Thursday markets
“After a big rally yesterday to all-time highs, CME cattle futures have given it all back plus today in an impressive smack down,” wrote Cassie Fish, market analyst, for The Beef.
Live cattle futures took a tumble, with the August contract falling $5.30 to $227.77 and the October contract down $6.57 to $223.15.
Fish continued that Q2 2026 live cattle and feeder cattle contracts posted daily key reversals today, and while such signals haven’t meant much in 2025, it still stirs some “has the market topped” nerves. She added today has all the signs of fund and algorithmic selling, with some wild rumors in the mix—but more than anything, it’s a reminder of how volatile this market has become.
Cash trade has yet to develop, with 5,196 head sold. Live steers sold from $235-245, and dressed steers sold for $383.
Today’s slaughter is estimated to be 111,000 head, 6,000 head below a week earlier.
Actual slaughter for the week ending July 19 was 567,470 head. The average steer dressed weight was 935 lbs., 1 lb. above the prior week.
Boxed beef prices were mixed on 109 loads, with the Choice cutout down 67 cents to $361.32 and the Select cutout up 46 cents to $341.37.
USDA’s Weekly Export report showed beef net sales of 8,500 metric tons (mt) for 2025, down 49% from the previous week and 30% from the prior four-week average. The three largest buyers were Japan (1,700 mt), South Korea (1,200 mt) and Taiwan (1,000 mt).
Feeder cattle
Feeder cattle futures also gave up gains made earlier in the week, with the August falling $7.57 to $331.37 and the September contract down $8.20 to $331.55.
The CME Feeder Cattle Index gained 83 cents to $333.03.
Corn futures closed in the green, with the September contract gaining 2 cents to $3.94 and the December contract up a penny to $4.13.
Nebraska: Huss Livestock in Kearney sold 1,683 head on Wednesday. Compared to the last auction two weeks ago, steers over 700 lbs. sold $10-20 higher. There were not enough heifer offerings two weeks ago to establish a trend. Benchmark steers averaging 754 lbs. sold for $372-377, averaging $376.13.
Oklahoma: OKC West in El Reno sold 5,661 head on Wednesday. Compared to the last auction, feeder steers sold $5-10 higher, with some selling up to $15 higher. Feeder heifers traded $6-12 higher, with some up to $18 higher. Steer and heifer calves sold $15-20 higher. Benchmark steers averaging 792 lbs. sold for $345-350, averaging $348.48.
South Dakota: Hub City Livestock in Aberdeen sold 2,351 head on Wednesday. Compared to the last auction two weeks ago, the best test was on steers 1,000-1,099 lbs., which sold $10 higher. Heifers were not well compared. A group of steers averaging 827 lbs. sold for $350. — Charles Wallace, WLJ contributing editor
