Steep and far-ranging U.S. tariffs announced by the Trump administration rattled equities and Cattle futures markets Thursday. Along with continued uncertainty surrounding the tariffs and their implementation, worries abound that they will increase inflation, disrupt supply chains and slow economic growth the world over.

Cattle futures sank Thursday. Tariffs themselves may have little impact on cattle markets directly. However, the tariffs increase risk of slowing domestic economic growth and potential economic recession which could impact consumer beef demand.

Toward the close, Live Cattle futures were an average of $2.55 lower. Feeder Cattle futures were an average of $4.03 lower.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand in the Southern Plains to light on limited demand in the North through Thursday afternoon, according to the Agricultural Marketing Service.

Although too few to trend, there were some early dressed delivered trades at $335-$345/cwt. in Nebraska and some early FOB live trades in the western Corn Belt at $213.

Last week, FOB live prices were $209-$210 in the Southern Plains and $213 in the North. Dressed delivered prices were $335-$345.

Grain and Soybean futures were mixed Thursday. Although the new the U.S. tariffs applied pressure, Grain futures faded some heat, given the exclusion of agricultural products covered by the U.S., Mexico and Canada Trade Agreement.

Toward the close and through Sep ’25 contracts, Corn futures were 1¢ lower to 1¢ higher. Kansas City Wheat futures were 1¢ to 2¢ higher. Soybean futures were 17¢ to 19¢ lower.