Tuesday markets
Cattle futures saw modest pressure as uncertainty persists with tariffs and traders looking for direction from cash trade.
“CME live cattle futures are both falling under the weight of significant new 2025 lows in equity markets today as investors search for a safe place to ride out current global market uncertainty,” Cassie Fish, market analyst, wrote in The Beef. “Earlier today, futures were higher on the day only to retrench as the day has worn on. Futures are coming off a blistering and massive rally and had approached technical overbought territory, so today’s pull back is not unexpected.”
Live cattle futures closed lower, with the April contract down $1.02 to $199.55 and the June contract down 97 cents to $196.25.
USDA reported that no cash trade took place.
On the formula side, 25,300 head averaging 916 lbs. sold for an average of $315.82.
The national weekly direct beef type price distribution for the week of March 3-10 was the following on a live basis:
• Negotiated purchases: $200.25.
• Formula net purchases: $201.59.
• Forward contract net purchases: $191.72.
• Negotiated grid net purchases: $204.59.
On a dressed basis:
• Negotiated purchases: $316.37.
• Formula net purchases: $317.48.
• Forward contract net purchases: $308.28.
• Negotiated grid net purchases: $327.68.
Today’s slaughter is estimated to be 124,000 head, 1,000 head above a week earlier.
Boxed beef prices were mixed on 146 loads, with the Choice cutout up $3.62 to $321.20 and the Select cutout down 9 cents to $306.86.
ShayLe Stewart, DTN livestock analyst, wrote that today’s World Agricultural Supply and Demand Estimates (WASDE) report delivered mixed news for the 2025 cattle and beef markets. Beef production was raised by 120 million pounds to 26,685 million lbs. as heavier carcass weights offset slower slaughter speeds. While beef exports increased by 25 million lbs., imports rose by 105 million lbs., and quarterly steer price projections saw slight declines in the first and second quarters.
Feeder cattle
Feeder cattle closed on both sides unchanged, with the March contract up 45 cents to $277.50 and the April contract down 22 cents to $277.70.
Corn futures were lower, with the March contract down 2 cents to $4.56 and the May contract down a penny to $4.70.
Iowa: Russell Livestock in Russell sold 2,927 head on Monday. Compared to the last auction two weeks ago, steers sold mostly steady to $21 higher, except 600-650 lbs. sold $4 lower. Heifers sold steady to $18 higher. Benchmark steers averaging 784 lbs. sold for $265-299.25, averaging $292.54.
Nebraska: Tri-State Livestock in McCook sold 1,464 head on Monday. Compared to the previous auction, steers over 600 lbs. sold $2-16 higher and heifers were $4-15 higher. Benchmark steers averaging 722 lbs. sold for $300-311, averaging $307.92.
New Mexico: Roswell Livestock in Roswell sold 885 head on Monday. Compared to the last auction, steer calves sold $15-20 higher, while heifer calves sold $3-5 higher. Feeder steers and heifers sold steady to $5-7 lower. A group of steers averaging 779 lbs. sold for $267-268, averaging $267.61. — Charles Wallace, WLJ contributing editor
