(This report contains information available as of Wednesday afternoon, due to an earlier WLJ press schedule.)
Cattle futures traded steady to lower over the week as the market digested a bearish USDA outlook for cattle and beef prices.
Live cattle futures traded mostly sideways. The August contract lost less than a dollar to close at $230.57, and the October contract also lost less than a dollar to close at $223.80.
Cash trade through Wednesday afternoon totaled about 6,000 head. No trends were noted for live steers, but dressed steers sold from $365-380.
“It is worth noting that news is spreading of a major packer in Kansas cutting production hours this week,” wrote ShayLe Stewart, DTN livestock analyst, in her Wednesday midday comments. “If true, that will affect this week’s fed market. No other trade has been noted.”
Cash trade for the week ending Aug. 9 was 104,609 head. Live steers averaged $235.28, and dressed steers averaged $371.11.
Slaughter through Wednesday was about 310,000 head, compared to 306,000 head a week earlier. Total slaughter for a week earlier is estimated at 509,000 head, down 3,000 head from the previous week. Total actual slaughter for two weeks earlier was not available as of WLJ press time.
“Wednesday’s (World Agricultural Supply and Demand Estimates) report shared a mostly bearish outlook for the cattle and beef markets of 2026,” Stewart said. “Beef production for 2026 was decreased by 321 million pounds as fed cattle slaughter speeds are lower than anticipated, and the market isn’t seeing as many cows slaughtered either.”
She continued: “The quarterly steer price projections for 2026 and 2027 were disheartening compared to last month’s estimates, as steers in the third quarter are expected to average $242 (down $13.00 from last month); steers in the fourth quarter of 2026 are expected to average $245 (down $10 from last month); steers in the first quarter of 2027 are anticipated to average $245 (down $5.00 from last month’s estimates); and steer prices in the second quarter of 2027 are expected to average $250 (down $5.00 from last month’s estimate).”
Boxed beef prices traded higher over the week. The Choice cutout gained about $9 to close at $372.28. The Select cutout gained 3 cents to close at $349.81.
Lean beef trim futures closed lower over the week. The 50% lean trim August contract lost $2 to close at $169, and the September contract also lost $2 to close at $159. The 90% lean beef trim August contract lost $8 to close at $449, and the September contract lost $8 to close at $442.
Feeder cattle
Feeder cattle futures also traded mostly sideways. The August contract lost less than $2 to close at $346.35, and the September contract also lost less than $2 to close at $339.35.
The CME Feeder Cattle Index gained a little over $5 to close at $354.22.
Corn futures saw gains, with the September contract up 18 cents to close at $4.57 and the December contract also up 18 cents to close at $4.80.
Missouri: Joplin Regional Stockyards in Carthage sold 3,680 head on Monday. Compared to the last auction, feeder steers sold steady to $8 lower, except four-weight steers, which sold $7-12 higher. Feeder heifers under 750 lbs. sold from $2 higher to $10 lower, except over 750 lbs., which sold $5-7 higher. Benchmark steers averaging 715 lbs. sold from $365-382.50, averaging $378.33.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 2,800 head on Monday. Compared to the last auction, feeder cattle and calves were not well tested in opening rounds. Numbers continue to be very limited. Benchmark steers averaging 789 lbs. sold from $354-364, averaging $358.85. — Anna Miller Fortozo, WLJ managing editor
