Cattle Current Market Update with Wes Ishmael

Feeder Cattle futures closed an average of $3.16 higher on Friday, leading the complex higher. Week to week on Friday, they closed an average of $5.58 higher, buoyed by lower Corn futures and strong cash demand in the country with added support from recent rains in wheat pasture country.

Live Cattle futures were an average of 73¢ higher, except for unchanged in spot Dec. Week to week on Friday, they closed an average of $1.39 higher, except for an average of 40¢ lower in the front two contracts.

That was despite weaker negotiated cash fed cattle prices.

For the week, FOB live prices were $185/cwt., which was $2 lower in the Southern Plains, $1-$2 lower in Nebraska and steady to $3 lower in the western Corn Belt. Dressed delivered prices were $4 lower at $290.

Choice boxed beef cutout value was 46¢ lower Friday afternoon at $303.34/cwt. Select was 52¢ lower at $276.14.

Total estimated cattle slaughter last week of 606,000 head was 13,000 head fewer than the previous week and 33,000 head fewer than the same week last year. Year-to-date total cattle slaughter of 27.6 million head was 1.1 million head fewer (-3.7%) than the same period last year. Year-to-date estimated beef production of 23.4 billion pounds was 125.7 million pounds less (-0.5%).

Grain and Soybean futures closed higher Friday on likely corrective buying.

Corn futures closed 2¢ to 5¢ higher through Jly ’25 and then 2¢ to 3¢ higher. Kansas City Wheat futures closed 4¢ to 8¢ higher. Soybean futures closed mostly 5¢ to 8¢ higher.

Negotiated cash fed cattle trade was slow on light to moderate demand in the North through Thursday afternoon, according to the Agricultural Marketing Service. Based on the latest established trends, FOB live prices are $1-$2 lower in Nebraska at $185/cwt. and $3 lower in the western Corn Belt at $182-$185. Dressed delivered prices are $4 lower at $290.

Trade was limited on light demand in the Southern Plains. Although too few to trend, there were some early FOB live trades at $185. Prices last week were $187.

Choice boxed beef cutout value was $3.14 lower Thursday afternoon at $303.80/cwt. Select was $2.00 lower at $276.66.

Cattle futures were mostly lower Thursday, pressured by lower cash fed cattle prices and sluggish wholesale beef values.

Toward the close, Live Cattle futures were an average of 95¢ lower.

Feeder Cattle futures were an average of 56¢ lower, except for $1.22 higher in spot Nov and unchanged at the back.

Grain and Soybean futures were lower Thursday, with pressure from the stronger U.S. Dollar and positive growing conditions.

Toward the close and through Sep ’25 contracts, Corn futures were 4¢ to 7¢ lower. Kansas City Wheat futures were 6¢ to 8¢ lower. Soybean futures were 14¢ to 19¢ lower.

Cattle futures mainly edged higher Wednesday, awaiting established weekly cash fed cattle trade.

Toward the close, Live Cattle futures were narrowly mixed, from an average of 15¢ lower in the front three contracts to an average of 15¢ higher. Feeder Cattle futures were an average of 59¢ higher, except for 35¢ lower in spot Nov.

Negotiated cash fed cattle trade ranged from light on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early dressed delivered sales in Nebraska at $290/cwt.

Last week, FOB live prices were $3 lower in the Southern Plains at $187/cwt., $3-$4 lower in Nebraska at $186-$187 and $2-$5 lower in the western Corn Belt at $185-$188. Dressed delivered prices were $2-$4 lower in Nebraska at $294 and $4 lower in the western Corn Belt at $294.

Choice boxed beef cutout value was $1.33 lower Wednesday afternoon at $306.94/cwt. Select was $1.26 lower at $278.66.

Grain and Soybean futures were lower Wednesday, with continued pressure from the stronger U.S. Dollar.

Toward the close and through Sep ’25 contracts, Corn futures were 2¢ to 3¢ lower. Kansas City Wheat futures were 5¢ to 6¢ lower. Soybean futures were mostly 2¢ to 4¢ lower.

Cattle futures extended gains Tuesday, supported by another day of firmer Choice boxed beef cutout values and likely short covering.

Toward the close, Live Cattle futures were an average of 96¢ higher. Feeder Cattle futures were an average of $1.56 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, FOB live prices were $3 lower in the Southern Plains at $187/cwt. and $3-$4 lower in Nebraska at $186-$187 and $2-$5 lower in the western Corn Belt at $185-$188. Dressed delivered prices were $2-$4 lower in Nebraska at $294 and $4 lower in the western Corn Belt at $294.

Choice boxed beef cutout value was 6¢ higher Tuesday afternoon at $308.27/cwt. Select was $1.92 higher at $279.92.

Grain and Soybean futures were lower Tuesday, with likely pressure from the stronger U.S. Dollar, profit taking and producer selling.

Toward the close and through Sep ’25 contracts, Corn futures were 1¢ to 2¢ lower. Kansas City Wheat futures were 11¢ to 13¢ lower. Soybean futures were mostly 8¢ to 13¢ lower.

Cattle futures found some footing Monday, helped along by the firmer boxed beef cutout values.

Toward the close, Live Cattle futures were an average of 21¢ higher, except for unchanged in spot Dec and $1.00 higher at the back of the board. Feeder Cattle futures were an average of 87¢ 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 $3 lower in the Southern Plains at $187/cwt. and $3-$4 lower in Nebraska at $186-$187 and $2-$5 lower in the western Corn Belt at $185-$188. Dressed delivered prices were $2-$4 lower in Nebraska at $294 and $4 lower in the western Corn Belt at $294.

The weighted average five-area direct FOB live fed steer price last week was $3.29 lower at $186.53. The weighted average dressed delivered fed steer price was $3.84 lower at $293.13.

Choice boxed beef cutout value was 28¢ higher Monday afternoon at $308.21/cwt. Select was $2.65 higher at $281.84.

Grain and Soybean futures were lower Monday, presumably pressured by a higher U.S. dollar, farmer selling and sharply lower crude oil prices.

Toward the close and through Sep ’25 contracts, Corn futures were 1¢ to 3¢ lower. Kansas City Wheat futures were 3¢ to 5¢ lower. Soybean futures were 5¢ to 9¢ lower.

Cattle futures closed sharply lower Friday, pressured by lower cash prices, lower wholesale beef values and the Goldman role.

Live Cattle futures were an average of $1.38 lower. Week to week on Friday, they ranged from an average of $1.31 lower in the front four contracts to an average of 93¢ higher.

Feeder Cattle futures were an average of $2.33 lower Friday. Week to week, they were an average of $1.28 lower, except for an average of 20¢ higher in the back two contracts.

Negotiated cash fed cattle trade ranged from moderate on moderate demand in Nebraska to light on light demand in other major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.

FOB live prices were $3 lower in the Southern Plains at $187/cwt. and $2-$4 lower in Nebraska at $186-$188. Although too few to trend, there were some early trades in the western Corn Belt at $185-$186, where prices the previous week were $190.

Dressed delivered prices the previous week were $296-$298 in Nebraska and $298 in the western Corn Belt.

Choice boxed beef cutout value was $1.53 lower Friday afternoon at $307.93/cwt. Select was 53¢ lower at $279.19.

Week to week on Friday, Choice boxed beef cutout value was $8.41 lower at $307.93/cwt. Select was $5.84 lower at $279.19. Over the past two weeks, Choice was down $14.31 and Select was $15.89 lower.

Estimated total cattle slaughter last week of 619,000 head was 4,000 head more than the previous week but 4,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 27 million head was 1 million head fewer (-3.7%) than the same period last year. Estimated year-to-date beef production of 22.9 billion pounds was 117.5 million pounds less (-0.5%).

Turning to the grain complex, futures were mixed.

Corn futures closed mostly 2¢ to 3¢ higher. Kansas City Wheat futures were mostly 3¢ to 4¢ lower. Soybean futures were mostly 4¢ to 6¢ higher through Jan ’26 and then mainly fractionally lower.

Cattle futures extended gains Thursday with follow-through support from outside markets.

Toward the close, Live Cattle futures were an average of 83¢ higher. Feeder Cattle futures were an average of 82¢ higher, except for unchanged in spot Nov.

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

Last week, FOB live prices were $190/cwt. in all regions with dressed delivered prices at $296-$298 in Nebraska and $298 in the western Corn Belt.

Choice boxed beef cutout value was $6.13 lower Thursday afternoon at $309.46/cwt. Select was $3.48 lower at $279.72.

Grain and Soybean futures were mixed again Thursday.

Toward the close and through Sep ’25 contracts, Soybean futures were 17¢ to 23¢ higher, boosted by weekly soybean oil exports. Corn futures were 2¢ to 3¢ higher. Kansas City Wheat futures were 3¢ to 5¢ lower.

Cattle futures were higher Wednesday, buoyed by aggressively stronger equity markets.

Toward the close, Live Cattle futures were an average of $1.04 higher. Feeder Cattle futures were an average of $1.64 higher.

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

Last week, FOB live prices were $190/cwt. in all regions with dressed delivered prices at $296-$298 in Nebraska and $298 in the western Corn Belt.

Choice boxed beef cutout value was $1.62 lower Wednesday afternoon at $315.59/cwt. Select was $2.04 lower at $283.20.

Grain and Soybean futures were mixed Wednesday.

Toward the close and through Sep ’25 contracts, Corn futures were 4¢ to 8¢ higher. Kansas City Wheat futures were 1¢ to 3¢ lower. Soybean futures were mixed, from 2¢ lower to 3¢ higher.

Cattle futures eased higher Tuesday, helped along by more bullish outside markets.

Toward the close, Live Cattle futures were an average of 28¢ higher, except for 25¢ lower in spot Dec. Feeder Cattle futures were an average of 40¢ higher, except for 12¢ lower in spot Nov and no trade in the back contract.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand in the western Corn Belt to a standstill in other major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $190/cwt. in all regions with dressed delivered prices at $296-$298 in Nebraska and $298 in the western Corn Belt.

Choice boxed beef cutout value was 30¢ higher Tuesday afternoon at $317.21/cwt. Select was $1.92 lower at $285.24.

Grain and Soybean futures were stronger Tuesday with follow-through support from positive export sales.

Toward the close and through Sep ’25 contracts, Corn futures were fractionally higher to 2¢ higher. Kansas City Wheat futures were 5¢ to 6¢ higher. Soybean futures 2¢ to 7¢ higher.

Cattle futures were lower Monday with likely technical pressure and uncertainty ahead of the election.

Toward the close, Live Cattle futures were an average of 75¢ lower. Feeder Cattle futures were an average of 94¢ 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 $190/cwt. with dressed delivered prices at $296-$298 in Nebraska and $298 in the western Corn Belt.

The five-area direct weighted average FOB live steer price last week was 23¢ lower at $189.82. The weighted average dressed delivered steer price was $1.93 lower at $296.97.

Choice boxed beef cutout value was 34¢ higher Monday afternoon at $316.91/cwt. Select was $2.13 higher at $287.16.

Grain and Soybean futures were stronger Monday bolstered by positive export sales.

Toward the close and through Sep ’25 contracts, Corn futures were fractionally mixed to 1¢ higher. Kansas City Wheat futures were fractionally higher to 4¢ higher. Soybean futures were 2¢ to 4¢ higher.