Cattle Current Market Update with Wes Ishmael

Cattle futures stepped confidently higher Monday, buoyed by Friday’s Cattle on Feed report with placements 9.2% less year over year and 6.5% less than pre-report estimates with snug supplies ahead (see below). 

Toward the close, Live Cattle futures were an average of $5.06 higher. Feeder Cattle futures were an average of $8.31 higher.

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 mostly $1 lower in Nebraska at mainly $222-$223/cwt. and mostly steady to $1 lower in the western Corn Belt at mainly $222. Dressed delivered prices were mostly steady at mainly $350.

The weekly weighted average FOB live fed steer price was 95¢ less at $221.87. The weighted average dressed, delivered fed steer price was 56¢ lower at $350.15.

Choice boxed beef cutout value was $4.41 higher Monday afternoon at $376.35/cwt. Select was $2.51 higher at $355.77.

Grain and Soybean futures were higher Monday, with apparent optimism for this week’s scheduled trade talks between the U.S. and China.

Through late afternoon, and through the front four contracts, Soybean futures were 20¢ to 23¢ higher. Corn futures were 13¢ to 15¢ higher. Kansas City HRW Wheat futures were 8¢ to 10¢ higher. 

Cattle futures sputtered Friday and ended the week lower with apparent squeamishness about the Cattle on Feed report that was published after the session and wonderment about the impact of next week’s resumption of Mexican feeder cattle imports through the port of entry at Santa Teresa, New Mexico Sept. 24. Turned out that the Cattle on Feed report was friendly (see below) and could support a bounce higher when the new week begins.

Live Cattle futures closed an average of 42¢ lower, except for an average of 24¢ higher in the front three contracts. Feeder Cattle futures closed an average of $1.31 lower. Week to week on Friday, Live Cattle futures closed an average of $5.90 lower and Feeder Cattle futures were an average of $10.57 lower.

Negotiated cash fed cattle trade was light on light to moderate demand in the North through Friday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some FOB live trades in Nebraska at $222.50/cwt.

For the week, FOB live prices were $1 lower in Nebraska at $222-$223/cwt. and steady to $1 lower in the western Corn Belt at mostly $222. Dressed delivered prices were mostly steady at mainly $350.

Choice boxed beef cutout value was 21¢ lower Friday afternoon at $371.94/cwt. Select was $1.38 higher at $353.26. Week to week on Friday, Choice was $4.00 lower and Select was 13¢ higher.

Estimated total cattle slaughter last week of 529,000 head was 24,000 more than the previous week but 30,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 19.5 million head was 1.6 million head fewer (-7.5%) than the same time last year. Estimated year-to-date beef production of 17.4 billion pounds was 938.6 million pounds less (-5.1%).

Turning to row crops, Grain and Soybean futures were lower on Friday with likely positioning ahead of the weekend and trade negotiations between the U.S. and China.

Soybean futures closed 13¢ to 17¢ lower through Sep ’27 and then 9¢ to 12¢ lower.

Corn futures closed 2¢ to 3¢ lower.

Kansas City HRW Wheat futures closed mostly 4¢ to 10¢ lower. 

Cattle futures were lower again Thursday, with steady to lower negotiated cash fed cattle prices and likely positioning ahead of Friday’s Cattle on Feed report. Depending on the estimates considered, analysts expect August placements to be down about 3%, August marketing to be about 4% less and the Sept. 1 cattle on feed inventory to be about 2% higher year over year.

Toward the close, Live Cattle futures were an average of $3.52 lower. Feeder Cattle futures were an average of $4.25 lower.

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

FOB live prices were steady to $1 lower at mostly $223/cwt. in Nebraska and mostly $222 in the western Corn Belt. Dressed delivered prices were mostly steady at mainly $350.

Choice boxed beef cutout value was $3.66 lower Thursday afternoon at $372.15/cwt. Select was $2.69 lower at $351.88.

Grain and Soybean futures were lower on Thursday, perhaps with the lack of news direction and positioning ahead of the weekend.

Through late afternoon and the front four contracts, Soybean futures were 1¢ lower to fractionally higher. Corn futures were 3¢ to 4¢ lower. Kansas City HRW Wheat futures were 5¢ lower. 

Cattle futures softened further Wednesday, pressured by bearish outside markets, and likely profit taking as traders await the week’s negotiated cash fed cattle direction.

Toward the close, Live Cattle futures were an average of $2.79 lower. Feeder Cattle futures were an average of $5.10 lower.

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

Last week, FOB live prices were mostly $223-$224/cwt. in Nebraska and mostly $222-$223 in the western Corn Belt. Dressed delivered prices were mainly $350.

Choice boxed beef cutout value was 27¢ lower Wednesday afternoon at $375.81/cwt. Select was $1.79 lower at $354.57.

Grain and Soybean futures were mixed on Wednesday with some likely pressure from producer selling.

Through late afternoon and the front four contracts, Soybean futures were mostly 2¢ to 3¢ higher. Corn futures were 1¢ to 2¢ lower. Kansas City HRW Wheat futures were 2¢ to 5¢ higher. 

Cattle futures were lower Tuesday with likely profit taking from the recent gains.

Toward the close, Live Cattle futures were an average of $1.70 lower. Feeder Cattle futures were an average of $3.43 lower.

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

Last week, FOB live prices were steady to $6 higher in Nebraska at mostly $223-$224/cwt. and $3-$4 higher in the western Corn Belt at mostly $222-$223. Dressed delivered prices were mostly $5 higher at mainly $350.

Choice boxed beef cutout value was 77¢ higher Tuesday afternoon at $376.08/cwt. Select was $1.81 higher at $356.36.

Grain and Soybean futures gained on Tuesday.

Through late afternoon and the front four contracts, Soybean futures were 14¢ to 15¢ higher. Corn futures were mostly 1¢ to 2¢ higher. Kansas City HRW Wheat futures were 2¢ to 3¢ higher. 

Cattle futures ended Friday and the week higher, supported by the step higher in negotiated cash fed cattle prices and lower grain futures.

Live Cattle futures closed an average of $2.33 higher. Feeder Cattle futures closed an average of $4.56 higher. Week to week on Friday, Live Cattle futures closed an average of $6.35 higher, and Feeder Cattle futures were an average of $12.13 higher.

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

For the week, FOB live prices were $1-$6 higher in Nebraska at mostly $224/cwt. and $3-$4 higher in the western Corn Belt at mostly $222-$223. Dressed delivered prices were mostly $5 higher at mainly $350.

Choice boxed beef cutout value was $2.43 lower Friday afternoon at $375.94/cwt. Select was $1.07 higher at $353.13. Week to week on Friday, Choice was 23¢ lower and Select was $2.74 lower.

Keeping Labor Day in mind, total estimated cattle slaughter last week of 505,000 head was 21,000 head fewer than the previous week and 68,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 19 million head was 1.6 million head fewer (-7.6%) than the same time last year. Estimated year-to-date beef production of 16.9 billion pounds was 923.8 million pounds less (-5.2%).

Grain and Soybean futures closed lower Friday on likely profit taking and no major surprises in the World Agricultural Supply and Demand Estimates (see below).

Soybean futures closed 28¢ to 35¢ lower through Aug ’27 and then 21¢ to 29¢ lower. Corn futures closed mostly 3¢ to 5¢ lower. Kansas City HRW Wheat futures closed 13¢ to 19¢ lower. 

Cattle futures strengthened on Thursday, supported by stronger cash feeder cattle prices and thoughts that negotiated cash fed cattle prices could follow suit.

Toward the close, Live Cattle futures were an average of 84¢ higher, except for unchanged in two contracts.

Feeder Cattle futures were an average of $1.74 higher.

Negotiated cash fed cattle ranged from mostly inactive on light demand in Nebraska to mostly inactive on moderate demand in the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $218-$223/cwt. in Nebraska and $218-$220/cwt. in the western Corn Belt. Dressed delivered prices were mainly $345.

Choice boxed beef cutout value was $2.40 lower Thursday afternoon at $378.37/cwt. Select was 28¢ lower at $352.06.

Grain and Soybean futures pushed higher on Thursday, led by Soybeans and likely supported by some inflationary hedging, as traders prepared for Friday’s World Agricultural Supply and Demand Estimates.

Through late afternoon, Soybean futures were 20¢ to 23¢ higher, buoyed by new Chinese purchases. Corn futures were 5¢ higher. Kansas City HRW Wheat futures were 11¢ to 12¢ higher. 

Cattle futures mainly held or extended gains on Wednesday, in the face of another day of bearishness in outside markets.

Toward the close, Live Cattle futures were an average of 51¢ lower, except for an average of 12¢ higher in two contracts. They were an average of $3.46 higher Wednesday.

Feeder Cattle futures were an average of $1.15 higher, except for an average of $1.00 lower in the back contract. They were an average of $4.85 higher on Wednesday.

Negotiated cash fed cattle was mostly inactive on light demand in Nebraska and the western Corn Belt through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were steady to $1 higher in Nebraska at $218-$223/cwt. and steady to $2 lower in the western Corn Belt at $218-$220. Dressed delivered prices were mostly steady at mainly $345.

Last week’s five-area direct FOB live fed steer price was 9¢ lower at $219.06. The weighted average dressed delivered fed steer price was 33¢ lower at $345.42.

Choice boxed beef cutout value was $3.20 higher Wednesday afternoon at $380.77/cwt. Select was $3.05 lower at $352.34.

Grain and Soybean futures were lower on Wednesday with positioning ahead of the World Agricultural Supply and Demand Estimates.

Toward the close and through the front four contracts, Corn futures were 3¢ to 5¢ lower.

Kansas City HRW Wheat futures were 2¢ to 12¢ lower. Soybean futures were 4¢ to 7¢ lower. 

Cattle futures closed mixed Friday on caution ahead of the three-day weekend.

Live Cattle futures closed an average of 99¢ lower, except for an average of 11¢ higher in the back three contracts.

Feeder Cattle futures closed an average of 60¢ higher, except for an average of 85¢ lower in the front three contracts.

Week to week on Friday, Live Cattle futures closed an average of 64¢ higher, from 7¢ higher toward the back to $1.22 higher in spot Oct. Feeder Cattle futures were an average of $4.84 higher week to week on Friday.

Negotiated cash fed cattle was limited on light demand in Nebraska and the western Corn Belt through Friday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some FOB live sales at mostly $220/cwt.

Based on established trade last week, FOB live prices were steady to $4 lower in the North at $218/cwt. and dressed delivered prices were steady at $345. However, prices strengthened toward the end of the week, according to various reports and the Texas Cattle Feeders Association reported its members trading FOB live steers and heifers at $222.

Choice boxed beef cutout value was 73¢ lower Friday afternoon at $376.17/cwt. Select was $5.15 higher at $355.87. Week to week on Friday, Choice was 6¢ lower and Select was $5.21 lower.

Estimated total cattle slaughter last week of 526,000 head was 16,000 head fewer than the previous week but 32,000 head more than the same week last year. Year-to-date estimated total cattle slaughter of 18.5 million head was 1.5 million head fewer (-7.5%) than the same time last year. Estimated year-to-date beef production of 16.5 billion pounds was 876.3 million pounds less (-5.1%).

Grain and Soybean futures were lower on Friday with likely profit taking and positioning ahead of the three-day weekend.

Corn futures were 2¢ to 4¢ lower through Dec ’27. Kansas City HRW Wheat futures were mostly 13¢ to 15¢ lower.  Soybean futures were mostly 6¢ to 12¢ lower. 

Cattle futures finally bounced higher Thursday, supported by oversold conditions and some renewed strength in cash prices.

Toward the close, Live Cattle futures were an average of $3.32 higher. Feeder Cattle futures were an average of $6.50 higher.  

Negotiated cash fed cattle was light on light demand in Nebraska and the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service. So far this week, FOB live prices are $218/cwt. and dressed delivered prices are $345. There is no established trade in the Southern Plains.

Choice boxed beef cutout value was $1.88 lower Thursday afternoon at $376.90/cwt. Select was $2.86 lower at $350.72.

Corn and Kansas City Wheat futures were lower on Thursday with likely profit taking and positioning ahead of the three-day weekend.

Toward the close and through the front four contracts, Corn futures were 3¢ to 4¢ lower. Kansas City HRW Wheat futures were 11¢ to 22¢ lower. However, Soybean futures were 1¢ lower to 5¢ higher, supported by export sales.