Tuesday markets
Cattle futures retreated today as traders reacted to headlines and a lack of cash trade.
Cassie Fish, market analyst at The Beef, said two separate headlines appeared to pressure the cattle markets. She noted reports of the Trump administration allocating $500 million in subsidies for small- and medium-sized beef packers, excluding the four largest processors. She added that the circulation of an outdated June 30, 2025, report on New World screwworm and the phased reopening of the Mexican border may also have fueled the sharp decline in feeder cattle futures.
“This type of thing is becoming more common and is damaging to the marketplace. Algos shoot first and ask questions later and computers scan social media for potential market moving information,” Fish wrote.
Live cattle futures closed mixed, with the expiring June contract gaining 80 cents to close at $258.20, the August contract losing $1.15 to $242.42 and the October contract down 72 cents to $236.65.
USDA reported no cash trade took place today. On the formula side, 20,600 head averaging 936 lbs. sold for $413.16.
“Cash trade, on the other hand, has yet to develop, but the packer hopes to cheapen up his buy this week if at all possible, hoping to back cash back down toward $256 after last week’s $258 trade in the South,” Fish wrote. “Hot temperatures and high humidity certainly will incentivize sellers to move cattle.”
The national weekly direct beef type price distribution for the week of June 22-29 was the following on a live basis:
• Negotiated purchases: $259.36.
• Formula net purchases: $261.72.
• Forward contract net purchases: $245.12.
• Negotiated grid net purchases: $263.73.
On a dressed basis:
• Negotiated purchases: $407.74.
• Formula net purchases: $410.51.
• Forward contract net purchases: $381.95.
• Negotiated grid net purchases: $407.63.
Today’s slaughter is estimated to be 110,000 head, the same as last week.
Boxed beef prices were mixed on 102 loads, with the Choice cutout up $1.72 to $393.16 and the Select cutout $2.50 lower to $371.68.
Feeder cattle
Feeder cattle futures closed lower, with the August contract down $2.87 to $346.60 and the September contract $3.22 lower to close at $362.52.
The CME Feeder Cattle Index was 11 cents lower to $380.40.
Corn futures rebounded after yesterday’s losses, with the July contract up 10 cents to $4.12 and the September contract 6 cents higher to $4.16.
Texas: Giddings Livestock in Giddings sold 1,335 head on Monday. Compared to the last auction, the feeder cattle market was fully steady with last week. Benchmark steers averaging 721 lbs. sold from $365-395, averaging $374.17. — Charles Wallace, WLJ contributing editor
