Live cattle futures are putting their rally pants back on, with contracts up 2 to $2.75 at midday. Cash trade has been limited this week, with some light $225 Southern action reported early and bids on Thursday at $223-227. A few northern trades were tallied at $235. The Friday morning Fed Cattle Exchange online auction from Central Stockyards showed no sales on the 928 head, with bids of just $225 in KS. Feeder cattle are showing $2.45 to 2.70 gains early on Friday. The CME Feeder Cattle Index was up $5.08 to $321.84 on July 9.

The monthly WASDE update showed a 170 million lb drop for expected 2025 beef production on a smaller quarter 2 through quarter 4 production, leaving the full year estimate at 26.188 billion lbs. Production for 2026 was projected up 540 million lbs from last month to 25.815 billion lbs.

USDA Wholesale Boxed Beef prices were mixed in Thursday morning’s report, with the Chc/Sel spread narrowing to $11.17. Choice boxes were down $1.11 to $383.55, while Select was quoted $1.52 higher at $372.38/cwt. Estimated cattle slaughter for Thursday was 115,000 head according to the USDA, with the weekly total at 464,000 head. That was 8,000 head below last week and 15,228 head lower vs. the same week last year.

Aug 25 Live Cattle  are at $221.850, up $2.625,

Oct 25 Live Cattle  are at $219.275, up $2.200,

Dec 25 Live Cattle  are at $219.250, up $2.000,

Aug 25 Feeder Cattle  are at $323.950, up $2.675

Sep 25 Feeder Cattle  are at $323.750, up $2.525

Oct 25 Feeder Cattle  are at $321.600, up $2.475