Thursday markets
Cattle futures extended their rally, with feeder cattle contracts surging more than $5 higher as declining corn futures eased feed cost concerns.
Live cattle futures closed higher, with the June contract up $1.37 to $251.45 and the August contract $1.17 higher to $242.62.
Cash trade was light, with 455 head sold. On the formula side, 22,800 head averaging 931 lbs. sold for an average of $409.02.
“It’s been quiet in the country all week, with the negotiated fed cattle trade quite slow to develop,” Cassie Fish, market analyst, wrote in The Beef. “Packers are in a stronger inventory position than in recent weeks and are attempting to shave off more of the persistent red ink plaguing their P&L. The national week-to-date volume is 3.1k, but Texas and Iowa have not traded any cattle, while Nebraska stands at 1.6k and Kansas 112 head for the week.”
Today’s slaughter is estimated to be 105,000 head, 3,000 head lower than last week.
Actual slaughter for the week ending May 30 was 451,309 head. The average steer dressed weight was 973 lbs., 5 lbs. lower than the previous week.
Boxed beef prices were lower on 110 loads, with the Choice cutout down 8 cents to $393.21 and the Select cutout $2.46 lower to $373.25.
Feeder cattle
Feeder cattle futures closed over $5 higher, with the August contract up $5.27 to $359.52 and the September contract $5.15 higher to $356.40.
“CME feeder cattle futures—which have struggled a lot in 2026 and even traded lower on the year at one point on a spot basis—are leading today’s impressive cattle futures rally,” Fish wrote. “Most active August feeder cattle have taken out last Friday’s high, a key area of resistance and are finally back above its 100-day moving average.”
The CME Feeder Cattle Index was 14 cents lower to $368.06.
Corn futures were lower, with the July and September contracts down 7 cents to $4.11 and $4.20, respectively.
New Mexico: Clovis Livestock in Clovis sold 769 head on Wednesday. Compared to the last auction, steer calves sold higher to sharply higher and feeder steers were $12-20 higher. Heifer calves sold uneven, with no comparable sales on the feeder heifers. Benchmark steers averaging 775 lbs. sold for $356.
Oklahoma: OKC West in El Reno sold 6,000 head on Wednesday. Compared to the last auction, feeder steers over 750 lbs. sold $6-12 higher, and under 750 lbs. were $15-20 higher. Feeder heifers sold $5-10 higher. Steer calves sold $5-15 higher. Heifer calves traded steady to $5 higher. Benchmark steers averaging 774 lbs. sold for $362.50-377.50, averaging $368.70.
South Dakota: Hub City Livestock in Aberdeen sold 2,650 head on Wednesday. Compared to the last auction, best test was on steers 900-949 lbs. sold $4-6 higher. Heifers 850-949 lbs. were steady. Benchmark steers averaging 757 lbs. sold for $396-410, averaging $408.48.
Wyoming: Torrington Livestock in Torrington sold 1,011 head on Wednesday. A trend could not be provided due to a lighter run, with a smaller offering and a few load lots but mainly package trade. Benchmark steers averaging 736 lbs. sold for $381-398.50, averaging $395.06. — Charles Wallace, WLJ contributing editor
