Thursday markets
Cattle futures traded on both sides of steady in a calm session following recent record highs.
Live cattle futures were mixed, with the June contract up 37 cents to $228.20 and the August contract down $1.07 to $216.95.
Cash trade was moderate, with 11,136 head sold. Live steers sold for $235-242, and dressed steers sold for $380.
“The negotiated fed cattle trade has picked up volume this morning,” wrote Cassie Fish, market analyst, in The Beef. “The South has traded about 4k head at $235, steady with last week’s high and $242 live bids are noted in Nebraska at present, just slightly higher than last week’s average of $241.87. As of this morning, the USDA reported 7.9k head sold for the week with the remarkable price spread of $229 to $244 nationally. At least right now, it appears the average cash prices this week will beat last week by about $1, another all-time high.”
Today’s slaughter is estimated to be 115,000 head, 5,000 below a week earlier.
Actual slaughter for the week ending May 31 was 487,605 head. The average steer dressed weight was 940 lbs., 2 lbs. above the prior week.
Boxed beef prices were higher on 91 loads, with the Choice cutout up $1.96 to $376.72 and the Select cutout up $2.32 to $363.07.
“Boxed beef values are now the center of attention, up dollars daily as the market responds to the sharp production cuts this week, and likely next,” Fish wrote. “With less product available, end users are forced to compete over limited supplies, resulting in all-time highs being etched daily this week. Today and yesterday the Choice middles started to gain value again and that has widened the Choice/Select spread back out over $13/cwt.”
USDA’s Weekly Export report showed beef net sales of 15,300 metric tons (mt) for 2025 were up 71% from the previous week and 21% from the prior four-week average. The three largest buyers were South Korea (6,100 mt), Japan (3,200 mt) and Mexico (2,700 mt).
Feeder cattle
Feeder cattle futures were also mixed, with the August contract 17 cents to $311.25 and the September contract down 25 cents to $310.55.
The CME Feeder Cattle Index was up $1.81 to $315.85.
Corn futures were higher, with the July and September contracts up a penny to $4.38 and $4.26, respectively.
Kansas: Winter Livestock in Dodge City sold 720 head on Wednesday. Compared to the last auction, steers over 550 lbs. sold steady to $13 higher. Heifers over 550 lbs. sold $10-20 higher. Steers and heifers under 550 lbs. were not well tested. Benchmark steers averaging 717 lbs. sold for $341-342.50, averaging $341.35.
Oklahoma: OKC West in El Reno sold 5,597 head on Wednesday. Compared to the last auction, feeder steers sold $6-11 higher and feeder heifers traded $2-7 higher. Benchmark steers averaging 729 lbs. sold for $317.50-343, averaging $330.44.
South Dakota: Hub City Livestock in Aberdeen sold 2,999 head on Wednesday. Compared to the last auction, the best test on steers 1,000-1,099 lbs. sold $4-5 higher. Heifers 900-949 lbs. were mostly steady, 950-999 lbs. sold $2-3 lower, with instances of up to $7 lower. Benchmark steers averaging 729 lbs. sold for $338-350, averaging $342.20. — Charles Wallace, WLJ contributing editor
