vessel in the Black Sea running into a mine.

KC HRW Wheat closed fractionally lower to 2¢ lower through May ‘24 and then fractionally higher to 1¢ higher.

Soybean futures closed 4¢ to 9¢ higher.

Cattle futures closed lower again Tuesday, at a more modest pace, with follow-through pressure from oversold status and awaiting the week’s cash fed cattle trade direction.

Feeder Cattle futures closed an average of 72¢ lower (35¢ to $1.60 lower).

Live Cattle futures closed an average of 56¢ lower.

Negotiated cash fed cattle trade was at a standstill in all regions through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $182-$183/cwt. in the Southern Plains, $184-$185 in Nebraska and $185 in the western Corn Belt. Dressed delivered prices were $292.

Choice boxed beef cutout value was $3.20 lower Tuesday afternoon at $302.12/cwt. Select was $1.63 lower at $281.78/cwt.

Corn futures firmed in the front months, buoyed by recent crop ratings. They closed mostly 2¢ to 4¢ higher through Jly ‘25.

KC HRW Wheat closed 1¢ to 4¢ lower.

Soybean futures closed 1¢ lower through Aug ‘24 and then unchanged to fractionally higher.

Cattle futures took a breather from the steamy rally and closed lower Monday on likely profit taking.

Feeder Cattle futures closed an average of $2.34 lower ($1.70 lower at the back to $3.52 lower toward the front).

Live Cattle futures closed an average of 84¢ lower (25¢ to $1.40 lower).

Negotiated cash fed cattle trade ranged from inactive on light demand to a standstill through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $182-$183/cwt. in the Southern Plains, $184-$185 in Nebraska and $185 in the western Corn Belt. Dressed delivered prices were $292.

Choice boxed beef cutout value was 39¢ lower Monday afternoon at $305.32/cwt. Select was 29¢ higher at $283.41/cwt.

Corn futures closed mostly 3¢ to 4¢ lower.

KC HRW Wheat closed 8¢ to 12¢ lower through Sep ‘25 and then 1¢ higher.

Soybean futures closed 15¢ to 23¢ lower.

Cattle futures extended gains Friday, supported by higher cash fed cattle prices.

Live Cattle futures closed an average of $1.29 higher.

Feeder Cattle futures closed an average of $2.92 higher ($2.20 higher in spot Sep to $3.35 higher).

Negotiated cash fed cattle trade ranged from slow on light demand to slow on light to moderate demand through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were $2-$3 higher in the Southern Plains at $182-$183/cwt., steady to $1 higher in Nebraska at $184-$185 and $1 higher in the western Corn Belt at $185. Dressed delivered prices were $2 higher in Nebraska at $292 and $2-$4 higher in the western Corn Belt at $292.

Choice boxed beef cutout value was 66¢ lower Friday afternoon at $305.71/cwt. Select was $3.74 lower at $283.12/cwt.

Estimated total cattle slaughter last week of 632,000 head was 73,000 head more than the previous week, but 41,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 23.0 million head was 1.03 million head fewer (-4.3%) than the same period last year. Estimated year-to-date beef production of 18.8 billion pounds was 999.1 million pounds less (-5.0%).

Turning to grains, Corn futures closed fractionally lower to 4¢ lower with likely early harvest pressure. KC HRW Wheat closed mostly 5¢ to 10¢ higher through Jly ‘25 and then mostly fractionally higher. Soybean futures closed 16¢ to 20¢ lower.

Cattle futures rallied sharply higher Thursday, despite the lack of weekly cash fed cattle direction as traders seemed to focus on looming tighter fourth-quarter supplies.

Feeder Cattle futures closed an average of $3.24 higher ($1.67 higher in spot Sep to $4.02 higher).

Live Cattle futures closed an average of $2.54 higher, in active trade.

Negotiated cash fed cattle trade ranged from slow on light to moderate demand to a standstill through Thursday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were a few live delivered trades in Nebraska at $186.50/cwt.

The only established trade for the week is $184/cwt. for FOB live prices in the western Corn Belt, the upper end of last week’s range.

Last week, FOB live prices were $180/cwt. in the Southern Plains and $183-$184 in Nebraska. Dressed delivered prices were $290 in Nebraska and $288-$290 in the western Corn Belt.

Choice boxed beef cutout value was $1.18 lower at $306.37/cwt. Select was 33¢ lower at $286.86/cwt.

Corn futures softened mostly fractionally lower to 1¢ lower on likely profit taking.

KC HRW Wheat closed mostly 3¢ to 6¢ lower.

Soybean futures closed mostly 7¢ to 11¢ higher.

Cattle futures sauntered lower Wednesday with traders awaiting weekly cash fed cattle direction.

Feeder Cattle futures closed an average of $1.03 lower (20¢ to $2.20 lower).

Live Cattle futures closed an average of 32¢ lower, (2¢ to $1.00 lower).

Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were a few live trades in the western Corn Belt at $184/cwt.

Last week, FOB live prices were $180/cwt. in the Southern Plains and $183-$184 in the North.

Dressed delivered prices were $290 in Nebraska and $288-$290 in the western Corn Belt.

Choice boxed beef cutout value was 48¢ lower Wednesday afternoon at $307.55/cwt. Select was $3.41 higher at $287.19/cwt.

Corn futures closed mostly 4¢ to 5¢ higher Wednesday with apparent technical buying and support from wheat.

KC HRW Wheat closed 10¢ to 14¢ higher.

Soybean futures closed mostly 3¢ to 6¢ higher.

Cattle futures crept mostly higher Tuesday.

Feeder Cattle futures closed an average of 54¢ higher, except for an average of 55¢ lower in the front two contracts.

Live Cattle futures closed an average of 18¢ higher, except for an average of 8¢ lower in two contracts.

Negotiated cash fed cattle trade ranged from mostly inactive to a standstill through Tuesday afternoon with too few transactions to trend according to the Agricultural Marketing Service.

Last week, FOB live prices were $180/cwt. in the Southern Plains and $183-$184 in the North.

Dressed delivered prices were $290 in Nebraska and $288-$290 in the western. Corn Belt.

Choice boxed beef cutout value was $2.08 lower Tuesday afternoon at $308.03/cwt. Select was $1.66 lower at $283.78/cwt.

Corn futures faltered Tuesday, closing mostly 6¢ to 9¢ lower on the monthly World Agricultural Supply and Demand Estimates, which pegged harvested acres and production higher than the trade expected.

KC HRW Wheat closed 4¢ to 7¢ higher.

Soybean futures closed 12¢ to 22¢ lower.

Cattle futures rallied higher Monday, bolstered by higher cash fed cattle prices at the end of last week, as well as the bullish extended outlook.

Feeder Cattle futures closed an average of $2.16 higher (87¢ higher in spot Sep to $2.65 higher toward the back).

Live Cattle futures closed an average of 95¢ higher amid active trade.

Negotiated cash fed cattle trade was mostly inactive on light demand through Monday afternoon with too few transactions to trend according to the Agricultural Marketing Service.

Last week, FOB live prices were $1 higher in the Southern Plains at $180/cwt., $1-$2 higher in Nebraska at $183-$184 and steady to $1 lower in the western Corn Belt at $183-$184.

Dressed delivered prices were steady to $2 lower in Nebraska at $290 and steady to $2 lower in the western. Corn belt at $288-$290.

The weighted average five-area direct fed steer price last week was 22¢ lower at $182.28/cwt. The average dressed steer price was 91¢ lower at $289.48.

Choice boxed beef cutout value was $2.79 lower Monday afternoon at $310.11/cwt. Select was 61¢ lower at $285.54/cwt.

Corn futures firmed Monday, closing 2¢ to 3¢ higher with positioning ahead of Tuesday’s monthly World Agricultural Supply and Demand Estimates.

Soybean futures closed mostly 5¢ to 7¢ higher.

KC HRW Wheat closed mostly 7¢ to 9¢ lower.

Negotiated cash fed cattle trade ranged from slow on light to moderate demand to limited on light demand through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were $1 higher in the Southern Plains at $180/cwt. and steady to $1 lower in the western Corn Belt at $183-$184. Prices in Nebraska the previous week were $182.

Dressed delivered prices were steady to $2 lower in Nebraska at $290 and steady in the western Corn Belt at $290.

Choice boxed beef cutout value was $1.24 higher Friday afternoon at $312.90/cwt. Select was 12¢ lower at $286.05/cwt.

Estimated total cattle slaughter for the holiday-shortened week of 559,000 head was 70,000 head fewer than the previous week and 47,000 head fewer year over year. Year-to-date estimated cattle slaughter of 22.4 million head was 986,000 head fewer (-4.2%) than the same period a year earlier. Estimated year-to-date beef production of 18.3 billion pounds was 964.2 million pounds less (-5.0%).

Cattle futures crept higher Friday, supported by the uptick in cash fed cattle prices and softer Corn futures.

Feeder Cattle futures closed an average of 36¢ higher, except for 22¢ lower in spot Sep.

Live Cattle futures closed an average of 42¢ higher, except for an average of 25¢ lower in the front two contracts.

Corn futures closed mostly 1¢ to 2¢ lower.

KC HRW Wheat closed mostly 4¢ to 5¢ lower.

Soybean futures closed 3¢ to 7¢ higher.

Cattle futures extended gains Thursday.

Feeder Cattle futures closed an average of $1.81 higher.

Live Cattle futures closed an average of 77¢ higher

Corn futures closed mostly fractionally lower to 1¢ lower.

KC HRW Wheat closed mostly 8¢ to 12¢ lower.

Soybean futures closed 12¢ to 16¢ lower through Aug ‘24 and then 7¢ to 9¢ lower.

Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Thursday afternoon with too few transactions to trend, according to the Agricultural Marketing Service. There were a few dressed delivered prices in Nebraska at $290/cwt.

Last week, FOB live prices were $179/cwt. in the Texas Panhandle, $178-$179 in Kansas, $182 in Nebraska and $183-$185 in the western Corn Bel

Dressed delivered prices were $290-$292 in Nebraska and $290 in the western Corn Belt.

Choice boxed beef cutout value was $1.91 lower Thursday afternoon at $311.56/cwt. Select was $1.44 lower at $286.17/cwt.

Cattle futures basically tread water on Tuesday.

Feeder Cattle futures closed mixed, from an average of 33¢ lower in the front three contracts to an average of 19¢ higher.

Live Cattle futures closed an average of 19¢ higher, except for an average of 11¢ lower in the front two contracts.

Negotiated cash fed cattle trade ranged from limited on very light demand to a standstill through Tuesday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $179/cwt. in the Texas Panhandle, $178-$179 in Kansas, $182 in Nebraska and $183-$185 in the western Corn Belt.

Dressed delivered prices were $290-$292 in Nebraska and $290 in the western Corn Belt.

Choice boxed beef cutout value was 99¢ higher Tuesday afternoon at $315.48/cwt. Select was 75¢ lower at $289.54/cwt.

Corn futures closed 4¢ to 6¢ higher through new-crop contracts and then mostly 1¢ to 2¢ higher, supported by expected reduction in crop ratings.

KC HRW Wheat closed mostly fractionally lower to 2¢ lower.

Soybean futures closed fractionally lower to 7¢ lower through Jly ‘24 and then mostly 5¢ higher.

Cattle futures drifted lower Friday on pre-weekend positioning, sluggish trade and steady to softer cash fed cattle prices.

Feeder Cattle futures closed an average of $1.26 lower, except for $3.30 higher in newly minted away Aug

Live Cattle futures closed an average of 41¢ lower, except for $1.00 higher in new away Feb.

Negotiated cash fed cattle trade was limited on light to moderate demand in all regions through Friday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.

Based on the latest established trade for the week, FOB live prices were steady to $1 higher in the Texas Panhandle at $179/cwt., steady to $1 lower in Kansas at $178-$179, $3 lower in Nebraska at $182 and $1-$2 lower in the western Corn Belt at $183-$185.

The five-area direct weighted average fed steer price through Thursday of last week was $182.69/cwt. on a live basis, which was $2.64 less than the previous week. The weighted average steer price in the beef was $2.03 lower at $290.62.

Choice boxed beef cutout value was 70¢ higher Friday afternoon at $314.49/cwt. Select was $1.04 higher at $290.29/cwt.

Estimated total cattle slaughter last week was 629,000 head, which was 3,000 head more than the previous week but 13,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 21.8 million head was 940,000 head fewer (-4.1%) than the same time last year. Estimated year-to-date beef production of 17.8 billion pounds was 925.6 million pounds less (-4.9%) year over year.

Turning to row crops, Grain and Soybean futures closed narrowly mixed Friday with some defensive positioning ahead of the long weekend.

Corn futures closed mostly 1¢ to 2¢ higher.

KC HRW Wheat closed mostly 5¢ lower.

Soybean futures closed mixed but mostly unchanged to 2¢ higher.

Live Cattle futures closed an average of 76¢ higher.

Feeder Cattle futures closed an average of 88¢ higher, except for lower in expiring Aug.

Live Cattle futures closed an average of 76¢ higher.

Negotiated cash fed cattle prices on Thursday were mainly steady to lower than last week.

Trade was slow on light to moderate demand in the Texas Panhandle with FOB live prices steady to $1 higher at $179/cwt., according to the Agricultural Marketing Service.

In Kansas, trade was slow to moderate on moderate demand with FOB live prices steady to $1 lower at $178-$179.

FOB live prices in Nebraska were $2-$3 lower at $182 on moderate trade and demand. There were a few live delivered trades at $186.50. Dressed delivered prices were $2-$3 lower at $290-$292.

In the western Corn Belt, FOB live prices were $1 lower at $184-$185 on slow to moderate trade and moderate demand. There were a few dressed delivered trades at mostly $290 but too few to trend. Prices in the beef last week were $292 in a light test.

Choice boxed beef cutout value was $1.32 lower Thursday afternoon at $313.79/cwt. Select was 28¢ lower at $289.25/cwt.

Net U.S. beef export sales (2023) of 18,200 metric tons (MT) for the week ending Aug. 24 were 59% more than the previous week and 35% more than the prior four-week average. Increases were primarily for China, Japan, South Korea, Taiwan and Mexico.

Grain and Soybean futures closed lower Thursday on likely continued month-end position squaring.

Corn futures closed mostly 2¢ lower.

KC HRW Wheat closed mostly 3¢ to 8¢ lower.

Soybean futures closed mostly 16¢ to 18¢ lower.

Cattle futures closed lower Wednesday with traders awaiting the week’s cash trade.

Feeder Cattle futures closed an average of $1.25 lower.

Live Cattle futures closed an average of $1.41 lower, from $2.20 lower in waning spot Aug to 80¢ lower at the back of the board.

Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

FOB live prices last week were $178-$179/cwt. in the Texas Panhandle, $179 in Kansas, $185 in Nebraska and $182-$187 in the western Corn Belt. Dressed delivered prices were $292 in Nebraska and $292-$295 in the western Corn Belt.

Choice boxed beef cutout value was 75¢ higher Wednesday afternoon at $315.11/cwt. Select was 15¢ lower at $289.53/cwt.

Grain and Soybean futures closed lower Wednesday with likely month-end position squaring.

Corn futures closed mostly 4¢ to 7¢ lower through Jly ‘24 and then 2¢ higher.

KC HRW Wheat closed mostly fractionally lower to 1¢ lower.

Soybean futures closed mostly 3¢ to 5¢ lower.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

FOB live prices last week were $178-$179/cwt. in the Texas Panhandle, $179 in Kansas, $185 in Nebraska and $182-$187 in the western Corn Belt. Dressed delivered prices were $292 in Nebraska and $292-$295 in the western Corn Belt.

Choice boxed beef cutout value was $2.68 lower Tuesday afternoon at $314.36/cwt. Select was $2.41 lower at $289.68/cwt.

Cattle futures closed narrowly mixed Tuesday with an apparent consolidation breather.

Feeder Cattle futures closed narrowly mixed. from unchanged to an average of 26¢ lower in two contracts to an average of 17¢ higher.

Live Cattle futures closed narrowly mixed, from an average of 11¢ lower in three contracts to an average of 15¢ higher.

Nearby Corn and Soybean futures gave up the ghost late in the session, presumably fueled in part by more positive weekly crop ratings than expected.

Corn futures closed 9¢ lower through Jly ‘24 and then mostly 5¢ lower.

KC HRW Wheat closed 14¢ to 23¢ lower through Jly ‘24 and then mostly 7¢ to 10¢ lower.

Soybean futures closed 8¢ to 13¢ lower through May ‘24 and then mostly fractionally higher to 2¢ higher.

Cattle futures rallied higher Monday, apparently buoyed by increasing open interest and trader focus on fundamentals.

Feeder Cattle futures closed an average of $2.60 higher.

Live Cattle futures closed an average of 76¢ higher (2¢ to $1.12 higher).

Negotiated cash fed cattle trade was slow on very light demand in the western Corn Belt through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service. Elsewhere, trade was at a standstill.

Last week, FOB live prices were steady in the Southern Plains at $178-$179/cwt., $1-$3 lower in Nebraska at $184-$185 and steady to $3 lower in the western Corn Belt at $185-$186. Dressed delivered prices were steady to $2 lower in Nebraska at $292-$295 and from $3 lower to $2 higher in the western Corn Belt at $292 on a light test.

The five-area direct weighted average steer price last week was $2.29 lower on a live basis at $182.75/cwt. The five-area average steer price in the beef was $1.01 lower at $292.75.

Choice boxed beef cutout value was 86¢ lower Monday afternoon at $317.04/cwt. Select was 58¢ lower at $292.09/cwt

Turning to the grain complex, Corn futures closed mostly 4¢ to 8¢ higher. KC HRW Wheat closed 10¢ to 16¢ lower through May ‘24 and then 3¢ to 6¢ lower. Soybean futures closed 11¢ to 18¢ higher through Jly ‘24 and then mostly 1¢ to 4¢ higher.

Steady Corn futures prices, firmer cash fed cattle prices and the recent uptick in wholesale beef prices helped Cattle futures rise on Friday.

Feeder Cattle futures closed an average of 95¢ higher (45¢ to $1.17 higher).

Live Cattle futures closed an average of 69¢ higher.

Negotiated cash fed cattle trade was moderate on moderate demand in the Texas Panhandle through Friday afternoon, according to the Agricultural Marketing Service. FOB live trades were steady at $178-$179/cwt.

Trade in Kansas was slow on light to moderate demand with FOB live prices steady at $179.

Trade in Nebraska was limited on light demand with too few transactions to trend. For the week, live FOB prices were steady to $3 lower at $185. Dressed delivered prices were steady to $2 lower at $292-$295.

In the western Corn Belt, trade was slow on light demand with too few transactions to trend. For the week, FOB live prices were $1-$3 lower at $185. Dressed delivered prices the previous week were $290-$295.

Choice boxed beef cutout value was 27¢ higher Friday afternoon at $317.90/cwt. Select was 76¢ higher at $292.67/cwt. Week to week on Friday, Choice was $1.79 higher and Select was $4.31 higher.

Estimated total cattle slaughter last week of 626,000 head was 10,000 head more than the previous week but 52,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 21.2 million head was 928,000 head fewer (-4.2%) than the same period last year. Estimated year-to-date beef production of 17.3 billion pounds was 917.8 million pounds less (-5.0%) than the same time last year.

Turning to the grain complex, Corn futures closed mostly fractionally lower. KC HRW Wheat closed 1¢ to 2¢ higher. Soybean futures closed 10¢ to 16¢ higher through Aug ‘24 and then mostly 5¢ to 8¢ higher.

Negotiated cash fed cattle trade was slow to moderate on light to moderate demand in Nebraska through Thursday afternoon, according to the Agricultural Marketing Service. Dressed delivered prices were $2.00 to $2.50 lower at $292-$292.50/cwt. There were a few FOB live trades at $184-$186 and a few delivered live trades at $189.50, but too few to trend. FOB live prices there last week were $185-$188.

Trade was limited on light to moderate demand in the western Corn Belt where FOB live prices were $1-$3 lower $185. There were a few dressed delivered trades at $292, but too few to trend; $290-$295 last week.

In the Southern Plains, trade ranged from inactive on very light demand to a standstill. FOB live prices last week were $178-$179 in the Texas Panhandle and $179 in Kansas.

Choice boxed beef cutout value was 58¢ higher Thursday afternoon at $317.63/cwt. Select was 32¢ higher at $291.91/cwt.

Cattle futures closed higher Thursday, helped along by increasing open interest.

Feeder Cattle futures closed an average of $1.97 higher ($1.47 to $2.37 higher).

Live Cattle futures closed an average of $1.47 higher ($1.22 to $2.05 higher).

Corn futures closed narrowly mixed, from mostly fractionally lower to 1¢ higher.

KC HRW Wheat closed mostly fractionally lower to 5¢ to lower.

Soybean futures closed mostly 8¢ to 12¢ higher.

Although sideways, Cattle futures wobbled Wednesday as traders added risk premium back to Corn futures, which closed 9¢ to 11¢ higher through Jly ‘24 and then mostly 3¢ to 5¢ higher.

KC HRW Wheat closed 12¢ to 17¢ higher.

Feeder Cattle futures closed an average of 28¢ lower, except for 18¢ higher in May ’24.

Live Cattle futures closed an average of 35¢ higher, except for an average of 16¢ lower in two contracts.

Through mid session today, Cattle futures are stronger.

Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Wednesday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $178-$179/cwt. in the Texas Panhandle, $179 in Kansas, $185-$188 in Nebraska and $186-$188 in the western Corn Belt. Dressed delivered prices were $294-$295 in Nebraska and $290-$295 in the western Corn Belt.

Choice boxed beef cutout value was unchanged Wednesday afternoon at $317.05/cwt. Select was $2.08 higher at $291.59/cwt.

Cattle futures gave back most of what they gained in the previous session, amid sluggish trade and a lack of weekly cash direction.

Feeder Cattle futures closed an average of $1.16 lower (88¢ to $1.43)

Live Cattle futures closed an average of 93¢ lower, (53¢ to $1.25 lower).

Corn futures closed 1¢ to 5¢ lower, with follow-through pressure from last week’s positive crop progress and ratings.

KC HRW Wheat closed unchanged to 1¢ lower.

Soybean futures closed 12¢ to 18¢ lower.

Negotiated cash fed cattle trade was at a standstill in all trading regions through Tuesday afternoon, according to the Agricultural Marketing Service. 

Last week, FOB live prices were $178-$179/cwt. in the Texas Panhandle, $179 in Kansas. $185-$188 in Nebraska and $186-$188 in the western Corn Belt. Dressed delivered prices were $294-$295 in Nebraska and $290-$295 in the western Corn Belt.

However, wholesale beef prices were up. Choice boxed beef cutout value was $1.49 higher Tuesday afternoon at $317.05/cwt. Select was $2.18 higher at $289.51/cwt.

Cattle futures closed higher Monday, supported by the bullish Cattle on Feed report and lower Corn futures.

Feeder Cattle futures closed an average of $1.84 higher.

Live Cattle futures closed an average of 74¢ higher, (45¢ to $1.12 higher).

There was no afternoon report from AMS for negotiated cash fed cattle trade.

Based on the latest available report, FOB live prices last week were $1-$3 lower in the Southern Plains at $177-$179, 50¢ to $3 lower in Nebraska at $185-$187.50 and $2 lower in the western Corn Belt at mainly $186. Dressed delivered prices were $1 lower to $2 higher at $294-$297.

The five-area direct weighted average fed steer price last week was $185.04/cwt. on a live basis, which was 84¢ less than the previous week. The five-area direct steer price in the beef was $1.84 lower at $293.76.

Choice boxed beef cutout value was 55¢ lower Monday afternoon at $315.56/cwt. Select was $1.03 lower at $287.33/cwt.

Positive crop progress and conditions weighed on Corn futures Monday.

Corn futures closed 9¢ to 10¢ lower through Jly ‘24 and then mostly 3¢ lower.

Wheat futures were down 7¢ to 12¢ on harvest pressure.

Soybean futures closed 4¢ to 8¢ higher through Aug ‘24 and then mostly 1¢ higher, supported the hot, dry forecast and export news.

Cattle futures finally found some traction on Friday, perhaps fueled by position squaring ahead of the monthly Cattle on Feed report, which turned out to be bullish.

Feeder Cattle futures closed an average of $1.21 higher.

Live Cattle futures closed an average of 53¢ higher, except for unchanged in the back contract.

Packers succeeded in holding cash fed cattle prices steady to mainly lower last week, while also ratcheting wholesale beef prices higher as they restrict production.

Negotiated cash fed cattle trade was slow on light to demand through Friday afternoon, according to the Agricultural Marketing Service. There were some FOB live trades in the Texas Panhandle at $178/cwt. but too few to trend.

For the week, based on the latest established trends, FOB live prices were $1-$3 lower in the Southern Plains at $177-$179, 50¢ to $3 lower in Nebraska at $185-$187.50 and $2 lower in the western Corn Belt at mainly $186. Last week, dressed delivered prices were $1 lower to $2 higher at $294-$297.

Choice boxed beef cutout value was $1.97 higher Friday afternoon at $316.11/cwt. Select was $2.10 higher at $288.36/cwt.

Total estimated cattle slaughter last week of 616,000 head was 13,000 head more than the previous week but 48,000 head fewer than the same week last year. Year-to-date total estimated cattle slaughter of 20.6 million head was 876,000 head fewer (-4.1%) the the same time a year earlier. Year-to-date estimated beef production of 16.8 billion pounds was 876.8 million pounds less (-5.0%).

Hotter, drier weather helped lift grain futures again on Friday.

Corn futures closed mostly 2¢ to 6¢ higher.

KC HRW Wheat closed 14¢ to 20¢ higher through Sep ‘24 and then mostly 10¢ higher.

Soybean futures closed 16¢ to 26¢ higher through Aug ‘24 and then mostly 7¢ to 12¢ higher.

Cattle futures continued lower Thursday with follow-through pressure from stronger Corn futures, steady to lower cash fed cattle prices, declining open interest and perhaps some defensiveness ahead of Friday’s monthly Cattle on Feed report.

Feeder Cattle futures closed an average of $1.51 lower.

Live Cattle futures closed an average of 72¢ lower.

Negotiated cash fed cattle trade ranged from slow on light to moderate demand to light on moderate demand through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, FOB live prices are $1 lower in the Southern Plains at $179/cwt., steady to mostly $2 lower in Nebraska at $185-$188 and steady to mostly $1 lower in the western Corn Belt at mainly $187.

Last week, dressed delivered prices were $295.

Wholesale beef prices continued to trend higher. Choice boxed beef cutout value was $5.15 higher Thursday afternoon at $314.14/cwt. Select was $1.49 higher at $286.26/cwt.

Hotter, drier weather helped Corn futures firm further Thursday; fractionally higher to 4¢ higher.

KC HRW Wheat closed mostly 4¢ to 11¢ lower through May ‘25 and then fractionally higher.

Soybean futures closed 2¢ to 9¢ higher through May ‘24 and then 10¢ to 15¢ higher.

Cattle futures continued to edge lower Wednesday, pressured by an uptick in Corn futures and steady to lower cash fed cattle prices.

Feeder Cattle futures closed an average of 32¢ lower.

Live Cattle futures closed an average of 35¢ lower, except for an average of 8¢ higher in two contracts.

Grain futures firmed overnight and through yesterday’s session as traders added some risk premium based on recent Russian attacks in Ukraine.

Corn futures closed mostly 3¢ to 6¢ higher.

KC HRW Wheat closed mostly 4¢ to 5¢ higher.

Soybean futures closed mostly 11¢ to 18¢ higher.

Negotiated cash fed cattle trade was mainly limited on light to moderate demand through Wednesday afternoon, according to the Agricultural Marketing Service.

So far this week, FOB live prices are $1 lower in the Southern Plains at $179/cwt. and steady in the western Corn Belt at $188.

Last week, FOB live prices in Nebraska were $188. Dressed prices were $295.

Choice boxed beef cutout value was $1.73 higher Wednesday afternoon at $308.99/cwt. Select was $1.74 higher at $284.77/cwt.

Negotiated cash fed cattle trade was slow on light demand in the Western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. Live FOB prices were steady at $188/cwt. Dressed delivered prices last week were $295/cwt.

Elsewhere, trade ranged from inactive on light demand to a standstill with too few transactions to trend.

Last week live FOB prices were $180/cwt. in the Southern Plains and $188 in Nebraska, where dressed delivered prices were $295

Choice boxed beef cutout value was $1.76 higher Wednesday afternoon at $307.26/cwt. Select was $2.58 higher at $283.03/cwt.

However, Cattle futures edged lower Tuesday, pressured by lower outside markets as much as anything.

Feeder Cattle futures closed an average of 27¢ lower, except for 5¢ higher in the back contract.

Live Cattle futures an average of 56¢ lower. 

Weaker outside markets and improved crop conditions weighed on grain and Soybean futures Tuesday.

Corn futures closed 9¢ to 12¢ lower through Sep ‘24 and then mostly 5¢ to 6¢ lower.

KC HRW Wheat closed 13¢ to 16¢ lower through Mar ‘25.

Soybean futures closed 10¢ to 29¢ lower through Sep ‘24 and then 7¢ to 10¢ lower.

Cattle futures closed lower Monday on lackluster trade and static to declining open interest.

Feeder Cattle futures closed an average of $1.08 lower.

Live Cattle futures an average of 61¢ lower. 

Negotiated cash fed cattle trade was at a standstill in all regions through Monday afternoon, according to the Agricultural Marketing Service.

Live FOB prices last week were steady at $180/cwt. in the Southern Plains and $188 in the north where dressed delivered prices were steady at $295.

Choice boxed beef cutout value was $2.89 higher Monday afternoon at $305.50/cwt. Select was $3.22 higher at $280.45/cwt.

Corn futures closed mostly fractionally higher to 1¢ higher.

Soybean futures closed mostly 10¢ to 18¢ higher.

KC HRW Wheat closed mostly 9¢ to 15¢ lower.

Negotiated cash fed cattle trade was slow on light to moderate demand in Nebraska and the western Corn Belt through Friday afternoon, according to the Agricultural Marketing Service. For the week, FOB live prices were steady in both regions at $188/cwt. and dressed-delivered prices were also steady at $295.

Trade in the Southern Plains ranged from inactive on light demand in Kansas to a standstill in the Texas Panhandle. The previous week, FOB live prices were $180 in the Southern Plains.

Choice boxed beef cutout value was 58¢ higher Friday afternoon at $302.61/cwt. Select was 57¢ lower at $277.23/cwt.

Total estimated cattle slaughter last week of 603,000 head was 10,000 head fewer than the previous week and 42,000 head fewer (-6.5%) than the same week last year. Estimated year-to-date total cattle slaughter of 19.3 million was 830,000 head fewer (-4.0%) than the same time last year. Estimate year-to-date beef production of 16.3 billion pounds was 836.9 million pounds less (-4.9%) than the same time last year.

Cattle futures closed lower Friday on likely profit taking ahead of the weekend.

Feeder Cattle futures closed an average of 32¢ lower.

Live Cattle futures an average of 84¢ lower. 

Grain and Soybean closed lower Friday, pressured by the World Agricultural Supply and Demand Estimates coming in with expected yield cuts (see below).

Corn futures closed mostly 4¢ to 8¢ lower.

KC HRW Wheat closed 11¢ to 13¢ lower through May ‘24 and then mostly 5¢ lower.

Soybean futures closed 10¢ to 14¢ lower.

Live Cattle futures an average of 81¢ higher. 

Negotiated cash fed cattle trade and demand ranged from slow on light to moderate demand to a standstill through Thursday afternoon, according to the Agricultural Marketing Service.

Although there were too few transactions to trend in any region, there were some early FOB live trades in the western Corn Belt at $188-$189/cwt and a few in Kansas at $186.

Last week, FOB live prices were $180/cwt. in the Southern Plains and $188 in Nebraska and the western Corn Belt. Dressed prices were $295 in a light test.

Choice boxed beef cutout value was $1.49 lower Thursday afternoon at $302.03/cwt. Select was 97¢ lower at $277.80/cwt.

Net U.S. beef export sales (2023) for the week ending Aug. 3 of 14,800 metric tons were 19% more than the previous week, but 8% less than the prior four-week average. Increases were primarily for South Korea, Japan, China, Mexico and Hong Kong, according to the weekly U.S. Export Sales report.

As for the other side of the ledger, Grain and Soybean futures firmed Thursday with likely positioning ahead of Friday’s widely anticipated World Agricultural Supply and Demand Estimates, with forecast yields top of mind for many.

Corn futures closed mostly fractionally higher to 2¢ higher.

KC HRW Wheat closed 3¢ to 5¢ higher.

Soybean futures closed 8¢ to 10¢ higher, except for old-crop contracts.

Weaker corn futures and an uptick in wholesale beef prices helped lift Cattle futures Wednesday.

Feeder Cattle futures closed an average of 77¢ higher.

Live Cattle futures an average of 39¢ higher. 

Negotiated cash fed cattle trade and demand ranged from inactive on very light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $180/cwt. in the Southern Plains and $188 in Nebraska and the western Corn Belt. Dressed prices were $295 in a light test.

Choice boxed beef cutout value was $1.13 higher Wednesday afternoon at $303.52/cwt. Select was $1.98 higher at $278.14/cwt.

Favorable weather, and perhaps skittishness ahead of Friday’s WASDE, pressured grain futures on Wednesday.

Corn futures closed mostly 1¢ to 4¢ lower.

KC HRW Wheat closed mostly 3¢ to 6¢ lower.

Soybean futures closed 1¢ to 4¢ higher through Aug ‘24 and then mostly fractionally higher.

Firmer Corn futures helped pressure Feeder Cattle futures an average of $1.10 lower Tuesday (55¢ lower at the back to $1.67 lower).

Live Cattle futures narrowly mixed, unchanged to an average of 36¢ lower in the front five contracts and then an average of 49¢ higher. 

Negotiated cash fed cattle trade and demand were at a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $180/cwt. in the Southern Plains and $188 in Nebraska and the western Corn Belt. Dressed prices were $295 in a light test.

Choice boxed beef cutout value was 90¢ higher at $302.39/cwt. Select was $1.15 higher at $276.16/cwt.

Corn futures closed mostly 1¢ to 3¢ higher.

KC HRW Wheat closed mostly 1¢ lower through Jly ‘24 and then mostly 2¢ higher.

Soybean futures closed mostly 5¢ to 8¢ higher.

Negotiated cash fed cattle trade and demand ranged from inactive on very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $1-$2 higher in the Southern Plains at $180/cwt. Live-delivered prices in Kansas were $184.00-$185.50. Live FOB prices were $2 higher in Nebraska at $188 and $1-$3 high in the western Corn Belt at $188. Dressed-delivered prices were $1-$3 higher at $295 in a light test.

The five-area direct weighted average steer price was $1.89 higher last week on a live basis at $186.70/cwt. The weighted average fed steer price in the beef was $1.51 higher at $295.14.

Even so, Cattle futures closed lower Monday on potential profit taking and retrenching.

Live Cattle futures an average of 96¢ lower (55¢ lower at the back to $1.20 lower in spot Aug). 

Feeder Cattle futures closed an average of $2.27 lower.

Choice boxed beef cutout value was 30¢ lower Monday afternoon at $301.49/cwt. Select was $1.47 lower at $275.01/cwt.

Turning to the grain complex, Corn and Soybean futures closed lower Monday on positive weekend rains.

Corn futures closed 1¢ to 2¢ lower through Jly ‘24 and then mostly 1¢ to 2¢ higher.

Soybean futures closed 24¢ to 38¢ lower through Aug ‘24 and then mostly 8¢ to 15¢ lower.

However, KC HRW Wheat closed mostly 10¢ to 11¢ higher.

Cattle futures closed higher Friday, helped along by the weekly decline in Corn futures and the hint of higher cash prices.

Live Cattle futures an average of $1.40 higher (92¢ higher at the back to $2.40 higher in spot Aug). 

Feeder Cattle futures closed an average of $1.91 higher.

Negotiated cash fed cattle demand and trade were moderate in the western Corn Belt through Friday afternoon, according to the Agricultural Marketing Service. For the week, live FOB prices were $2-$3 higher at $188/cwt. Dressed delivered prices the previous week were $294-$295.

Elsewhere, trade ranged from mostly inactive on very light demand to limited on light demand.

Although too few to trend, there were a few live delivered sales in Kansas at $184.00-$185.50 and a few live FOB sales in Nebraska at $188.

The previous week, live FOB prices were $178-$179/cwt. in the Southern Plains and $186 in Nebraska, where dressed delivered prices were $292-$295.

Choice boxed beef cutout value was 22¢ lower Friday afternoon at $301.79/cwt. Select was $1.83 lower at $276.48/cwt.

Corn and Soybean futures firmed on Friday but continued to be capped by the favorable weather outlook.

Corn futures closed mostly 2¢ to 3¢ higher.

Soybean futures closed mostly 5¢ to 10¢ higher.

KC HRW Wheat closed mostly 9¢ to 12¢ lower.

Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Thursday afternoon, according to the Agricultural Marketing Service. There were a few live FOB sales in the western Corn Belt at $188/cwt., but too few to trend.

Last week, live FOB prices were $178-$179/cwt. in the Southern Plains, $186 in Nebraska, and $185-$186 in the western Corn Belt. Dressed delivered prices were $292-$295.

Choice boxed beef cutout value was $1.17 lower Thursday afternoon at $302.01/cwt. Select was 84¢ higher at $278.31/cwt.

Cattle futures on Thursday mainly regained what was lost in the previous session as traders returned the focus to fundamentals rather than the selloff triggered by the downgrading of U.S. credit.

Live Cattle futures an average of 76¢ higher (12¢ to $1.17 higher). 

Feeder Cattle futures closed an average of $1.35 higher.

Corn futures continued lower Thursday with the more favorable production outlook coupled with continued anemic international demand.

Corn futures closed 6¢ to 7¢ lower through May ‘24 and then mostly 2¢ to 3¢ lower.

KC HRW Wheat closed 9¢ to 19¢ lower.

Soybean futures closed mostly 3¢ to 5¢ higher.

Commodity and equity markets saw widespread selling Wednesday on the news that Fitch Ratings downgraded the long-term credit rating for United States.

The lack of weekly cash fed cattle price direction and profit taking may also have pressured Cattle futures.

Live Cattle futures an average of 86¢ lower (50¢ lower at the back to $1.47 lower in spot Aug). 

Feeder Cattle futures closed an average of $1.15 lower (57¢ lower toward the back to $1.80 lower toward the front).

Corn futures closed mostly 2¢ to 8¢ lower.

KC HRW Wheat closed 10¢ to 17¢ lower through Dec ‘24 and then 9¢ lower.

Soybean futures closed mostly 14¢ to 20¢ lower through Jly ‘24 and then mostly 8¢ to 9¢ lower.

Negotiated cash fed cattle trade ranged from inactive on very light demand to a standstill through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live FOB prices were $178-$179/cwt. in the Southern Plains, $186 in Nebraska, and $185-$186 in the western Corn Belt. Dressed delivered prices were $292-$295.

Choice boxed beef cutout value was $2.92 lower Wednesday afternoon at $303.18/cwt. Select was $2.13 lower at $277.47/cwt.

A surge in wholesale beef prices helped lift Live Cattle futures on Tuesday. They closed an average of $1.27 higher on strong volume (50¢ higher at the back to $2.30 higher near the front).

Feeder Cattle futures closed an average of $2.22 higher ($1.65 higher at the back to $2.87 higher in spot Aug).

Choice boxed beef cutout value was $4.32 higher Tuesday afternoon at $306.10/cwt. Select was $1.87 higher at $279.60/cwt.

Negotiated cash fed cattle trade ranged from inactive on very light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live FOB prices were $178-$179/cwt. in the Southern Plains $186, in Nebraska, and $185-$186 in the western Corn Belt. Dressed delivered prices were $292-$295.

Corn futures eroded further Tuesday, closing 4¢ to 7¢ lower through Jly ‘24 and then mostly fractionally lower to 2¢ lower.

KC HRW Wheat closed 5¢ to 11¢ lower through Jly ‘24 and then mostly 1¢ higher.

Soybean futures closed mostly 5¢ to 10¢ higher.

Despite another day of lower Corn futures, Feeder Cattle futures paddle in place on Monday, closing an average of 33¢ lower, except for unchanged to an average of 12¢ higher in the front three contracts.

Softer cash fed cattle prices last week and continued erosion in open interest helped cap Live Cattle, which closed an average of 46¢ lower, from 7¢ to 70¢ lower.

Live-delivered prices in Kansas were $182.50 to $184. In Nebraska, FOB live trades were mostly $2 lower at mainly $186 on a light test, but a few up to $188.50. Live prices in the western Corn Belt were $1-$3 lower at 185-$187. Dressed delivered prices were steady to $3 lower in Nebraska at $292-$295 and steady to $1 lower in the western Corn belt at $294-$295.

Trade ranged from inactive on very light demand to a standstill through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

The weighted average five-area direct fed steer price last week was $1.38 lower on a live basis at $184.81/cwt. The weighted average steer price in the beef was $1.09 lower at $293.63.

Choice boxed beef cutout value was 22¢ lower Monday afternoon at $301.78/cwt. Select was 19¢ higher at $277.73/cwt.

Significantly cooler and wetter weather forecasted for the Corn Belt pushed grain and Soybean futures sharply lower Monday.

Corn futures closed 15¢ to 17¢ lower through Jly ‘24 and then mostly 8¢ to 10¢ lower.

KC HRW Wheat closed 23¢ to 43¢ lower.

Soybean futures closed mostly 31¢ to 50¢ lower.

Feedlots and packers continued their standoff on negotiated cash fed cattle trade, which remained largely undeveloped through Friday afternoon. Trade ranged from slow on light demand to a standstill, according to the Agricultural Marketing Service. There were a few FOB live sales in the western Corn Belt at $185-$186/cwt., but too few to trend.

Last week, live prices (FOB) were $180/cwt in the Southern Plains and $188 in Nebraska and the western Corn Belt, where dressed prices (FOB) were $295.

Choice boxed beef cutout value was 86¢ lower Friday afternoon at $302.00/cwt. Select was $2.22 lower at $277.54/cwt.

Further erosion in Corn futures helped Feeder Cattle futures close an average of 77¢ higher Friday.

Live Cattle futures closed narrowly mixed, from an average of 10¢ lower in the back three contracts to an average of 15¢ higher.

Corn futures continued to decline Friday, pressured by more favorable weather in the Corn Belt and less risk premium tied to Ukrainian grain shipments. They closed 11¢ to 12¢ lower through Jly ‘24 and then mostly 6¢ to 9¢ lower.

KC HRW Wheat closed 4¢ to 10¢ lower through Sep ‘24 and then mostly 2¢ lower.

Soybean futures closed mostly 8¢ to 15¢ lower through Jan ‘25 and then mostly 2¢ lower

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon. There were a few FOB live sales in the western Corn Belt at $186/cwt., but too few to trend, according to the Agricultural Marketing Service.

Last week, live prices (FOB) were $180/cwt in the Southern Plains and $188 in Nebraska and the western Corn Belt, where dressed prices (FOB) were $295.

Choice boxed beef cutout value was 48¢ lower Thursday afternoon at $302.86/cwt. Select was 5¢ lower at $279.76/cwt.

Net U.S. beef export sales of 21,400 metric tons (2023) for the week ending July 20 were 2% more than the previous week and 43% more than the prior four-week average. Increases were primarily for South Korea, Japan, China, and Canada.

Eroding front-month Corn futures supported Feeder Cattle futures again on Thursday. They closed an average of 54¢ higher, except for an average of 7¢ lower in two contracts.

Live Cattle futures closed an average of 31¢ lower, except for an average of 13¢ higher in two contracts.

Corn futures closed 4¢ to 7¢ lower through Jly ‘24 and then mostly 1¢ to 2¢ higher.

KC HRW Wheat closed fractionally mixed to 1¢ higher through Sep ’24 and then 3¢ to 6¢ lower.

Soybean futures closed 12¢ to 22¢ lower.

Feeder Cattle futures closed an average of 88¢ higher Wednesday, supported by lower Corn futures.

Live Cattle futures closed narrowly mixed, from an average of 16¢ lower to an average of 33¢ higher.

Sharp volatility continued in grain futures, Wednesday, with traders apparently retrieving a chunk of recent risk premiums.

Corn futures closed 13¢ to 17¢ lower through Jly ‘24 and then 4¢ to 9¢ lower.

KC HRW Wheat closed 18¢ to 47¢ lower.

Soybean futures closed 1¢ to 2¢ lower, except for 30¢ and 18¢ higher in the front two contracts.

Negotiated cash fed cattle trade ranged from inactive on very light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices (FOB) live prices were $180/cwt in the Southern Plains and $188 in Nebraska and the western Corn Belt, where dressed prices (FOB) were $295.

Choice boxed beef cutout value was 88¢ lower Wednesday afternoon at $303.34/cwt. Select was $2.26 higher at $279.81/cwt.

Lower Corn futures helped Feeder Cattle futures firm Tuesday and close narrowly mixed, from an average of 15¢ lower to an average of 34¢ higher.

Live Cattle futures closed an average of 75¢ lower, except for 37¢ higher in in the back contract, with pressure tied, in part, to eroding open interest.

Corn futures softened Tuesday with likely profit taking, closing mostly 2¢ to 3¢ lower.

Soybean futures closed mostly 4¢ to 5¢ lower.

KC HRW Wheat closed mostly 4¢ to 6¢ higher through Mar ‘25.

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices (FOB) live prices were $180/cwt in the Southern Plains and $188 in Nebraska and the western Corn Belt, where dressed prices (FOB) were $295.

Choice boxed beef cutout value was 6¢ higher Tuesday afternoon at $304.22/cwt. Select was 56¢ higher at $277.55/cwt.

Feeder Cattle futures took stepped lower Monday, pressured by sharply higher Corn futures and Friday’s bearish Cattle on Feed report which indicated June feedlot placements were 2.7% more than the previous year and 4.6% more that the average of analyst expectations ahead of the report.

Headlines of Russia bombing Ukrainian ports fueled grain and Soybean futures Monday.

Corn futures closed 27¢ to 33¢ higher through the front five contracts and then 9¢ to 19¢ higher.

KC HRW Wheat closed 46¢ to 58¢ higher through Jly ‘24 and then 32¢ to 40¢ higher.

Soybean futures closed mostly 19¢ to 22¢ higher.

Live Cattle futures faded most of the heat, supported by last week’s stronger cash trade.

Live Cattle futures closed an average of $1.08 higher (32¢ to $1.82 higher), except for an average of $1.24 lower in the front three contracts.

Negotiated cash fed cattle trade was inactive on very light demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, live prices (FOB) were $2 higher in the Southern Plains at $180/cwt., $2 higher in Nebraska at $188 and $3-$4 higher in the western Corn Belt at $188. Dressed prices (FOB) were $3-$5 higher in Nebraska at $295 and steady to $5 higher in the western Corn Belt at $295.

The weighted average five-area fed steer price last week was $1.92 higher at $186.19/cwt. on alive basis. The weighted average dressed fed steer price was $3.38 higher at $294.72.

Choice boxed beef cutout value was $1.42 higher Monday afternoon at $304.16/cwt. Select was 26¢ higher at $276.99/cwt.

Negotiated cash fed cattle trade was slow to moderate with moderate demand in all major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.

For the week, live prices in the Texas Panhandle were $2 higher (compared to two weeks earlier) at $180/cwt. Live prices in Kansas were unevenly steady at $180 (a few up to $187) with live delivered prices at $184-$185. Prices in Nebraska were mostly $2 higher at $188 with a few up to $190. In the western Corn Belt, live prices were mostly $3-$4 higher at $188.

Dressed prices (FOB) in Nebraska were $8-$10 higher at $300.

Choice boxed beef cutout value was 18¢ higher Friday afternoon at $302.74/cwt. Select was $2.02 higher at $276.73/cwt.

Estimated total cattle slaughter last week of 628,000 head was 5,000 head fewer than the previous week and 35,000 head fewer (-5.3%) than the previous year. Year-to-date estimated total cattle slaughter of 18.1 million head was 700,000 head fewer (-3.7%) than the same time last year. Estimated year-to-date beef production of 14.8 billion pounds was 735.5 million pounds less (-4.7%).

As for futures, Live Cattle futures closed an average of 40¢ lower Friday, except for an average of 6¢ higher in two contracts.

Conversely, stronger cash prices and softer Corn futures helped Feeder Cattle futures gain an average of $1.11. They could be challenged Monday, however, with what will likely be considered a bearish Cattle on Feed report (see below).

Corn futures softened again with likely profit taking. They closed 7¢ to 10¢ lower through Dec ‘24 and then 5¢ to 6¢ lower.

KC HRW Wheat closed mostly 14¢ to 15¢ lower.

Soybean futures closed mostly 1¢ to 2¢ lower, except for 6¢ and 2¢ higher in old-crop contracts.

Cattle futures strengthened during much of Thursday’s session but closed lower, perhaps with some defensiveness ahead of Friday’s Cattle on Feed report, as well as the Semiannual Cattle report. So far, these reversals have represented a breather rather than a top.

Live Cattle futures closed an average of 74¢ lower (35¢ to $1.05 lower).

Feeder Cattle futures closed an average of 71¢ lower (15¢ to $1.70 lower).

Negotiated cash fed cattle trade was slow to moderate in the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service. Live prices were $3-$4 higher than last week at $188/cwt.

There were a few live sales in Nebraska at $188 on limited trade and light demand, but too few to trend.

Last week, live prices were $186/cwt. in Nebraska and $175-$184 in Kansas on a light test. Dressed prices were $290-$292 in Nebraska and $290-$295 in the western Corn Belt. Live prices in the Texas Panhandle the previous week were $178.

Choice boxed beef cutout value was $1.03 lower Thursday afternoon at $302.56/cwt. Select was $1.25 lower at $274.71/cwt.

Corn futures closed mostly 4¢ to 5¢ lower on likely profit taking.

KC HRW Wheat closed mixed, from 8¢ lower to 8¢ higher.

Soybean futures closed mixed, mostly 5¢ to 6¢ lower through Mar ’24 and then mostly 2¢ to 4¢ higher.

Traders continued to add risk premium to grain and Soybean futures Wednesday.

Corn futures closed mostly 9¢ to 18¢ higher.

KC HRW Wheat closed 31¢ to 41¢ higher.

Soybean futures closed mostly 12¢ to 14¢ higher.

Higher Corn futures weighed on Feeder Cattle, which closed an average of 61¢ lower (27¢ to $1.20 lower), except for an average of 10¢ higher in the back two contracts.

However, recent cash strength and cattle feeders’ continued resolve to hold cattle helped push Live Cattle future an average of 43¢ higher (5¢ to 75¢ higher).

Negotiated cash fed cattle trade ranged from inactive on very light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $186/cwt. in Nebraska, $184-$185 in the western Corn Belt and $175-$184 in Kansas on a light test. Dressed prices were $290-$292 in Nebraska and $290-$295 in the western Corn Belt. Live prices in the Texas Panhandle the previous week were $178.

Choice boxed beef cutout value was $1.09 lower Wednesday afternoon at $303.59/cwt. Select was 65¢ lower at $275.96/cwt.

Stronger fed cattle prices last week and increasing fundamental strength helped lift Live Cattle futures an average of 83¢ higher on Tuesday (30¢ higher near the back to $1.30 higher toward the front).

However, Feeder Cattle futures closed an average of $1.13 lower, pressured by a bounce in Corn futures.

Grain and Soybean futures strengthened as the Black Sea Grain Initiative expired amid Russia’s increased aggression in its ongoing invasion of Ukraine. Increasing weather premiums could have also been in play.

Corn futures closed mostly 19¢ to 29¢ higher.

KC HRW Wheat closed 12¢ to 17¢ higher.

Soybean futures closed mostly 9¢ to 14¢ higher.

Negotiated cash fed cattle trade ranged from inactive on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $186/cwt. in Nebraska, $184-$185 in the western Corn Belt and $175-$184 in Kansas on a light test. Dressed prices were $290-$292 in Nebraska and $290-$295 in the western Corn Belt. Live prices in the Texas Panhandle the previous week were $178.

Choice boxed beef cutout value was $2.10 lower Tuesday afternoon at $304.68/cwt. Select was 87¢ lower at $276.61/cwt.

Stronger fed cattle prices last week and increasing fundamental strength helped lift Live Cattle futures an average of 83¢ higher on Tuesday (30¢ higher near the back to $1.30 higher toward the front).

However, Feeder Cattle futures closed an average of $1.13 lower, pressured by a bounce in Corn futures.

Grain and Soybean futures strengthened as the Black Sea Grain Initiative expired amid Russia’s increased aggression in its ongoing invasion of Ukraine. Increasing weather premiums could have also been in play.

Corn futures closed mostly 19¢ to 29¢ higher.

KC HRW Wheat closed 12¢ to 17¢ higher.

Soybean futures closed mostly 9¢ to 14¢ higher.

Negotiated cash fed cattle trade ranged from inactive on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $186/cwt. in Nebraska, $184-$185 in the western Corn Belt and $175-$184 in Kansas on a light test. Dressed prices were $290-$292 in Nebraska and $290-$295 in the western Corn Belt. Live prices in the Texas Panhandle the previous week were $178.

Choice boxed beef cutout value was $2.10 lower Tuesday afternoon at $304.68/cwt. Select was 87¢ lower at $276.61/cwt.

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Major U.S. financial indices closed higher again Tuesday, driven by more positive quarterly corporate earnings than expected from such notables as Bank of America.

The Dow Jones Industrial Average closed 76 points higher. The S&P 500 closed 17 points higher. The NASDAQ was up 131 points.

West Texas Intermediate Crude Oil futures (CME) closed $1.38 to $1.60 higher through the front six contracts.

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Based on recent price strength and tightening cattle supplies, USDA’s Economic Research Service (ERS) increased expected feeder steer prices (750-800 pounds, Oklahoma City) in the July Livestock, Dairy and Poultry Outlook.

“In the first half of 2023, feedlot placements, as well as feeder and stocker sales receipt data, point to a faster pace than what was expected at the beginning of this year,” ERS analysts explain. “Further, improving pasture conditions, relatively cheaper corn prices, and the prospect for higher fed cattle prices have fueled feeder cattle sales. In turn, this likely lowers the expected supply for feeder cattle available in the second half of 2023, which will likely further elevate feeder cattle prices.”

Compared to the previous month, projected prices increased $17 in the third quarter to $241/cwt. and $20 in the fourth quarter to $246. The 2023 annual price increased $9.87 to $220.49. Prices were projected $23 higher for the first quarter of 2024 at $245. The forecast 2024 feeder steer price increased $23.75 to $245.

As mentioned recently in Cattle Current, the ERS also increased expected fed steer prices (five-area direct) for the remainder of this year to $178/cwt. in the third quarter and $183 in the fourth quarter for an annual average price of $175.24. Next year’s annual average fed steer price was forecast to be $183.50.

“Fed steer prices in the 5-area marketing region established a new record for the week ending June 11 of $188.75/cwt.,” ERS analysts say. “This was likely buoyed by a boost in packer margins supported by weekly comprehensive wholesale boxed beef values in June that climbed as high as 24% above year-ago levels at $325.29/cwt. for the week of June 23.”

Cash strength and weaker Corn futures helped lift Feeder Cattle futures Monday.

Feeder Cattle futures closed an average of $1.80 higher.

Live Cattle futures closed narrowly mixed, from an average of 18¢ lower in three contracts to an average of 34¢ higher (7¢ to 75¢ higher).

Apparently, the trade wasn’t buying reports of Russia pulling out of the Black Sea Grain initiative, set to expire on Tuesday without renewal. Grain futures were stronger right after the reports but lost ground throughout the session.

Corn futures closed mostly 6¢ to 8¢ lower.

KC HRW Wheat closed mostly 7¢ to 13¢ lower.

Soybean futures closed mostly 2¢ to 7¢ higher.

Negotiated cash fed cattle trade was inactive on very light demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were generally $3 higher in Nebraska at $186/cwt., $1-$2 higher in the western Corn belt at $184-$185 and from $3 lower to $6 higher in Kansas at $175-$184. Dressed prices were steady to $2 higher in Nebraska at $290-$292 and steady to $5 higher in the western Corn Belt at $290-$295.

Live prices in the Texas Panhandle the previous week were $178.

The five-area direct weighted average fed steer price last week was $2.21 higher on a live basis at $184.27/cwt. The average fed steer price in the beef was $1.35 higher at $291.34.

Choice boxed beef cutout value was 84¢ higher Monday afternoon at $306.78/cwt. Select was 87¢ lower at $275.74/cwt.

Negotiated cash fed cattle trade was slow on light to moderate demand in Nebraska and the western Corn Belt through Friday afternoon, according to the Agricultural Marketing Service.

Live prices in the western Corn Belt were $183-$186/cwt., which was $1-$2 higher than the previous week when dressed prices were $290.

Although too few to trend, there were a few live sales in Nebraska at $186 and a few in the beef at $291. Prices the previous week were $183.00-$186.50 and $290, respectively.

Trade in the Southern Plains remained inactive on very light demand. Prices the previous week were $178.

Live Cattle futures closed higher Friday, buoyed by stronger cash prices in the North, dragging Feeder Cattle along.

Live Cattle futures closed an average of $2.02 higher ($1.15 at the back to $3.27 higher in spot Aug).

Feeder Cattle futures closed an average of $1.97 higher.

Choice boxed beef cutout value was 97¢ lower Friday afternoon at 305.94/cwt. Select was $3.57 lower at $276.61.

Estimated total cattle slaughter last week was 633,000, which was 94,000 head more than the previous holiday-shortened week. Estimated year-to-date total cattle slaughter was 17.5 million head, which was 662,000 head fewer (-3.6%). Estimated year-to-date beef production of 15 billion pounds was 709.6 million pounds less (-4.7%).

Turning to the grain complex, Grain and Soybean futures closed higher Friday, supported by the lower U.S. dollar and the looming deadline to extend the Black Sea Grain initiative.

Corn futures closed mostly 7¢ to 13¢ higher.

Soybean futures closed mostly 4¢ to 9¢ higher.

KC HRW Wheat closed mostly 22¢ to 23¢ higher.

Traders seemed to reconsider their initial reaction to Wednesday’s WASDE, fueling gains in Corn and Soybeans. The looming deadline to extend the Black Sea Grain initiative may have added support.

Corn futures closed mostly 12¢ to 16¢ higher.

Soybean futures closed mostly 29¢ to 43¢ higher.

KC HRW Wheat closed 2¢ to 5¢ higher.

The bounce higher in Corn futures weighed on Cattle futures Thursday, especially Feeder Cattle.

Feeder Cattle futures closed an average of $2.36 lower (57¢ to $1.42 lower).

Live Cattle futures closed an average of 32¢ lower, except for unchanged and 2¢ higher in two contracts.

Negotiated cash fed cattle trade was mostly inactive on light demand in all regions through Thursday afternoon, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $4.07 lower Thursday afternoon at 306.91/cwt. Select was 92¢ lower at $280.18/cwt.

Although USDA’s Economic Research Service (ERS) surprised some by making yield adjustments in the latest World Agricultural Supply and Demand Estimates — those usually come later in the growing season — Corn futures fell with higher estimated ending stocks.

Corn futures closed 12¢ to 22¢ lower through Sep ‘24 and then mostly 7¢ to 9¢ lower.

Soybean futures closed mostly 25¢ to 32¢ lower.

KC HRW Wheat closed mostly 7¢ to 16¢ lower.

Even so, Cattle futures closed lower on the day following strong action earlier; perhaps driven by profit taking.

Feeder Cattle futures closed an average of $1.20 lower (57¢ to $1.42 lower).

Live Cattle futures closed an average of $1.48 lower (62¢ to $1.95 lower).

Negotiated cash fed cattle trade was inactive with very light demand in all regions through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $178/cwt. in the Southern Plains, $183.00-$186.50 in Nebraska and $182-$184 in the western Corn Belt. Dressed prices were $290.

Choice boxed beef cutout value was $1.14 lower Wednesday afternoon at $310.98/cwt. Select was 86¢ lower at $281.10/cwt.

Cattle futures continued to churn higher Tuesday.

Feeder Cattle futures closed an average of 97¢ higher. Live Cattle futures closed an average of 94¢ higher (40¢ to $1.77 higher).

Corn and Soybean futures closed higher on likely positioning ahead of Wednesday’s World Agricultural Supply and Demand Estimates.

Corn futures closed 1¢ to 3¢ higher.

Soybean futures closed mostly 10¢ to 12¢ higher.

KC HRW Wheat closed mostly 6¢ 8¢ higher.

Negotiated cash fed cattle trade was inactive with very light demand in all regions through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $178/cwt. in the Southern Plains, $183.00-$186.50 in Nebraska and $182-$184 in the western Corn Belt. Dressed prices were $290.

Choice boxed beef cutout value was $1.67 lower Tuesday afternoon at $312.12/cwt. Select was $2.09 lower at $280.24/cwt.

Stellar cash demand for calves and feeder cattle, along with steady to stronger cash fed cattle prices last week helped Cattle futures extend gains Monday.

Feeder Cattle futures closed an average of 65¢ higher (10¢ higher at the back to $1.00 higher).

Live Cattle futures closed an average of 40¢ higher.

Negotiated cash fed cattle trade ranged from mostly inactive with very light demand to a standstill through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live prices were steady to $1 lower in the Southern Plains at $178/cwt., $1.00 to $1.50 higher in Nebraska at $183.00-$186.50 and steady to $2 higher in the western Corn Belt at $182-$184. Dressed prices were steady at $290.

The five-area direct weighted average fed steer price last week was $182.06 on a live basis, up 73¢ from the previous week. The average fed steer price in the beef was 65¢ higher at 289.99.

Choice boxed beef cutout value was $3.11 lower Monday afternoon at $313.79/cwt. Select was $3.30 lower at $282.33/cwt.

Corn and Soybean futures closed higher on likely profit taking and positioning ahead of Wednesday’s World Agricultural Supply and Demand Estimates.

Corn futures closed mostly 4¢ to 5¢ higher.

Soybean futures closed 17¢ to 27¢ higher through Aug ’24 and then mostly 12¢ to 15¢ higher.

KC HRW Wheat closed mostly 3¢ to 7¢ lower

Lower Corn futures and producer leverage demonstrated by the week’s cash fed cattle trade helped push Cattle futures higher on Friday.

Feeder Cattle futures closed an average of $2.58 higher ($1.80 at the back to $3.27 higher toward the front).

Live Cattle futures closed an average of $1.13 higher (42¢ higher near the back to $2.42 higher at the front).

Negotiated cash fed cattle trade ranged from slow with light to moderate demand in the North, to limited on light demand in the South through Friday afternoon, according to the Agricultural Marketing Service.

For the week, live prices were steady to $1 lower in the Southern Plains at $178/cwt., steady to $1 higher in Nebraska at $183-$185 and steady to $3 higher in the western Corn Belt at $183-$184. Dressed prices were steady at $290.

Choice boxed beef cutout value Friday afternoon was $2.97 lower at $316.90/cwt. Select was $4.34 lower at $285.63/cwt.

Estimated total cattle slaughter for the holiday-shortened week of 539,000 head was 108,000 head fewer than the previous week and 49,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 16.8 million head was 3.6% less year over year. Year-to-date estimated beef production of 13.8 billion pounds was 676.9. million pounds less (-4.7%).

Corn and Soybean futures closed lower on a wetter weekend outlook and perhaps some positioning ahead of next week’s World Agricultural Supply and Demand Estimates, which will be USDA’s first opportunity to make adjustments to forecast yields. 

Corn futures closed mostly 6¢ to 12¢ lower.

Soybean futures closed mostly 16¢ to 21¢ lower.

KC HRW Wheat closed 21¢ to 25¢ lower.

Feeder Cattle futures continued to adjust lower, down an average of $2.32 amid a bounce in Corn futures.

Live Cattle futures closed an average of 39¢ lower with apparent pressure from sliding seasonal wholesale beef values.

Corn futures bounced back Thursday with a gloomier weather outlook. They closed 12¢ to 18¢ higher through Jly ‘24, and then 6¢ to 7¢ higher.

Soybean futures closed lower on oversold conditions. They were down 15¢ to 24¢ lower through Jan ‘24, and then 7¢ to 12¢ lower.

KC HRW Wheat closed mixed, fractionally lower to 6¢ lower through May ’24 and then 3¢ to 6¢ higher.

Negotiated cash fed cattle trade ranged from slow on light demand to mostly inactive on very light demand through Thursday afternoon, according to the Agricultural Marketing Service.

On light trade, live prices were steady to $1 lower in the Southern Plains at $178/cwt. and unevenly steady in the western Corn Belt at $179-$184, where dressed prices last week were $290.

Last week, live prices in Nebraska were $180-$183 on a live basis and $290 in the beef.

Choice boxed beef cutout value was $2.91 lower Thursday afternoon at $319.87/cwt. Select was $2.72 lower at $289.97/cwt.

Cattle futures showed signs of modest correction Wednesday as traders await direction from the week’s cash market.

Feeder Cattle futures closed an average of $2.79 lower ($2.17 to $3.25 lower).

Live Cattle futures closed an average of $1.14 lower (72¢ to $1.87 lower).

Negotiated cash fed cattle trade ranged from mostly inactive with very light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $179/cwt. in the Texas Panhandle, $178 in Kansas, $182-$185 in Nebraska and $180-$183 in the western Corn Belt at $180-$183. Dressed prices were $290.

Choice boxed beef cutout value was $5.56 lower Wednesday afternoon at $322.78/cwt. Select was $1.61 lower at $292.69/cwt.

Wheat futures bounced higher Wednesday amid selling fatigue and concerns about Russia’s sword rattling.

KC HRW Wheat closed 25¢ to 50¢ higher.

Corn and Soybean futures held their own with static week over week crop conditions.

Corn futures closed mostly 1¢ to 3¢ higher, except for the front two contracts.

Soybean futures closed mostly 1¢ to 8¢ higher through Aug ‘24, and then 11¢ to 13¢ higher.

Negotiated cash fed cattle trade was at a standstill through Monday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $1 lower in the Texas Panhandle at $179/cwt., $2 lower in Kansas at $178, steady in Nebraska at $182-$185 and $2-$4 lower in the western Corn belt at $180-$183. Dressed prices were steady at $290.

The weighted average five-area direct fed steer price last week was $181.33/cwt. on a live basis, which was $1.24 lower than the previous week. The average fed steer price in the beef was 47¢ lower at $289.34.

Choice boxed beef cutout value was 62¢ higher Monday afternoon at $328.34/cwt. Select was 67¢ higher at $294.30/cwt.

Cattle futures mostly held their ground Monday.

Feeder Cattle futures closed an average of 63¢ higher (32¢ to $1.17 higher).

Live Cattle futures closed narrowly mixed, from an average of 17¢ lower in the front four contracts to an average of 34¢ higher.

Corn futures firmed some Monday with likely support from rallying Soybeans.

Corn futures closed mixed, mostly 2¢ lower to 1¢ higher.

Soybean futures closed mostly 22¢ to 31¢ higher, building on Fridays Acreage report.

KC HRW Wheat closed mostly 1¢ to 6¢ lower.

Cattle futures climbed Friday as Corn futures slid on the bearish Acreage report (see below).

Feeder Cattle futures closed an average of $4.03 higher ($3.15 to $5.20 higher).

Live Cattle futures closed an average of $1.51 higher (65¢ higher at the back to $2.67 higher in new spot Aug).

Week to week on Friday, Feeder Cattle futures were up an average of $11.10 and Live Cattle futures were up an average of $3.68.

Negotiated cash fed cattle trade was mostly slow with light to moderate demand through Friday afternoon, according to the Agricultural Marketing Service.

Although too few to trend, there were a few live trades in the Texas Panhandle at $179/cwt. and at $182-$183 in the western Corn Belt. There were a few dressed trades in Nebraska at $290.

The only established trade for the week was in Kansas where live prices were $2 lower at $178.

Last week, live prices were $180/cwt. in the Southern Plains $182-$185 in Nebraska and $184-$185 in the western Corn Belt. Dressed prices were $290.

Choice boxed beef cutout value was 33¢ lower Friday afternoon at $327.72/cwt. Select was $3.55 lower at $293.63/cwt.

Estimated total cattle slaughter last week of 644,000 head was 5,000 head fewer than the previous week but 3,000 more than the same week last year. Year-to-date estimated total cattle slaughter of 16.3 million head was 580,000 head (-3.4%) less. Estimated year-to-date beef production of 13.34 billion pounds was 635.6 million pounds less (-4.5%).

Cattle futures continued to gain Thursday on Corn weakness.

Feeder Cattle futures closed an average of $1.41 higher (90¢ to $2.12 higher).

Live Cattle futures closed an average of 43¢ higher.

Corn futures closed 6¢ to 9¢ lower.

Soybean futures closed mostly fractionally lower to 4¢ lower, except for gains in the front four contracts.

KC HRW Wheat closed mostly 7¢ to 10¢ lower.

Negotiated cash fed cattle trade ranged from mostly limited on light demand to mostly inactive on light demand through Thursday afternoon, according to the Agricultural Marketing Service.

There were a few live trades in Nebraska at $182/cwt., but too few to trend.

So far this week, live sales in Kansas are $2 lower at $178.

Last week, live prices were $180/cwt. in the Southern Plains $182-$185 in Nebraska and $184-$185 in the western Corn Belt. Dressed prices were $290.

Choice boxed beef cutout value 15¢ higher Thursday afternoon at $328.05/cwt. Select was 50¢ higher at $297.18/cwt.

Feeder Cattle futures maintained upward momentum as Corn futures continued to decline.

Feeder Cattle futures closed an average of $1.32 higher.

Live Cattle futures closed an average of 75¢ higher through Feb ‘24 (32¢ to $1.37 higher) and then unchanged to an average of 48¢ lower.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.

So far this week, live sales in Kansas are $2 lower at $178/cwt.

Last week, live prices were $180/cwt. in the Southern Plains $182-$185 in Nebraska and $184-$185 in the western Corn Belt. Dressed prices were $290.

Choice boxed beef cutout value was $1.33 lower Wednesday afternoon at $327.90/cwt. Select was $1.75 lower at $296.68/cwt.

More rain forecast for the Corn Belt took grain and Soybean futures lower for the second consecutive session.

Corn futures closed 20¢ to 33¢ lower through Jly ‘24 and then 3¢ to 10¢ lower.

Soybean futures closed 28¢ to 44¢ lower through Jan ‘24 and then mostly 22¢ to 24¢ lower.

KC HRW Wheat closed 18¢ to 33¢ lower. 

Cattle futures rallied Tuesday, buoyed by declining Corn futures.

Feeder Cattle futures closed an average of $4.02 higher.

Live Cattle futures closed an average of $1.55 higher ($1.22 to $2.05 higher).

Corn futures took a sharp step lower, pressured by more rain forecast in the Corn Belt and despite deteriorating crop conditions displayed in the previous day’s weekly Crop Progress report. Keep in mind Acreage and Grain Stocks reports out Friday.

Corn futures closed mostly 15¢ to 27¢ lower.

Soybean futures closed 20¢ to 29¢ lower through Sep ‘24 and then mostly 17¢ lower.

KC HRW Wheat closed 20¢ to 28¢ lower.

Negotiated cash fed cattle trade ranged from light on light demand in the Southern Plains to mostly inactive on very light demand through Tuesday afternoon, according to the Agricultural Marketing Service.

Although too few to trend, there were a few live sales in Kansas at $178/cwt.

Last week, live prices were $180 in the Southern Plains $182-$185 in Nebraska and $184-$185 in the western Corn Belt. Dressed prices were $290.

Choice boxed beef cutout value was $3.81 lower Tuesday afternoon at $329.23/cwt. Select was $1.24 lower at $298.43/cwt.

Although Friday’s Cattle on Feed report seemed to bring pressure early in the session, the reaction faded quickly as the day progressed in Cattle futures amid light trade.

Feeder Cattle futures closed an average of 61¢ higher, except for an average of 17¢ lower in the front three contracts.

Live Cattle futures closed narrowly mixed, from an average of 29¢ lower to an average of 13¢ higher.

Negotiated cash fed cattle trade was at a standstill in all regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $180/cwt. in the Southern Plains, $182-$185 in Nebraska and $184-$185 in the western Corn Belt. Dressed prices were $290.

The weighted average five-area direct fed steer price last week was $2.35 lower on a live basis at $182.57/cwt. The average fed steer price in the beef was $6.26 lower at $289.81.

Choice boxed beef cutout value was 97¢ lower Monday afternoon at $333.04/cwt. Select was 29¢ lower at $299.67/cwt.

Grain and Soybean futures closed mostly higher Monday, balancing weekend rains across much of the Corn Belt with geopolitical tensions in Russia.

Corn futures closed mostly 1¢ to 5¢ higher, except for mostly fractionally mixed from near Sep through near May.

Soybean futures closed 12¢ to 26¢ higher through Aug ‘24 and then mostly 9¢ to 12¢ higher. 

KC HRW Wheat closed mostly 5¢ higher.

Weather forecasts continued to whipsaw grain markets on Friday with Corn and Soybean futures closing sharply lower on the wet weekend outlook for the Corn Belt, as well as overbought conditions.

Corn futures closed mostly 22¢ to 32¢ lower.

Soybean futures closed 18¢ to 29¢ lower through Jly ‘24 (except for 6¢ and 14¢ lower in the front two contracts) and then mostly 6¢ to 8¢ lower.

KC HRW Wheat closed mostly 10¢ to 18¢ lower.

Feeder Cattle futures surged an average of $2.80 higher Friday ($2.20 to $3.27 higher) as Corn futures slid lower.

Live Cattle futures tread water with pressure from the week’s softer cash trade and lower wholesale beef prices. They closed an average of 17¢ higher, except for an average of 23¢ lower in the front three contracts.

Negotiated cash fed cattle trade was inactive on light demand in all regions through Friday afternoon, with too few transactions to trend in any region, according to the Agricultural Marketing Service.

For the week, live prices were $2 lower in the Southern Plains at $180/cwt., $3-$4 lower in Nebraska at $182-$185 and $2-$3 lower in the western Corn Belt at $184-$185. Dressed prices were $6 lower in Nebraska at $290 and $6-$10 lower in the western Corn Belt at $290.

Choice boxed beef cutout value was 46¢ lower Friday afternoon at $334.01/cwt. Select was $3.84 lower at $299.96/cwt. The Choice Select spread was the highest since last October at $34.05.

Estimated total cattle slaughter last week of 649,000 head was 15,000 head more than the previous week, but 16,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 15.6. million head was 587,000 head less (-3.6%) that the same time last year. Year-to-date estimated beef production of 12.8 billion pounds was 638 million pounds less (-4.7%).

Cattle futures found some traction Thursday with a let up in Corn futures and perhaps some short covering.

Live Cattle futures closed an average of $1.24 higher (40¢ to $1.72 higher).

Feeder Cattle futures closed an average of $3.07 higher ($2.55 to $3.45 higher).

Corn and Soybean futures took a breather Thursday from the recent steep run-up.

Corn futures closed mostly 7¢ to 8¢ lower.

Soybean futures closed 14¢ to 40¢ lower through Sep ‘24 and then mostly 6¢ lower.

KC HRW Wheat closed mostly 5¢ to 6¢ higher.

Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive on very light demand through Thursday afternoon, with too few transactions to trend in any region, according to the Agricultural Marketing Service.

So far this week, live prices are $2 lower in the Southern Plains at $180/cwt., $3-$4 lower in Nebraska at $182-$185 and $2-$3 lower in the western Corn Belt at $184-$185.

Last week, dressed prices were $296 in Nebraska and $294-$300 in the western Corn Belt.

Choice boxed beef cutout value was 22¢ higher Thursday afternoon at $334.47/cwt. Select was 45¢ lower at $303.80/cwt.

Corn and Soybean futures bounced sharply higher Wednesday, fueled by the eroding crop conditions revealed in the weekly Crop Progress report and spawned by intensifying drought in the Corn Belt.

Corn futures closed mostly 20¢ to 31¢ higher through Sep ‘24 and then mostly 10¢ to 18¢ higher.

Soybean futures closed 23¢ to 37¢ higher through Aug ‘24 and then mostly 15¢ higher.

KC HRW Wheat closed mostly 27¢ to 37¢ higher.

Those gains cast a bearish shadow across Feeder Cattle futures, which closed an average of $3.67 lower ($2.92 to $4.42 lower).

Live Cattle faded most of the heat, supported by current cash premiums and despite lower cash fed cattle prices so far this week and recent sharp declines in wholesale beef values. Live Cattle closed an average of 34¢ lower, except for 12¢ and 5¢ higher in the front two contracts.

Keep in mind the monthly Cattle on Feed report comes out Friday.

Negotiated cash fed cattle trade ranged from limited on light demand to slow on light demand through Wednesday afternoon, according to the Agricultural Marketing Service.

So far this week, live prices are $2 lower in the Southern Plains at $180/cwt. and $2-$3 lower in the western Corn Belt at $184-$185, where dressed prices last week were $294-$300.

Although too few to trend, there were some live sales in Nebraska at $182-$185. Last week, live prices there were $185-$189 on a live basis and $296 in the beef.

Choice boxed beef cutout value was $2.66 lower Wednesday afternoon at $334.25/cwt. Select was $3.68 lower at $304.25/cwt.

Cattle futures started the trading week lower with pressure from last week’s weaker fed cattle prices, increasing feed costs, lower wholesale beef values and bearish outside markets.

Live Cattle futures closed an average of $1.49 lower ($1.02 to $2.02 lower).

Feeder Cattle futures closed an average of $2.25 lower ($1.47 to $2.77 lower).

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $182/cwt. in the Southern Plains, $185-$189 in Nebraska and $186-$188 in the western Corn Belt. Dressed prices were $296 in Nebraska and $294-$300 in the western Corn Belt.

Choice boxed beef cutout value was $3.23 lower Tuesday afternoon at $336.91/cwt. Select was $2.83 lower at $307.93/cwt.

Corn and Soybean futures retained last week’s sharp gains on Tuesday as new-crop conditions erode (see below).

Corn futures closed mostly 2¢ to 6¢ higher.

Soybean futures closed mostly 1¢ to 7¢ higher.

KC HRW Wheat closed mostly narrowly mixed from 4¢ lower to 1¢ higher.

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $3-$4 lower in the Southern Plains at $182/cwt., $2-$5 lower in Nebraska at $185-$189 and $2-$4 lower in the western Corn Belt at $186-$188. Dressed prices were $4 lower in Nebraska at $296 and steady to $4 lower in the western Corn Belt at $294-$300.

The five-area direct weighted average fed steer price for the week was $3.83 lower at $184.92 on a live basis. The weighted average in the beef was $3.14 lower at $296.07.

Choice boxed beef cutout value was $2.95 lower Monday afternoon at $340.14/cwt. Select was 9¢ lower at $310.76/cwt.

Futures markets and equity markets were closed Monday in observance of Juneteenth.

Cattle futures continued to bounce back Friday with another day of higher wholesale beef values and perhaps some positioning ahead of the long weekend.

Live Cattle futures closed an average of $1.26 higher. They were an average of 92¢ higher week to week.

Feeder Cattle futures closed an average of 71¢ higher (42¢ to $1.02 higher). Week to week on Friday, they closed an average of $3.56 lower ($3.20 to $4.07 lower).

That was with Corn and Soybean futures continuing to chug higher, riding the rails of drought worries.

Corn futures closed mostly 13¢ to 24¢ higher through Sep ‘24 and then mostly 9¢ to 11¢ higher. Week to week, they were an average of 58’9¢ higher through the front six contracts.

Soybean futures closed 31¢ to 50¢ higher through Aug ‘24 and then mostly 20¢ higher. Week to week on Friday, there were about $1.20 higher through the front six contracts.

KC HRW Wheat closed mostly 21¢ to 31¢ higher on Friday.

Live Cattle futures edged higher Thursday, supported by higher wholesale beef values. Live Cattle closed an average of 25¢ higher, except for 10¢ lower in the back contract.

Negotiated cash fed cattle trade ranged from slow with light to moderate demand in the North to mostly inactive with very light demand in the South through Thursday afternoon, according to the Agricultural Marketing Service.

Although too few to trend, there were some early live sales in Nebraska at $185/cwt. and $188 in the western Corn Belt. There were a few dressed sales in Nebraska at $294.00-$296.50.

Last week, live prices were $185/cwt. in the Texas Panhandle, $186 in Kansas, $189-$192 in Nebraska and $190 in the western Corn Belt. Dressed prices were $300 in Nebraska and $298-$300 in the western Corn Belt.

Choice boxed beef cutout value was $3.01 higher Thursday afternoon at $342.07/cwt. Select was 32¢ higher at $309.58/cwt.

Feeder Cattle futures closed an average of $1.53 lower, pressured by significantly higher Corn futures prices and the related stall to improving conditions.

According to the latest weekly U.S. Drought Monitor (beginning June 13), drought conditions existed in 25% of the continental U.S. versus 22% a week earlier. For the same time period, 42% of cattle inventory was affected by the drought, which was 2% more than the previous week and 6% more than two weeks earlier.

Cattle futures closed sharply lower Wednesday, apparently driven by fund selling and likely pressure from outside markets.

Live Cattle futures closed an average of $2.53 lower ($1.97 to $2.95 lower).

Feeder Cattle futures closed an average of $4.35 lower.

Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $185/cwt. in the Texas Panhandle, $186 in Kansas, $189-$192 in Nebraska and $190 in the western Corn Belt. Dressed prices were $300 in Nebraska and $298-$300 in the western Corn Belt.

Choice boxed beef cutout value was $1.07 higher Wednesday afternoon at $339.06/cwt. Select was 22¢ lower at $309.26/cwt.

Corn futures closed 1¢ to 4¢ lower through Jly ‘24 and then mostly 1¢ higher.

Soybean futures closed mostly fractionally mixed.

KC HRW Wheat closed mostly 10¢ lower.

Cattle futures faded pressure early in Tuesday’s session to closer higher.

Live Cattle futures closed an average of 70¢ higher (35¢ to $1.02 higher), except for 10¢ lower in the back contract.

Feeder Cattle futures closed an average of $1.12 higher.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $185/cwt. in the Texas Panhandle, $186 in Kansas, $189-$192 in Nebraska and $190 in the western Corn Belt. Dressed prices were $300 in Nebraska and $298-$300 in the western Corn Belt.

Choice boxed beef cutout value was 56¢ higher Tuesday afternoon at $337.99/cwt. Select was 76¢ lower at $309.38/cwt.

Deteriorating crop conditions helped boosted Corn and Soybean futures Tuesday. 

Corn futures closed mostly 1¢ to 2¢ higher.

Soybean futures closed mostly 18¢ to 30¢ higher.

KC HRW Wheat closed 2¢ to 4¢ lower through May ‘24, and then 1¢ to 3¢ higher.

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, Live prices were $5-$10 higher in the Texas Panhandle at $185/cwt., $6-$8 higher in Kansas at $186, steady to $9 higher in Nebraska at $189-$192 and $3-$5 higher in the western Corn Belt at $190. Dressed prices were $8-$15 higher in Nebraska at $300 and $8-$10 higher in the western Corn Belt at $298-$300.

The weighted average five-area direct fed steer price last week was $188.75/cwt. on a live basis, which was $6.72 more than the previous week. The average fed steer price in the beef was $9.16 higher at $299.21.

Choice boxed beef cutout value was $4.50 higher Monday afternoon at $337.43/cwt. Select was $4.53 higher at $210.24/cwt.

Last week’s strong gains in cash fed cattle prices and wholesale beef values helped lift Live Cattle futures higher on Monday, dragging Feeder Cattle along.

Live Cattle futures closed an average of $1.24 higher.

Feeder Cattle futures closed an average of 50¢ higher.

Corn futures closed mostly 10¢ to 18¢ higher, apparently driven once again by the latest weather outlook in the Corn Belt — drier this time.

Soybean futures closed mostly 3¢ to 8¢ higher, except for lower in the front two contracts.

KC HRW Wheat closed mostly fractionally mixed through May ‘24, and then 3¢ to 4¢ lower.

Negotiated cash fed cattle trade was moderate with good demand in Kansas through Friday afternoon with prices $6-$8 higher at $186/cwt., according to the Agricultural Marketing Service.

Live trade in Nebraska was slow on light demand. Live prices were $1-$2 lower than Wednesday at $189, but steady to $8 higher for the week at $189-$191. Dressed prices for the week were $8-$15 higher at $300.

Elsewhere, trade ranged from limited on light demand to mostly inactive with very light demand.

For the week, live prices were $5-$10 higher in the Texas Panhandle at $185 and $3-$5 higher in the western Corn Belt at $190, where dressed prices were $8-$10 higher at $298-$300.

Choice boxed beef cutout value was $4.20 higher Friday afternoon at $332.93/cwt. Select was $1.61 higher at $305.71/cwt. Week to week on Friday, Choice was up $23 and Select was $14.78 higher.

Estimated weekly total cattle slaughter last week of 621,000 head was 48,000 head more than the previous holiday-shortened week but 50,000 fewer than the same week last year. Year-to-date estimated total cattle slaughter of 14.4 million head was 528,000 head fewer (-3.5%) than the same time a year earlier. Estimated year-to-date beef production of 11.8 billion pounds was 592.5 million pounds less (-4.8%) than a year earlier.

Cattle futures closed narrowly mixed Friday, despite strong weekly gains in cash cattle and wholesale beef values.

Live Cattle futures closed narrowly mixed, from an average of 38¢ lower to an average of 14¢ higher. Week to week on Friday, they closed an average of $1.71 lower ($1.05 to $2.17 lower), except for $1.80 higher in spot Jun.

Feeder Cattle futures closed mixed, from an average of 44¢ lower (15¢ to $1.00 lower) to an average of 21¢ higher. Week to week on Friday, they closed an average of $2.86 lower ($2.02 to $3.50 lower).

Corn futures closed mostly 3¢ to 5¢ lower Friday, pressured by the bearish demand outlook proffered in the latest World Agricultural Supply and Demand Estimates.

Soybean futures closed mostly 12¢ to 16¢ higher, boosted by soybean oil.

KC HRW Wheat closed 7¢ to 10¢ lower through May ‘24, and then mostly 1¢ to 2¢ lower.

There was no afternoon negotiated cash fed cattle trade summary from AMS at press time but it sounded like feedlots in the Southern Plains were holding out for more money.

In the North, through Wednesday, dressed sales in Nebraska were $8-$15 higher at $300/cwt. and live sales in the western Corn Belt were $3-$5 higher at $190. Trade in the Southern Plains last week was at $175-$180.

Wholesale beef prices continued higher. Choice boxed beef cutout value was $3.54 higher Thursday afternoon at $328.73/cwt. Select was $2.54 higher at $304.10/cwt.

Both Live Cattle and Feeder Cattle futures closed an average of 90¢ lower, though bullish fundamentals remain.

Corn and Soybean futures closed higher with support from expanded drought coverage in the Corn Belt. Perhaps there was also positioning ahead of Friday’s World Agricultural Supply and Demand Estimates.

Corn futures closed mostly 3¢ to 5¢ higher.

Soybean futures closed mostly 10¢ to 12¢ higher.

KC HRW Wheat closed 14¢ to 18¢ higher, buoyed in part by Russia’s saber rattling over the Black Sea Initiative.

Negotiated cash fed cattle prices continued higher Wednesday.

Dressed sales in Nebraska were $8-$15 higher at $300/cwt. on light trade and good demand. There were some early live sales at $188-$194, but too few to trend, according to the Agricultural Marketing Service. Live prices there last week were $183-$189.

Live sales in the western Corn Belt continued $3-$5 higher at $190 on light trade and good demand. Although too few to trend, there were some dressed sales at $300. Dressed prices there last week were $288-$292.

Trade in the Southern Plains was very limited on moderate to good demand with too few transactions to establish the market. Last week, live prices were $175-$180 in the Texas Panhandle and $178-$180 in Kansas.

Wholesale beef prices continued higher. Choice boxed beef cutout value was $3.79 higher Wednesday afternoon at $325.19/cwt. Select was $2.12higher at $301.56/cwt.

Even so, Cattle futures closed sharply lower amid likely technical selling and profit taking.

Live Cattle futures closed an average of $2.34 lower (82¢ lower in spot Jun to $2.82 lower).

Feeder Cattle futures closed an average of $3.76 lower ($2.72 lower at the back to $4.27 lower).

Another day and another forecast — wetter this time — pressured Corn and Soybean futures Wednesday.

Corn futures closed mostly 7¢ to 10¢ lower.

Soybean futures closed mostly 8¢ to 10¢ lower.

KC HRW Wheat closed 21¢ to 32¢ lower through Jly 24 and then 13¢ to 16¢ lower.

Negotiated cash fed cattle prices stepped $3-$5 higher in the western Corn Belt Tuesday at $190/cwt. according to the Agricultural Marketing Service. Trade was slow on light to moderate demand. Dressed prices there last week were $288-$292.

There were a few early sales in Nebraska through Tuesday afternoon at $190 on a live basis and $300 in the beef, but too few to trend. Last week, live prices were $183-$189 and dressed prices were $285-$292.

Trade in the Southern Plains was mostly inactive with very light demand. Last week, live prices were $175-$180 in the Texas Panhandle and $178-$180 in Kansas.

Stronger cash fed cattle prices helped lift Cattle futures.

Live Cattle futures closed an average of $1.60 higher (97¢ higher toward the back to $2.67 higher in spot Jun).

Feeder Cattle futures closed an average of $1.27 higher (65¢ higher in spot Aug to $1.57 higher at the back).

Resurgent wholesale beef values added support. Choice boxed beef cutout value was $7.21 higher Tuesday afternoon at $321.40/cwt. Select was $2.71 higher at $299.44/cwt.

Corn futures closed 3¢ to 10¢ higher through Jly ‘24 Tuesday on a more bearish weather outlook.

KC HRW Wheat closed 2¢ to 3¢ lower through May’24 and then 9¢ to 13¢ lower.

Soybean futures closed mostly 3¢ to 5¢ higher.

Cattle futures continued higher Monday, helped along by surging wholesale beef prices and softer Corn futures.

Live Cattle futures closed an average of 47¢ higher.

Feeder Cattle futures closed an average of 68¢ higher.

Corn futures softened a touch Monday, following the previous session’s strong gains, perhaps pressured in part by rain forecast in the Corn Belt.

Corn futures closed mostly 2¢ to 4¢ lower.

KC HRW Wheat closed 4¢ to 10¢ higher.

Soybean futures closed mostly 2¢ to 5¢ lower.

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $175-$180/cwt. in the Texas Panhandle, $178-$180 in Kansas, $183-$189 in Nebraska and $185-$187 in the western Corn Belt. Dressed prices were $285-$292 in Nebraska and $288-$292 in the western Corn Belt.

Choice boxed beef cutout value was $4.26 higher Monday afternoon at $314.19/cwt. Select was $5.80 higher at $296.73/cwt.

Negotiated cash fed cattle trade ranged from slow with moderate demand to mostly inactive on light demand through Friday afternoon with too few transactions to trend, according to the Agricultural marketing Service.

For the week, live prices were $5-$9 higher in the Texas Panhandle at $175-$180/cwt., $7-$9 higher in Kansas at $178-$180, $3-$6 higher in Nebraska at $183-$188 and $3-$5 higher in the western Corn Belt at $185-$187. Dressed prices were $5-$6 higher in Nebraska at $285-$292 and $3-$7 higher in the western Corn Belt at $288-$292.

Through Thursday, the five-area direct weighted average fed steer price was $3.64 higher week to week at $181.35. The weighted average dressed steer price was $5.30 higher at $289.66.

Choice boxed beef cutout value was $3.49 higher Friday afternoon at $309.93/cwt. Select was $4.61 higher at $290.93/cwt.

Week to week on Friday, Feeder Cattle futures closed an average of $8.32 higher and Live Cattle futures closed an average of $6.12 higher. On Friday, Live Cattle futures closed an average of 31¢ higher and Feeder Cattle futures closed an average of 25¢ higher.

Grain and soybean futures caught a gear higher Friday, with the latest U.S. drought monitor showing expanding dryness in the Corn Belt. It indicates 34% of U.S. corn and 28% of soybean production was affected by drought June 1.

Corn futures closed mostly 10¢ to 16¢ higher through Jly ‘24 and then 2¢ to 5¢ higher.

Soybean futures closed mostly 12¢ to 18¢ higher.

KC HRW Wheat closed 7¢ to 9¢ higher.

Negotiated cash fed cattle prices roared higher Thursday.

Trade in the Southern Plains was active with very good demand. Live prices were $5-$9 higher in the Texas Panhandle at $175-$180/cwt. and $7-$9 higher in Kansas at $178-$180.

Elsewhere, trade was moderate with very good demand. Live prices were $3-$6 higher in Nebraska at $183-$188 and $3-$5 higher in the western Corn Belt $185-$187. Dressed prices in Nebraska were $5-$6 higher at $285-$292. Last week, dressed prices in the western Corn Belt were $285.

Choice boxed beef cutout value was 60¢ higher Thursday afternoon at $306.44/cwt. Select was 83¢ lower at $286.32/cwt.

The extraordinary ascent of cash fed cattle prices fueled another bounce in Cattle futures.

Live Cattle futures closed an average of $3.65 higher ($2.25 higher at the back to $5.77 higher in spot Jun).

Feeder Cattle futures closed an average of $3.38 higher ($2.47 to $4.20 higher).

Traders appeared to add weather premium to markets Thursday.

Corn futures closed mostly 5¢ to 8¢ higher.

KC HRW Wheat closed 12¢ to 19¢ higher.

Soybean futures closed 18¢ to 29¢ higher though May ‘24 and then mostly 11¢ to 18¢ higher.

Another day of weaker Corn futures and the outlook for steady to stronger cash fed cattle prices this week helped Cattle futures extend gains Wednesday.

Feeder Cattle futures closed an average of $1.46 higher.

Live Cattle futures closed an average of 63¢ higher (25¢ higher in the spot month to $1.10 higher).

Expectations of record production in Brazil helped pressure Corn futures Wednesday.

Corn futures closed mostly 1¢ to 3¢ lower.

KC HRW Wheat closed 2¢ to 6¢ higher in the front three contracts and then mostly 1¢ to 2¢ lower.

Soybean futures closed mostly 6¢ to 16¢ lower.

Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service

Last week, live prices were $170-$171/cwt. in the Texas Panhandle, $171 in Kansas, $180-$182 in Nebraska and $182 in the western Corn Belt. Dressed prices were $280-$286 in Nebraska and $285 in the western Corn Belt.

Choice boxed beef cutout value was 88¢ higher Wednesday afternoon at $305.84/cwt. Select was 62¢ lower at $287.77/cwt.

Last week’s strong cash fed cattle prices, recent higher wholesale beef prices and Tuesday’s break in Corn futures helped propel Cattle futures higher.

Feeder Cattle futures closed an average of $3.24 higher.

Live Cattle futures closed an average of $1.53 higher.

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $170-$171/cwt. in the Texas Panhandle, $171 in Kansas, $180-$182 in Nebraska and $182 the western Corn Belt Dressed. prices were $280-$286 in Nebraska and $285 in the western Corn Belt.

The weighted average five-area direct fed steer price last week was $2.79 higher at $177.94/cwt. The average fed steer price in the beef was $4.02 higher at $284.36.

Choice boxed beef cutout value was $1.03 higher Tuesday afternoon at $304.96/cwt. Select was $2.85 higher at $287.77/cwt.

Grain and Soybean futures closed sharply lower Tuesday as traders appeared to take back weather premium, as well as profits from last week’s rally. 

Corn futures closed mostly 6¢ to 10¢ lower.

KC HRW Wheat closed 22¢ to 35¢ lower in the front five contracts and then 8¢ to 12¢ lower.

Soybean futures closed 30¢ to 41¢ lower through Aug ’24 and then 21¢ to 26¢ lower.

Live Cattle futures continued to grind higher, closing an average of 49¢ higher (5¢ higher at the front to 92¢ higher at the back), supported by stronger cash prices and wholesale beef values.

Feeder Cattle futures closed an average of 75¢ lower in light trade, pressured by the bounce higher in Corn futures.

Grain and Soybean futures closed higher Friday as traders appeared to add weather premium with the dry, hot outlook in the Corn Belt for the next couple of weeks.

Corn futures closed mostly 10¢ to 18¢ higher.

KC HRW Wheat closed 1¢ to 5¢ higher in the front five contracts and then 13¢ to 15¢ higher.

Soybean futures closed 10¢ to 17¢ higher.

Negotiated cash fed cattle trade ranged from inactive on light demand to limited on light demand through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, live prices are $1 higher in the Southern Plains at $171/cwt., $2-$4 higher in Nebraska at $180-$182 and $4-$5 higher in the western Corn Belt at $182. Dressed prices are $4-$5 higher in Nebraska at $285-$286 and $3-$5 higher in the western Corn Belt at $285.

Choice boxed beef cutout value was $1.64 higher Thursday afternoon at $299.94/cwt. Select was 75¢ higher at $284.54/cwt.

Cattle futures continued to edge higher Thursday, supported by the week’s stronger cash prices.

Feeder Cattle futures closed an average of 25¢ higher, except for unchanged at either end of the board.

Live Cattle futures closed an average of 51¢ higher (25¢ to $1.20 higher in spot Jun).

Corn futures closed mostly 2¢ to 4¢ lower Thursday with likely profit taking and positioning ahead of the long weekend.

KC HRW Wheat closed mostly unchanged to 5¢ higher.

Soybean futures closed mostly 9¢ to 12¢ lower.

Negotiated cash fed cattle trade was slow to moderate on moderate demand in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. Prices were $1 higher at $171/cwt.

In Nebraska, trade was slow to moderate with moderate to good demand. Live prices were $2-$4 higher at $180-$182 and dressed prices were $4-$5 higher at $285-$286.

Although too few to trend, there were some live sales in the western Corn Belt at $180-$182 on slow trade with light to moderate demand. Live prices there last week were $177-$178 on a live basis; $280-$282 in the beef.

Cattle futures blossomed with the higher cash fed cattle prices.

Feeder Cattle futures closed an average of $1.33 higher, (87¢ to $2.17 higher).

Live Cattle futures closed an average of $1.04 higher (60¢ to $1.82 higher).

Choice boxed beef cutout value was $2.44 lower Wednesday afternoon at $298.30/cwt. Select was $2.51 higher at $283.79/cwt.

Corn futures closed mostly fractionally higher to 3¢ higher.

KC HRW Wheat closed mostly 15¢ to 29¢ lower.

Soybean futures closed mostly 2¢ to 4¢ lower.

Cattle futures traded mixed Monday, holding their own in the face of higher grain futures.

Feeder Cattle futures closed an average of 36¢ higher, except for an average of 15¢ lower in two contracts.

Live Cattle futures closed mixed, from an average of 38¢ lower (10¢ to 70¢ lower) through Feb and then unchanged to an average of 10¢ higher.

Grain and Soybean futures bounced back some Monday with apparent technical resistance to the downside and perhaps some weather premium with the drier, hotter near-term outlook in parts of the Corn Belt.

Corn futures closed mostly 7¢ to 8¢ higher.

KC HRW Wheat closed fractionally higher to 3¢ higher.

Soybean futures closed mostly 15¢ to 21¢ higher.

Negotiated cash fed cattle trade was at a standstill in all regions through Monday afternoon, according to the Agricultural Marketing Service.

For the week, live prices were steady in the Southern Plains at $170/cwt., $2 higher in Nebraska at $178 and steady to $3 higher in the western Corn Belt at $177-$178. Dressed prices were steady to $2 higher at $280-$282.

The five-area direct weighted average fed steer price was $1.02 higher last week at $175.15/cwt. The weighted average fed steer price in the beef was $1.36 higher at $280.84.

Choice boxed beef cutout value was $2.80 higher Monday afternoon at $303.90/cwt. Select was 51¢ lower at $283.43/cwt.

Negotiated cash fed cattle trade was mostly slow on light to moderate demand through Friday afternoon, according to the Agricultural Marketing Service.

For the week, live prices were steady in the Southern Plains at $170/cwt., $2 higher in Nebraska at $178 and $1-$3 higher in the western Corn Belt at $178. Dressed prices in Nebraska were steady to $2 higher at $280-$282.

Stronger cash fed cattle prices in the North, coupled with erosion in Corn futures helped lift Cattle futures again on Friday.

Feeder Cattle futures closed an average of 64¢ higher (17¢ to 77¢ higher).

Live Cattle futures closed an average of 49¢ higher.

Choice boxed beef cutout value was $2.79 higher Friday afternoon at $301.10/cwt. Select was 33¢ higher at $283.94/cwt.

Estimated total cattle slaughter last week of 642,000 head was 4,000 head fewer than the previous week and 15,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 12.6 million head was 423,000 head fewer (-3.3%) than a year earlier. Estimated year-to-date beef production of 10.3 billion pounds was 513.6 million pounds less (-4.7%).

Cattle futures stepped higher Thursday, supported by recently lower Corn futures, bullish cash strength for feeder cattle, cattle feeders’ resolve to hold the line on fed cattle prices and perhaps some positioning ahead of Friday’s Cattle on Feed report.

Feeder Cattle futures closed an average of $2.83 higher ($1.55 to $3.35 higher).

Live Cattle futures closed an average of 78¢ higher.

Bearish sentiment continued in the grain complex.

Corn futures closed mostly 1¢ higher.

KC HRW Wheat closed mostly 18¢ to 28¢ lower.

Soybean futures closed mostly 1¢ to 3¢ lower.

Negotiated cash fed cattle trade was slow on light demand in the Texas Panhandle through Thursday afternoon, according to the Agricultural Marketing Service. Prices were steady at $177/cwt.

Elsewhere, trade was limited on light demand. Although too few to trend, there were some live trades in the western Corn Belt at $178.

Last week, live prices were $170/cwt. in Kansas, mostly $176 in Nebraska and $175-$177 in the western Corn Belt. Dressed prices were $280.

Choice boxed beef cutout value was 16¢ higher Thursday afternoon at $298.31/cwt. Select was 16¢ higher at $283.61/cwt.

Cattle futures closed mostly lower Wednesday, apparently with spillover pressure from apparent long liquidation in grain futures.

Feeder Cattle futures closed an average of 88¢ lower (32¢ to $1.15 lower).

Live Cattle futures closed an average of 27¢ lower, except for an average of 58¢ higher in the front three contracts.

Negotiated cash fed cattle trade was limited on light to moderate demand in all regions through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live prices were $170/cwt. in the Southern Plains, mostly $176 in Nebraska and $175-$177 in the western Corn Belt. Dressed prices were $280.

Choice boxed beef cutout value was $1.32 lower Wednesday afternoon at $298.15/cwt. Select was $1.46 lower at $282.89/cwt.

Grain and Soybean futures tumbled Wednesday. At least from a psychologic perspective, widespread selling appeared to be tied to the U.N. Secretary General’s announcement that Russia agreed to extend the Black Sea Grain initiative for another 60 days (see below). As well, private exporters reported the cancellation of sales of 272,000 metric tons of corn for delivery to China during the 2022/2023 marketing year.

Corn futures closed mostly 5¢ to 9¢ lower.

KC HRW Wheat closed mostly 12¢ to 20¢ lower.

Soybean futures closed mostly 15¢ to 19¢ lower.

Feeder Cattle futures closed an average of 35¢ higher, except for 80¢ and 72¢ lower at either end of the board, supported by continued erosion in Corn futures.

Live Cattle futures closed an average of 25¢ lower, awaiting cash direction.

Wheat futures closed mostly 1¢ to 4¢ lower Tuesday with likely profit taking.

Corn futures closed 9¢ to 11¢ lower through Jly ‘24, and then mostly 7¢ lower.

Soybean futures closed mostly 19¢ to 36¢ lower.

Negotiated cash fed cattle trade was at a standstill in all regions through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $170/cwt. in the Southern Plains, mostly $176 in Nebraska and $175-$177 in the western Corn Belt. Dressed prices were $280.

Choice boxed beef cutout value was $2.51 lower Tuesday afternoon at $299.47/cwt. Select was 36¢ lower at $284.35/cwt.

Cattle futures, especially Feeder Cattle, extended gains Monday, closing an average of $1.34 higher (67¢ to $2.07 higher).

Live Cattle futures closed an average of 66¢ higher, except 7¢ lower in spot Jun.

That was with Corn futures closing 5¢ to 7¢ higher through Jly ‘24, on the coattails of Wheat futures (KC HRW), which closed 21¢ to 27¢ higher through May ‘24, fueled by follow-through support from the World Agricultural Supply and Demand Estimates, along with concerns about the Black Sea Initiative.

Soybean futures closed 5¢ to 10¢ higher through Jly ‘24.

Negotiated cash fed cattle trade was inactive on light demand in all regions through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live prices were $2 lower in the Southern Plains at $170/cwt., mostly steady to $2 lower in Nebraska at mainly $176 and $1 lower to $3 higher in the western Corn belt at $175-$177. Dressed prices were $1 lower in Nebraska at $280 and steady to $5 lower in the western Corn Belt at $280.

The weighted average five-area direct fed steer price was 20¢ higher on a live basis last week at $174.13/cwt. but $1.46 lower in the beef at $279.48.

Choice boxed beef cutout value was $2.63 lower Monday afternoon at $301.98/cwt. Select was 3¢ higher at $284.71/cwt.

Cattle futures closed higher Friday, supported by lower corn prices suggested by the monthly World Agricultural Supply Demand Estimates.

Feeder Cattle futures closed an average of $2.20 higher on Friday and an average of $6.53 higher week to week ($2.95 to $8.20 higher).

Live Cattle futures closed an average of $1.02 higher ($1.65 higher toward the front to 12¢ higher at the back). They were an average of $2.27 higher week to week on Friday ($1.82 higher at the back to $2.95 higher toward the front).

Negotiated cash fed cattle trade was limited on light to moderate demand in all regions through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, live prices were $2 lower in the Southern Plains at $170/cwt., mostly steady to $2 lower in Nebraska at mainly $176 and $1 lower to $3 higher in the western Corn belt at $175-$177. Dressed prices were $1 lower in Nebraska at $280 and steady to $5 lower in the western Corn Belt at $280.

Estimated cattle slaughter last week of 646,000 head was 23,000 head more than the previous week but 15,000 head fewer than the same week last year. Year-to-date estimated cattle slaughter of 11.9 million head was 386,000 head fewer (-3.1%). Estimated year-to-date beef production of 9.8 billion pounds was 483.8 million pounds less (-4.7%).

Choice boxed beef cutout value was $1.11 lower Friday afternoon at $304.61/cwt. Select was 10¢ higher at $284.68/cwt.

USDA’s Economic Research Service increased forecast fed steer prices (five-area direct) higher for the remainder of this year, in the latest monthly World Agricultural Supply and Demand Estimates (WASDE). Prices were projected $3 higher in the second quarter at $172/cwt., and $2 higher in the third and fourth quarters at $164 and $169, respectively. The annual average price estimate increased $2 to $166.50.

“The 2023 cattle price forecast is raised on recent data and tighter supplies expected later in the year,” ERS analysts say. “For 2024, cattle prices are forecast above 2023 on tighter supplies.”

Estimated beef production this year would be 1.4 million pounds less than last year (-4.8%).

Negotiated cash fed cattle trade ranged inactive on light demand in the Southern Plains to moderate on moderate demand in the North through Thursday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early sales in Nebraska at $175-$176/cwt. on a live basis and $280 in the beef, and at $176-$177 and $280 in the western Corn Belt.

On Wednesday, live trade in the Southern Plains was $2 lower at $170.

Last week, live prices were $176-$178 in Nebraska and $172-$178 in the western Corn Belt. Dressed prices were $281 in Nebraska and $280-$285 in the western Corn Belt.

The five-area direct monthly weighted average price for fed steers in April was $177.09/cwt., on a live basis, which was $35.43 (+25.0%) than a year earlier. The weighted average fed steer price in the beef was $285.28, which was $56.42 more (+24.6%) year over year.

Choice boxed beef cutout value was $1.15 lower Thursday afternoon at $305.72/cwt. Select was 4¢ higher at $284.58/cwt.

Net U.S. beef export sales (2023) for the week ending May 4 were 16,600 metric tons. That was 18% less than the previous week, but 16% more than the prior four-week average, according to the weekly U.S. Export Sales report. Increases were primarily for South Korea, Japan, Canada, Mexico and Taiwan.

Cattle futures were Mixed Thursday with Feeder Cattle benefitting from lower Corn futures and Live Cattle stalling with the weaker cash outlook for the week.

Feeder Cattle futures closed an average of 86¢ higher except for $1.25 lower in spot May.

Live Cattle futures closed an average of 31¢ lower (5¢ to 82¢ lower) except for 12¢ higher in Away Aug.

Grain and soybean futures continued under pressure Thursday from the fast pace of domestic planting to positioning ahead of Friday’s monthly World Agricultural Supply and Demand Estimates.

Corn futures closed mostly 5¢ to 7¢ lower.

KC HRW Wheat closed mostly 12¢ to 13¢ lower.

Soybean futures closed mixed, mostly fractionally higher to 4¢ lower.

Cattle futures gave back some of the previous sessions gains on Wednesday amid likely profit taking and uncertainty about this week’s cash fed cattle direction.

Feeder Cattle futures closed an average of 91¢ lower except for 25¢ higher in the back contract.

Live Cattle futures closed an average of 42¢ lower except for 27¢ higher in the back contract.

Corn futures firmed Wednesday with likely short covering, while Wheat and Soybean futures eroded as traders position ahead of Friday’s World Agricultural Supply and Demand Estimates.

Corn futures closed mostly fractionally higher to 3¢ higher.

KC HRW Wheat closed mostly 1¢ to 10¢ lower.

Soybean futures closed 7¢ to 15¢ lower through Sep ‘23 and then mostly 1¢ to 3¢ lower.

Negotiated cash fed cattle trade was limited on light demand in all regions through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early live sales in the Southern Plains at $170/cwt.

Last week, live prices were $172/cwt. in the Southern Plains, $176-$178 in Nebraska and $172-$178 in the western Corn Belt. Dressed prices were $281 in Nebraska and $280-$285 in the western Corn Belt.

Choice boxed beef cutout value was 51¢ lower Wednesday afternoon at $306.87/cwt. Select was 35¢ lower at $284.54/cwt.

Sharply lower Corn futures helped Cattle futures regain more lost ground on Tuesday.

Feeder Cattle futures closed an average of $2.94 higher.

Live Cattle futures closed an average of $1.20 higher.

Corn and Soybean futures weakened Tuesday, with pressure from the fast domestic planting pace and renewed hopes for renewal of the Black Sea Initiative. Corn received added pressure from China’s cancellation of sales of 272,000 metric tons.

Corn futures closed 9¢ to 14¢ lower through Jly ‘24, and then mostly 3¢ to 5¢ lower.

Soybean futures closed 13¢ to 18¢ lower through May ‘24 and then 9¢ to 11¢ lower.

KC HRW Wheat closed 1¢ to 15¢ higher through May ‘24 and then 1¢ to 5¢ lower.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live prices were $172/cwt. in the Southern Plains, $176-$178 in Nebraska and $172-$178 in the western Corn Belt. Dressed prices were $281 in Nebraska and $280-$285 in the western Corn Belt.

Choice boxed beef cutout value was $1.18 lower Tuesday afternoon at $307.38/cwt. Select was 23¢ lower at $284.89/cwt.

Cattle futures rebounded some Monday, especially Feeder Cattle, supported by lower new-crop Corn futures and overall positive fundamentals.

Feeder Cattle futures closed an average of $1.55 higher (90¢ higher in spot May to $2.02 higher at the back).

Live Cattle futures closed an average of 67¢ higher.

There was no Monday negotiated cash fed trade summary from USDA available at press time.

The weighted average five-area direct fed steer price last week was $3.22 lower on a live basis at $173.93/cwt. The average steer price in the beef was $3.11 lower at $280.94.

Choice boxed beef cutout value was 63¢ lower Monday afternoon at $308.56/cwt. Select was $3.04 lower at $285.12/cwt.

Corn futures closed 4¢ to 6¢ lower after old-crop contracts, perhaps pressured in part by rapid planting progress.

KC HRW Wheat closed 9¢ to 11¢ higher through Dec ‘23 and then 2¢ to 6¢ higher.

Soybean futures closed mostly 4¢ to 8¢ lower through Mar ‘25.

Cattle futures mostly softened Friday, unable to shake off the week’s lower cash fed cattle prices and growing concerns about domestic and global economic growth.

Feeder Cattle futures closed an average of 84¢ lower (15¢ to $1.72 lower). They were an average of $7.34 lower week to week on Friday. The CME Feeder Cattle Index was $3.74 lower week to week on Thursday at $199.46.

Live Cattle futures closed an average of 17¢ lower, except for an average of 21¢ higher in the front two contracts. They were an average of $3.38 lower week to week on Friday.

Negotiated cash fed cattle trade was mostly inactive on light demand in all regions through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, live prices were $1 lower in the Southern Plains at $172/cwt., $2 lower in Nebraska at $176 and $2-$8 lower in the western Corn Belt at $172-$178. Dressed prices were $2-$5 lower in Nebraska at $281. The previous week, dressed prices were $285 in the western Corn Belt.

Choice boxed beef cutout value was 33¢ lower Friday afternoon at $309.19/cwt. Select was 67¢ higher at $288.16/cwt.

Estimated total cattle slaughter for the week was 623,000 head, which was 1,000 head less than the previous week and 38,000 head less than a year earlier. Year-to-date estimated total cattle slaughter of 11.3 million head was 384,000 head fewer (-3.3%). Year-to-date estimate beef production of 9.3 billion pounds was 477.6 million pounds less (-4.9%) than the same time last year.

Grain and Soybean futures continued higher Friday, led by wheat, with more support from worries about renewal of the Black Sea Initiative.

KC HRW Wheat closed mostly 26¢ to 34¢ higher through May ‘24 and then 16¢ to 21¢ higher.

Corn futures closed mostly 3¢ to 7¢ higher.

Soybean futures closed 10¢ to 18¢ higher through Jan ‘24 and then 5¢ to 8¢ higher through Mar ’25.

Cattle futures firmed Thursday, albeit narrowly mixed, amid negative outside markets, tied to banking and the week’s lower cash fed cattle prices.

Feeder Cattle futures closed an average of 30¢ higher, except for an average of 22¢ lower in two nearby contracts.

Live Cattle futures closed narrowly mixed, from an average of 12¢ lower in the front three contracts to an average of 22¢ higher.

Negotiated cash fed cattle trade was limited on light demand in all regions through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

So far this week, live prices are $1 lower in the Southern Plains at $172/cwt., $2 lower in Nebraska at $176 and $2-$8 lower in the western Corn Belt at $172-$178. Dressed prices are $2-$5 lower in Nebraska at $281.

Choice boxed beef cutout value was 43¢ higher Thursday afternoon at $309.52/cwt. Select was 37¢ higher at $287.49/cwt.

Net U.S. beef export sales were 20,100 metric tons the week ending April 27, according to the weekly U.S. Export Sales report. That was up noticeably from the previous week and 59% more than the prior four-week average. Increases primarily were for, Japan South Korea, China Taiwan and Mexico.

Wheat futures (KCH) continued higher Thursday — up mostly 12¢ to 14¢ — with follow-through support from worries about renewal of the Black Sea Initiative.

Corn and Soybean futures eased lower on likely profit taking from the previous session’s strong gains and perhaps some positioning ahead of the weekly U.S. Export Sales report.

Corn futures closed mostly 2¢ to 3¢ lower.

Soybean futures closed mostly 3¢ to 6¢ lower.

Declining open interest, negative outside markets, technical selling and weaker cash fed cattle prices pressured Cattle futures sharply lower for a second consecutive session Wednesday.

Feeder Cattle futures closed an average of $2.21 lower ($3.75 to $4.08 lower).

Live Cattle futures closed an average of $1.04 lower (60¢ to $1.40 lower).

Negotiated cash fed cattle trade ranged from slow on light demand in Nebraska to limited on light demand on other regions through Wednesday afternoon, according to the Agricultural Marketing Service.

So far this week, live prices are $1 lower in the Southern Plains at $172/cwt., $2 lower in Nebraska at $176 and $2-$8 lower in the western Corn Belt at $172-$178. Dressed prices are $2-$5 lower in Nebraska at $281.

Choice boxed beef cutout value was 15¢ lower at $309.09/cwt. Select was $1.54 lower at $287.12/cwt.

On the other side of the coin, grain and Soybean futures plowed higher Wednesday, led by Wheat and fueled by news of an attempted assassination of Russia’s Putin and what that could mean to the Black Sea Initiative.

Corn futures closed mostly 5¢ to 10¢ higher.

KC HRW Wheat closed 25¢ to 56¢ higher.

Soybean futures closed 5¢ to 8¢ higher through Jan’24. And then mostly 7¢ to 12¢ higher.

Cattle futures crumbled Tuesday with early cash trade taking another step lower, the packers seeming ability to pull dollars off the market by restricting kills and question marks about a seasonal peak for wholesale beef prices.

Feeder Cattle futures closed an average of $3.90 lower ($3.75 to $4.08 lower).

Live Cattle futures closed an average of $1.76 lower ($1.75 to $1.97 lower).

Negotiated cash fed cattle trade was moderate on moderate demand in the Southern Plains through Tuesday afternoon, according to the agricultural Marketing Service. Prices were $1 lower at $172/cwt.

Although too few transactions to trend, there were some early live sales in Nebraska at $281 and a few live sales in the western Corn Belt at $172-$178.

Live prices last week were $178-$180 in Nebraska and $180 in the western Corn Belt. Dressed prices were $283-$286 in Nebraska and $285 in the western Corn Belt.

Choice boxed beef cutout value was 78¢ lower Tuesday afternoon at $309.24/cwt. Select was $2.34 lower at $288.66/cwt.

Corn futures closed mostly 1¢ to 5¢ lower.

KC HRW Wheat closed 16¢ to 20¢ lower through Sep ‘24, and then mostly 8 to 9¢ lower.

Soybean futures closed 7¢ to 16¢ lower through Jan’24.

Cattle futures extended losses on Monday, pressured by last week’s lower cash fed cattle prices and skittishness ahead of this week’s trade.

Feeder Cattle futures closed an average of 92¢ lower (55¢ to $1.27 lower).

Live Cattle futures closed an average of 59¢ lower.

Negotiated cash fed cattle trade was mostly inactive with very light demand in all regions through Monday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.

Live prices last week were $173/cwt. in the Southern Plains, $178-$180 in Nebraska and $180 in the western Corn belt. Dressed prices were $283-$286 in Nebraska and $285 in the western Corn Belt.

The five-area direct weighted average fed steer price last week was $177.15/cwt. on a live basis, which was $1.42 lower. The average fed steer price in the beef was $3.37 lower at 284.05.

Choice boxed beef cutout value was $1.42 lower Monday afternoon at $310.02/cwt. Select was $2.66 higher at $291.00/cwt.

Corn futures closed mostly 2¢ to 3¢ lower on Monday.

KC HRW Wheat closed 11¢ to 19¢ lower through Jly ‘24, and then mostly 8 to 9¢ lower.

Soybean futures closed mostly 10¢ to 15¢ higher.

Cattle futures closed lower on Friday amid weaker cash fed cattle prices but ended mostly higher week to week.

Negotiated cash fed cattle trade ranged from slow on light to moderate demand in the Southern Plains through Friday afternoon, according to the Agricultural Marketing Service. Live prices were $173/cwt., which was $2 lower in the Texas Panhandle and steady to $2 lower in Kansas.

Elsewhere, trade ranged from mostly inactive on light demand to limited on light demand.

For the week, live prices were $2-$7 lower in Nebraska at $178 and steady to $3 lower in the western Corn Belt at $180. Dressed prices were $1-$4 lower in Nebraska at $283-$286 and $3 lower in the western Corn Belt at $285.

Choice boxed beef cutout value was 37¢ higher Friday afternoon at $311.44/cwt. Select was 75¢ lower at $288.34/cwt.

Estimated total cattle slaughter last week of 620,000 head was 2,000 head less than the prior week and 25,000 head fewer than the same week last year. Year-to-date estimated cattle slaughter of 10.6 million head was 352,000 head fewer (-3.2%) than the same time last year. Estimated year-to-date beef production of 8.75 billion pounds was 444.8 million pounds (-4.8%) less than a year earlier.

Live Cattle futures closed an average of 11¢ lower, except for 27¢ higher in near Jun and unchanged in Dec. Week to week on Friday, they closed an average of 61¢ higher, except for unchanged to 37¢ lower in three contracts. Funds extended already weighty long positions, according to the weekly CFTC Commitments of Traders report.

Feeder Cattle futures closed an average of 60¢ lower on Friday, except for 20¢ higher in the back contract. Week to week they closed an average of $1.13 higher, except for $1.42 lower in spot May.

Perhaps the main market story last week was price erosion in the grain complex as China cancelled U.S. corn purchases and managed money fled positions as the nation’s price competitiveness declines.

Corn futures closed mostly 2¢ lower in new-crop contracts on Friday. Week to week, they were an average of 22’0¢ lower through the front six contracts, except for 2’8¢ higher in spot May.

KC HRW Wheat closed 8¢ to 11¢ higher, except for 28’4¢ higher in the front month.

Soybean futures closed mostly 7¢ to 8¢ higher, except for 11¢ to 17¢ higher in the front three contracts. Week to week on Friday, they closed from an average of 24’8¢ lower through the front six contracts, except for 5’8¢ lower in spot May.

Cattle futures gained more ground Thursday, helped along by further erosion in the grain complex, as well as stronger wholesale beef values.

Feeder Cattle futures closed an average of $1.38 higher (62¢ to $1.92 higher).

Live Cattle futures closed an average of 33¢ higher (5¢ to 92¢ higher).

Favorable domestic weather and bullish expectations for Brazilian production continued to pressure grain and Soybean futures on Thursday. Another corn sales cancellation by China (233,000 metric tons) added more weight to Corn futures, which closed 11¢ to 19¢ lower through Jly ‘24 and then mostly 6¢ to 8¢ lower.

KC HRW Wheat closed mostly 12¢ to 18¢ lower.

Soybean futures closed 7¢ to 12¢ lower through Aug ‘24 and then mostly 3¢ lower.

There was no afternoon negotiated cash fed cattle summary from USDA at press time.

Based on the morning report, live and dressed sales Wednesday were steady to $3 lower in the western Corn belt at $180/cwt. and $275, respectively.

Last week, live prices were $175/cwt. in the Texas Panhandle, $173-$175 in Kansas and $180-$185 in Nebraska. Dressed prices in Nebraska were $284-$290.

Choice boxed beef cutout value was $1.49 higher Thursday morning at $310.73/cwt. Select was $2.17 higher at $290.11/cwt.

Negotiated cash fed cattle trade ranged from limited on light demand in the western Corn Belt to inactive on very light demand through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some early sales in the western Corn Belt at $180/cwt. on a live basis and $285 in the beef.

Last week, live prices were $175/cwt. in the Texas Panhandle, $173-$175 in Kansas $180-$185 in Nebraska and $180-$183 in the western Corn Belt. Dressed prices were $284-$290 in Nebraska and $288 in the western Corn Belt.

Choice boxed beef cutout value was $1.61 higher Wednesday afternoon at $309.24/cwt. Select was 32¢ higher at $287.94/cwt.

Weaker Corn futures, and apparently renewed focus on fundamentals, helped Cattle futures gain on Wednesday.

Feeder Cattle futures closed an average of $1.53 higher, (60¢ to $2.15 higher).

Live Cattle futures closed an average of 60¢ higher, (22¢ higher at the front to $1.05 higher at the back).

Corn futures closed 4¢ to 6¢ lower.

KC HRW Wheat closed mostly 12¢ to 24¢ lower.

Soybean futures closed mixed — fractionally mixed through Sep ’24 and then 3¢ to 4¢ higher. The exception was 9¢ and 2¢ lower in the front two contracts.

Negative outside markets and the lack of cash fed cattle direction helped pressure Cattle futures on Tuesday.

Feeder Cattle futures closed an average of 96¢ lower (47¢ lower at the back to $1.62 lower), except for 17¢ higher in Aug.

Live Cattle futures closed an average of 38¢ lower, except no change in spot Apr.

Grain and Soybean futures were under pressure Tuesday from a variety of geo-political and geo-economic forces including cancellation of recent U.S. corn purchases by China to chatter that the Black Sea Initiative would be extended once again.

Corn futures closed narrowly mixed, mostly 1¢ lower to 1¢ higher.

KC HRW Wheat closed 9¢ to 14¢ lower through May ‘24 and then mostly 1¢ to 5¢ lower.

Soybean futures closed mostly 6¢ to 10¢ lower.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live prices were $175/cwt. in the Texas Panhandle, $173-$175 in Kansas, $180-$185 in Nebraska and $180-$183 in the western Corn Belt. Dressed prices were $284-$290 in Nebraska and $288 in the western Corn Belt.

Choice boxed beef cutout value was 51¢ higher Tuesday afternoon at $307.63/cwt. Select was $1.08 lower at $287.62/cwt.

As expected, markets viewed Friday’s Cattle on Feed report as bearish, despite the fact that cattle numbers continue to decline overall and will continue to decline.

Feeder Cattle futures closed an average of 69¢ lower (17¢ lower at the back to $1.65 lower toward the front).

Live Cattle futures closed an average of 31¢ lower, except for 32¢ and 2¢ higher in the front two contracts.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.