Thursday markets
Yesterday’s rally is all but forgotten as cattle futures posted lower following the equity market’s decline.
Live cattle futures closed lower, with the April contract down $1.95 to $200.67 and the June contract down $3.17 to $195.12.
“After rallying aggressively through Wednesday’s close, the live cattle complex is back to trading lower as the market’s excitement following President Trump’s announcement of the pause on tariffs to most countries has faded to the back burner,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “The market would love to see some fundamental support arise, but none has developed yet as no cash cattle trade has surfaced.”
Cash trade was moderate, with 13,579 head sold. Live steers sold for $207-207, and dressed steers sold between $327-330.
On the formula side, 31,400 head averaging 915 lbs. sold for an average of $334.93.
Actual slaughter for the week ending March 29 was 608,580 head. The average steer dressed weight was 944 lbs., 6 lbs. lower than the previous week.
Boxed beef prices were lower on 113 loads, with the Choice cutout down $3.57 to $334.29 and the Select cutout down $5.65 to $314.96.
USDA’s export report showed that beef net sales of 11,900 metric tons (mt) for 2025 were up 28% from the previous week and 14% from the prior 4-week average. The three primary buyers were Japan (3,300 mt), Mexico (1,100 mt) and Taiwan (1,000 mt).
According to USDA’s World Agricultural Supply and Demand Estimates (WASDE), 2025 beef production was raised by 15 million pounds, as heavier carcass weights and increased bull and cow slaughter more than offset lower fed cattle slaughter. Steer prices are now projected to average $204 in Q2, $206 in Q3, and $207 in Q4—up $6, $8 and $7, respectively, from last month’s estimates. Meanwhile, 2025 beef imports were lowered by 15 million, and land exports were reduced by 135 million lbs.
Feeder cattle
Feeder cattle also closed lower, with the April contract down 97 cents to $282.92 and the May contract down $2.90 to $275.45.
The CME Feeder Cattle Index was up 8 cents to $290.61.
Corn futures were higher on a favorable WASDE report, with the May contract up 9 cents to $4.83 and the July contract up 8 cents to $4.88.
Kansas: Winter Livestock in Dodge City sold 1,312 on Wednesday. Compared to the last auction, steers over 500 lbs. and heifers over 550 lbs. sold steady to $5-10.00 lower. Steers under 500 lbs and heifers under 550 lbs. were not well tested. Benchmark steers averaging 719 lbs. sold for $292-314, averaging $301.84.
Nebraska: Huss Livestock in Kearney sold 1,605 head on Wednesday. Compared to the last auction, steers and heifers 500-700 lbs. sold steady to $10 lower, with flyweight steers and heifers selling sharply lower. Benchmark steers averaging 702 lbs. sold for $294-307, averaging $303.72.
Oklahoma: OKC West in El Reno sold 3,473 head on Wednesday. Compared to the last auction, feeder steers traded $10-15 lower. Feeder heifers sold $15-20 lower. Steer and heifer calves sold sharply lower on a light test. Benchmark steers averaging 776 lbs. sold for $276-283, averaging $279.41.
South Dakota: Hub City Livestock in Aberdeen sold 6,445 head on Wednesday. Compared to the last auction two weeks ago, steers 650-749 lbs. and 850-949 lbs. sold mostly steady, 800-849 lbs. traded $3-7 lower, and 950-999 lbs. were $3-6 higher. Heifers 650-849 lbs. sold mostly steady. Benchmark steers averaging 721 lbs. sold for $313-329, averaging $320.21. — Charles Wallace, WLJ contributing editor
