Tuesday markets
Cattle futures gained triple digits following yesterday’s losses.
“Today, CME cattle futures are ignoring a possible plant strike, bouncing back up into the overhead gap left yesterday,” Cassie Fish, market analyst, wrote in The Beef. “Crude oil is lower and equities are higher as the marketplace anticipates a quick end to the Middle East conflict.”
Live cattle futures were higher, with the April contract up $2.22 to $232.37 and the June contract $2.77 higher to $230.20.
Cash trade was moderate, with 2,832 head sold for $372-375.
On the formula side, 22,000 head averaging 960 lbs. sold for an average of $388.79.
The national weekly direct beef type price distribution for the week of March 2-9 was the following on a live basis:
• Negotiated purchases: $240.01.
• Formula net purchases: $249.03.
• Forward contract net purchases: $235.81.
• Negotiated grid net purchases: $250.70.
On a dressed basis:
• Negotiated purchases: $379.91.
• Formula net purchases: $391.71.
• Forward contract net purchases: $369.22.
• Negotiated grid net purchases: $384.35.
Today’s slaughter is estimated to be 108,000 head, 1,000 head below the previous week.
According to Fish, weekly cattle slaughter has dropped sharply in 2026, with some weeks falling near or below 2015 levels, when slaughter averaged about 546,000 head and marked the lowest modern totals outside the COVID disruptions in 2020. Fish said slaughter reductions in the first quarter, driven by packer losses, have slowed marketings and contributed to growing front-end cattle supplies. With a potential strike at the JBS Greeley Beef Plant, Fish estimates this week’s slaughter could reach about 515,000 head, compared with 524,000 during the same period in 2015.
Boxed beef prices were higher on 94 loads, with the Choice cutout up $3.38 to $394.67 and the Select cutout $3.15 higher to $386.77.
Feeder cattle
Feeder cattle futures also saw gains, with the March contract up $2.70 to $353.35 and the April contract $3.12 higher to close at $349.67.
The CME Feeder Cattle Index was 93 cents lower to $366.39.
Corn futures closed lower, with the March and May contracts down a penny to $4.36 and $4.52, respectively.
New Mexico: Roswell Livestock in Roswell sold 1,009 head on Monday. Compared to the last auction, feeder steers and heifers sold $5-20 lower, except for 700-750 lbs. steers, which were steady to $2 higher, and 450-500 lbs. heifer calves, which traded steady. Benchmark steers averaging 724 lbs. sold between $347-367 and averaged $365.41. — Charles Wallace, WLJ contributing editor
