Monday markets
Following USDA’s Sunday announcement that live cattle, horse and bison imports through the southern border would be suspended due to spread of the New World screwworm, markets shot higher. The suspension will be in place for 15 days and in effect on a month-by-month basis. In addition to USDA’s announcement, the U.S. and China came to an agreement to lower tariffs for 90 days to work out a trade deal.
“The combination of the two headlines resulted in CME cattle futures gapping sharply higher and barreling to new all-time highs on the opening,” wrote Cassie Fish, market analyst, in The Beef.
Live cattle futures were up $2.15 on the June contract to $216.82 and up $2.02 to $211.60 on the August contract.
“What’s potentially most interesting to note about the contracts just before Monday’s noon hour is that it isn’t the immediate/nearby contracts that are seeing the biggest gains—it’s the late spring/early summer 2026 contracts that are seeing the biggest daily push as they’re currently trading over $2.00 higher,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments. “Which is likely because traders recognize that supplies may be thin now, but they’re going to be even tighter next year at this time.”
Cash trade for the day was inactive, with less than 200 head sold. Live steers sold for $225. On the formula side, a total of 26,800 head averaging 906 lbs. sold for an average of $351.62.
Cash trade through May 12 totaled 83,514 head. Live steers sold from $220-228, and dressed steers sold from $355-360.
Slaughter for the day is estimated at 99,000 head, compared to 109,000 head a week earlier. Total slaughter for the week earlier is projected at 559,000 head.
“Hopes are running high that under this temporary agreement, beef exports to China and Hong Kong will resume,” Fish said of the U.S./China tariff news. “Though it’s worth pointing out that the loss of access to beef exports to the Chinese market has not been considered bearish for cattle prices, cash or futures, instead it has been one more challenge for the packing industry.”
Boxed beef prices were higher on 115 loads. The Choice cutout gained $2.17 to close at $348.14, and the Select cutout gained $4.06 to close at $335.23.
Feeder cattle
“Upon being given the opportunity to trade the announcement that Mexican cattle imports will be halted for 15 days because of the continued spread of New World screwworm, traders didn’t waste any time gapping the feeder cattle contracts higher at Monday’s start,” Stewart said.
Feeder cattle futures shot higher, up $5.12 to $303.10 on the May contract and up $6.07 to $306.37 on the August contract.
The CME Feeder Cattle Index gained 36 cents to close at $296.14.
Corn futures were slightly lower, down a penny apiece to $4.40 and $4.48 on the May and July contracts, respectively.
Missouri: Joplin Regional Stockyards in Carthage sold 9,000 head on Monday. Compared to a week earlier, feeder steers under 625 lbs. sold $10-25 higher, with heavier weights selling $3-15 higher. Feeder heifers under 625 lbs. sold $5-15 higher, with heavier weights selling from $5 lower to $5 higher. Benchmark steers averaging 771 lbs. sold from $300-327, averaging $305.40.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 6,000 head on Monday. Compared to the previous sale, feeder steers sold $4-6 higher and feeder heifers sold $2-6 higher. Steer and heifer calves sold mostly steady. Benchmark steers averaging 791 lbs. sold from $303-320, averaging $310.60. — Anna Miller, WLJ managing editor
