Thursday markets
Cattle futures closed lower ahead of today’s Cattle on Feed report, as traders are looking for fundamental support.
“In anticipation of Thursday afternoon’s Cattle on Feed report—and upon seeing no trade yet in the fed cash cattle market—the live cattle contracts are trading lower into the noon hour,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “Not to mention, midday boxed beef prices are also lower, which doesn’t help matters either.”
Live cattle futures closed lower, with the June contract down 92 cents to $254.80 and the August contract $2.22 lower to $246.62.
Cash trade was light, with 119 head sold. On the formula side, 18,500 head averaging 926 lbs. sold for an average of $407.74.
Today’s slaughter is estimated to be 109,000 head, 4,000 head above last week.
Actual slaughter for the week ending June 6 was 534,560 head. The average steer dressed weight was 969 lbs., 4 lbs. lower than the previous week.
Boxed beef prices were lower on 73 loads, with the Choice cutout down 58 cents to $393.92 and the Select cutout $2.51 lower to $374.75.
“The inability of boxed beef values to push through $400/cwt on this week’s rally is also being viewed as a disappointment and is contributing to the bearish outlook,” wrote Cassie Fish, market analyst, for The Beef. “Choice boxes this quarter will actually average around $390/cwt, the highest for any quarter ever and $33/cwt higher than Q2 2025. U.S. beef production has been slashed this year by 6.3% as the fed cattle processing industry slaughters the fewest fed cattle since 2015.”
USDA released its latest Cattle on Feed report on Thursday ahead of Friday’s Juneteenth holiday. Cattle and calves on feed as of June 1 totaled 11.7 million head, 2% above last year. Placements during May totaled 1.70 million head, 10% below last year. Marketings were 12% lower at 1.55 million head, the second lowest for May since reporting began in 1996. Other disappearance during May totaled 55,000 head, 11% below 2025.
Feeder cattle
Feeder cattle futures closed slightly lower, with the August contract down 82 cents to $366.60 and the September contract 97 cents lower to $364.67.
The CME Feeder Cattle Index was up 2 cents to $364.02.
Corn futures closed lower, with the July contract down 3 cents to $4.17 and the September contract 4 cents lower to $4.25.
Kansas: Winter Livestock in Dodge City sold 602 head on Wednesday. There were not enough for market test on steers and heifers across all weights, but a strong undertone was noted. A group of steers averaging 751 lbs. sold for $380.
Nebraska: Huss Livestock in Kearney sold 2,502 head on Wednesday. Due to the lack of a recent auction, no trend could be established, but demand was moderate to good among the buyers in the large crowd in the seats. Benchmark steers averaging 723 lbs. sold for $403-430.50, averaging $420.46.
Oklahoma: OKC West in El Reno sold 8,309 head on Wednesday. Compared to the last auction, feeder steers sold $10-20 higher and feeder heifers traded $15-25 higher. Benchmark steers averaging 725 lbs. sold for $385-407.50, averaging $397.06.
South Dakota: Hub City Livestock in Aberdeen sold 3,403 head on Wednesday. Compared to the last auction, best test on steers 850-899 lbs. sold $3-5 higher; other steer weight classes not well compared. Best test on heifers 850-899 lbs. were mostly steady. Benchmark steers averaging 716 lbs. sold for $392-422.50, averaging $415.34. — Charles Wallace, WLJ contributing editor
