Cattle Current Market Update with Wes Ishmael

Cattle futures took a strong step higher Tuesday, buoyed by outside markets and the early-week increase in Choice wholesale beef values. There could also have been some knee-jerk reaction to President Trump’s executive order to waive penalties and defer taxes for highway use of red-dye diesel for the remainder of the year, but plenty of ambiguity surrounds the details in the order.

Toward the close, Live Cattle futures were an average of $4.48 higher. Feeder Cattle futures were an average of $8.21 higher.

Negotiated cash fed cattle trade was inactive on light demand in the North through Tuesday afternoon, according to the Agricultural Marketing Service.

FOB live prices last week were $220-$222/cwt. in Nebraska and mostly $219-220 in the western Corn Belt. Dressed delivered prices were mostly $345 in Nebraska and $345-$350 in the western Corn Belt. The Texas Cattle Feeders Association reported its members trading fed cattle at $226.

Choice boxed beef cutout value was 67¢ higher Tuesday afternoon at $378.93/cwt. Select was $2.23 lower at $356.34.

Grain and Soybean futures rallied on Tuesday.

Through late afternoon, and through the front four contracts, Soybean futures were 20¢ to 24¢ higher with chatter about increasing Chinese interest, as well as harvest delays.

Kansas City HRW Wheat futures were 14¢ higher with likely increased war premium based on the war between Ukraine and Russia, along with weather-related planting delays in the Southern Plains. 

Corn futures were 10¢ to 11¢ higher, supported by the slow harvest pace.

Cattle futures continued lower on Monday, with last week’s wobbly cash fed cattle prices and lower wholesale beef values.

Toward the close, Live Cattle futures were an average of $1.34 lower. Feeder Cattle futures were an average of $1.96 lower.

Negotiated cash fed cattle trade was inactive on light demand in the North through Monday afternoon, according to the Agricultural Marketing Service.

FOB live prices last week were mainly steady to $2 lower in Nebraska at $220-222/cwt. and mostly unevenly steady to $2 lower in the western Corn Belt at mainly $219-$222. Dressed delivered prices were steady to $5 lower in Nebraska at mostly $345 and steady in the western Corn Belt at $345-$350.

The Texas Cattle Feeders Association reported its members trading fed cattle steady at $226.

The weekly weighted average five-area direct FOB live fed steer price was 87¢ lower at $219.80. The weekly weighted average dressed delivered fed steer price was $1.67 lower at $346.26.

Choice boxed beef cutout value was $4.07 higher Monday afternoon at $378.26/cwt. Select was $4.08 higher at $358.57.

Grain and Soybean futures were mixed on Monday.

Through late afternoon, and through the front four contracts, Soybean futures were mostly 2¢ to 3¢ higher. Kansas City HRW Wheat futures were 6¢ to 7¢ higher with likely increased war premium. Corn futures were mostly fractionally mixed.

Cattle futures weakened Friday, with sharply lower week-end wholesale beef prices and wobbly negotiated cash fed cattle prices.

Live Cattle futures were an average of $2.05 lower. Feeder Cattle futures were an average of $4.74 lower.

Week to week on Friday, Live Cattle futures closed an average of 71¢ lower, except for 32¢ higher in near Dec. During the same period, Feeder Cattle futures were an average of $1.22 higher, except for an average of 56¢ lower in the front two contracts.

Negotiated cash fed cattle trade was mostly light on moderate to good demand in the North through Friday afternoon, according to the Agricultural Marketing Service.

Based on the last established prices for the week, FOB live prices were mainly steady to $2 lower in Nebraska at $220-222/cwt. and mostly unevenly steady to $2 lower in the western Corn Belt at mainly $219-$222. Dressed delivered prices were steady to $5 lower in Nebraska at mostly $345 and steady in the western Corn Belt at $345-$350.

The Texas Cattle Feeders Association reported its members trading fed cattle steady at $226.

Choice boxed beef cutout value was $2.60 lower Friday afternoon at $374.19/cwt. Select was $1.60 higher at $354.49. Week to week on Friday, Choice was $4.64 lower and Select was $1.27 lower.

Estimated total cattle slaughter of 548,000 last week was 64,000 head more than the previous week and 20,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 20.6 million head was 1.7 million head fewer (-7.5%) than the same time last year. Estimated year-to-date beef production of 18.3 billion pounds was 1 billion pounds less (-5.2%).

Grain and Soybean futures were lower on Friday.

Soybean futures were mostly 3¢ to 6¢ lower with hangover from disappointment in the trade talks between the U.S. and China and likely pressure from a more favorable harvest outlook.

Kansas City HRW Wheat futures were 1¢ to 3¢ lower through near-Sep. 

Corn futures were mostly 2¢ to 5¢ lower through new-crop contracts with continued pressure from the higher stocks estimated in the USDA report published earlier in the week. Week to week on Friday, Corn futures closed 24’9¢ lower through the front six contracts.

Cattle futures held their own on Thursday, despite sluggish negotiated cash fed cattle trade and a step lower in wholesale beef values.

Toward the close, Live Cattle futures were an average of 58¢ higher. Feeder Cattle futures were an average of $1.84 higher.

Negotiated cash fed cattle trade was moderate on good demand in the North through Thursday afternoon, according to the Agricultural Marketing Service.

FOB live prices were mainly $2 lower in Nebraska at mostly $220/cwt. and mostly steady to $2 lower in the western Corn Belt at mainly $218-$222. Compared to last week, dressed delivered prices were steady to $5 lower in Nebraska at mostly $345 and steady to $5 higher in the western Corn Belt at mostly $350.

Choice boxed beef cutout value was $6.00 lower Thursday afternoon at $376.79/cwt. Select was $7.70 lower at $352.89.

Grain and Soybean futures were mixed on Thursday.

Through late afternoon, and through the front four contracts, Corn futures were unchanged to 1¢ higher. Kansas City HRW Wheat futures were 3¢ to 4¢ higher.  Soybean futures were 8¢ to 9¢ lower.

Cattle futures gained Wednesday, helped by lower Corn futures.

Toward the close, Live Cattle futures were an average of $1.90 higher. Feeder Cattle futures were an average of $4.58 higher.

Negotiated cash fed cattle trade was limited on light demand in the North through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some FOB live trades in Nebraska at $219-$219.50/cwt. and some dressed delivered trades in the western Corn Belt at $348-$352.

So far this week, dressed delivered prices in Nebraska are steady to $3 higher at $348-$350. Last week, FOB live prices were mostly $222.

Also last week, FOB live prices were mostly $221 in the western Corn Belt, where dressed delivered prices were $345-$350.

Choice boxed beef cutout value was 13¢ higher Wednesday afternoon at $382.79/cwt. Select was $3.89 lower at $360.59.

Corn futures led the complex lower on Wednesday.

Through late afternoon, and through the front four contracts, Corn futures were 17¢ to 11¢ lower with more stocks than expected in the USDA report (see below). Kansas City HRW Wheat futures were 10¢ to 11¢ lower. Soybean futures were 2¢ to 3¢ lower.

Cattle futures were mixed to mainly higher on Tuesday.

Toward the close, Live Cattle futures were an average of 11¢ lower to an average of 28¢ higher. Feeder Cattle futures were an average of $1.62 higher.

Negotiated cash fed cattle trade ranged from limited on light demand in Nebraska to mostly inactive on light demand in the western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some early dressed delivered trades in Nebraska at $348-$350/cwt.

Last week, FOB live prices were mostly $222/cwt. in Nebraska and mostly $221 in the western Corn Belt. Dressed delivered prices were $345-$350.

Choice boxed beef cutout value was $2.18 higher Tuesday afternoon at $382.66/cwt. Select was $6.25 higher at $364.48.

Grain and Soybean futures were mixed Tuesday.

Through late afternoon, and through the front four contracts, Soybean futures were 8¢ to 9¢ higher, helped by reports of Chinese demand. Corn futures were fractionally lower with likely harvest pressure. Kansas City HRW Wheat futures were mostly fractionally lower to 2¢ lower. 

Cattle futures softened Monday, pressured by bearish outside markets, along with month-end and quarter-end positioning. 

Toward the close, Live Cattle futures were an average of 80¢ lower. Feeder Cattle futures were an average of $1.42 lower.

Negotiated cash fed cattle trade was inactive on light demand in the North through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were mainly steady to $1 lower in Nebraska at mostly $222/cwt. and mostly $1 lower in the western Corn Belt at mainly $220/cwt. Dressed delivered prices were steady to $5 lower at $345-$350.

Last week’s weighted average five-area direct FOB live fed steer price was $1.20 lower at $220.67. The weekly weighted average dressed delivered fed steer price was $2.22 lower at $347.93.

Choice boxed beef cutout value was $1.65 higher Monday afternoon at $380.48/cwt. Select was $2.47 higher at $358.23.

Soybean futures led grains lower on Monday with news that China excluded soybeans from the list of U.S. agricultural products that will receive a tariff exemption. Harvest pressure and likely positioning for the end of the month and quarter, and ahead of Wednesday’s Grain Stocks report, likely also added pressure.

Through late afternoon, and through the front four contracts, Soybean futures were 27¢ to 31¢ lower. Corn futures were 5¢ to 6¢ lower. Kansas City HRW Wheat futures were 16¢ to 17¢ lower. 

Cattle futures closed higher Friday and for the week with strength from tight numbers, higher cash feeder cattle prices and stronger wholesale beef values. 

Live Cattle futures were an average of $1.28 higher, except for 20¢ lower in waning spot Oct. Feeder Cattle futures closed an average of $3.01 higher.

Week to week on Friday, Live Cattle futures closed an average of $6.47 higher, and Feeder Cattle futures were an average of $14.06 higher.

Negotiated cash fed cattle was light on moderate demand in the North through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were mostly $2 lower in the western Corn Belt at mainly $220/cwt. Dressed delivered prices in Nebraska were steady to $5 lower at $345. The previous week, FOB live prices were mostly $222-$223 in Nebraska and dressed delivered prices were $350 in the western Corn Belt.

Choice boxed beef cutout value was $2.71 higher Friday afternoon at $378.83/cwt. Select was $3.66 higher at $355.76. Week to week on Friday, Choice was $6.89 higher and Select was $2.50 higher.

Estimated total cattle slaughter last week of 484,000 head was 45,000 head fewer than the previous week and 75,000 head fewer than the same week last year. Last week’s ICE raids disrupted production at some plants, magnifying recently slower packer production. Year-to-date estimated total cattle slaughter of 20 million head was 1.7 million head fewer (-7.7%) than the same time last year. Estimated year-to-date total beef production of 17.9 billion pounds was 1 billion pounds less (-5.3%).

Grain and Soybean futures were mixed Friday as traders awaited news about the trade talks between the U.S. and China.

Soybean futures were mostly fractionally mixed from 1¢ lower to 1¢ higher. Corn futures closed mostly fractionally higher to 1¢ higher. Kansas City HRW Wheat futures were 5¢ lower through May ‘28. 

Cattle futures boomeranged back Wednesday, helped by oversold conditions and lower corn futures prices. 

Toward the close, Live Cattle futures were an average of $2.31 higher. Feeder Cattle futures were an average of $6.02 higher, except for 87¢ lower in waning spot Sep.

Negotiated cash fed cattle trade was inactive on light demand in the North through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were mostly $222-$223/cwt. in Nebraska and mainly $222 in the western Corn Belt. Dressed delivered prices were mostly $350.

Choice boxed beef cutout value was $1.58 lower Wednesday afternoon at $377.31/cwt. Select was $5.51 lower at $352.34.

Grain and Soybean futures were lower Wednesday, perhaps with position squaring ahead of the meeting between leaders of the U.S. and China.

Through late afternoon, and through the front four contracts, Soybean futures were 6¢ to 8¢ lower. Corn futures were mostly 6¢ to 8¢ lower. Kansas City HRW Wheat futures were 10¢ to 11¢ lower. 

Cattle futures pulled back Tuesday, with some likely profit taking from the previous session’s strong gains. 

Toward the close, Live Cattle futures were an average of $1.90 lower.

Feeder Cattle futures were an average of $2.94 lower, except unchanged in the front contract.

Negotiated cash fed cattle trade was inactive on light demand in the North through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were mostly $222-$223/cwt. in Nebraska and mainly $222 in the western Corn Belt. Dressed delivered prices were mostly $350.

Choice boxed beef cutout value was $2.54 higher Tuesday afternoon at $378.89/cwt. Select was $2.08 higher at $357.85.

Grain and Soybean futures were lower Tuesday, with likely profit taking and less war risk premium for the day.

Through late afternoon, and through the front four contracts,

Soybean futures were 3¢ lower.

Corn futures were 5¢ to 6¢ lower.

Kansas City HRW Wheat futures were 11¢ to 15¢ lower.