The Morning Wire / Thu Jun 25, 2026

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The Morning Wire

The trading day in one page — Thu, Jun 25
● Written from USDA reportsEvery figure as filed
← Jun 24Jun 25Jun 26 →

The market in a line

Thu, Jun 25
Choice cutout closed $2.62 lower at $396.32. 25 barns across 14 states reported 1,541 priced lots.

Feeder steers

National, week of Jun 22 USDA
Weighted across every reported lot, by weight class. Weekly rather than daily — one day's barns are too thin a base for a national figure.
WeightPricevs prior weekHeadBarns
300-399 lb590.53/cwt$25.25 higher2,785141
400-499 lb508.92/cwt$13.42 higher4,909151
500-599 lb468.46/cwt$9.41 higher8,917150
600-699 lb432.61/cwt$12.85 higher9,757147
700-799 lb393.26/cwt$7.43 higher7,756130
800-899 lb365.14/cwt$1.51 higher7,52996

Barn by barn, 500–599 lb steers

Same day, same class USDA
Every barn that sold at least 20 head of this class on Thu, Jun 25, weighted by head. Spread of $60.10 between the top and bottom of 15 barns. An average moves with the cattle that showed up as much as with the buyers in the seats — a yard with better grade will average higher on the same demand. This is where the money landed, not a verdict on the barn.
BarnStateAverageHead
Tulia Livestock AuctionTX484.88/cwt77
Joplin Regional StockyardsMO481.99/cwt597
Toppenish Livestock CommissionWA478.91/cwt62
Glasgow Livestock AuctionKY466.37/cwt59
Paris Livestock AuctionKY465.79/cwt68
Mid Missouri StockyardsMO456.93/cwt112
I-40 Livestock AuctionAR453.04/cwt23
Mo-Kan Livestock MarketMO450.34/cwt57
Wheeler Livestock AuctionMO449.44/cwt93
Woodward Livestock IncOK447.19/cwt55
Stanford Livestock AuctionKY447.05/cwt37
Guthrie Livestock AuctionKY446.12/cwt27
Producers Livestock Auction Co - San AngeloTX440.55/cwt28
Apache Livestock AuctionOK432.62/cwt179
Smithfield Livestock AuctionNC424.78/cwt23

Boxed beef

PM close · Jun 25 USDA
Choice $396.32, $2.62 lower. Select $374.74, $3.40 lower. The Choice–Select spread stands at $21.58. 97 loads traded.

Fed cattle

Negotiated cash, week to date USDA
1,615 head traded Jun 19–Jun 25.
RegionBasisPriceHead
Iowa-MinnesotaDressed Delivered407.41203
Iowa-MinnesotaLive Delivered256.99208
Iowa-MinnesotaLive FOB260.0040
NebraskaDressed Delivered405.40789
NebraskaLive FOB256.51375

At the barns

USDA market reporters, as filed USDA
One barn per state, largest first — more states file than fit here. Your own state is linked below.

Compared to last week: Steer and heifer calves under 500lbs 20.00-30.00 higher, cattle over 500lbs steady on a light test. Demand very good on average quality with good weigh up condition. Slaughter cows steady to 2.00 higher. Lean cows 10.00 higher. Slaughter bulls 11.00 higher.

Apache Livestock Auction · Oklahoma

Compared to last Thursday, stocker and feeder cattle firm. Quality and volume of offerings this week more attractive as buyers where able to purchase more volume. Feeder cattle futures were 37 to 85 cents higher at the close. The CME Feeder Cattle Index was up $6.03 on June 24 to $381.86.

Toppenish Livestock Commission · Washington

Compared to last week feeder steers sold steady to 8.00 higher with the exception of heavy six weights which sold 20.00 higher. Feeder heifers sold 8.00-20.00 higher. Slaughter cows and bulls sold steady. Supply was moderate with very good demand.

Mid Missouri Stockyards · Missouri

Compared to last week: Sentiment was largely mixed among calves and feeders this week. Largely due to the quality and limited offering of beef cattle. However, there were a few loads of pre-conditioned steers and heifers that helped prop up the market. Slaughter cattle remained steady and active.

Dalhart Livestock Auction · Texas

Pratt Livestock will not have a sale next Thursday July 2nd for the 4th of July holiday. Compared to 2 weeks ago, not enough feeder steers or heifers for a market test, however a higher trend was noted. Demand was good. Slaughter cows and bulls sold steady.

Winter Livestock - Pratt · Kansas

Compared to last week's sale, Slaughter High Choice and Prime Steers traded mostly 8.00 higher, while Slaughter Choice Steers traded mostly 5.00 higher. Slaughter Select Steers traded mostly 1.00 higher. Slaughter Bulls traded mostly weaker on a lower quality offering.

New Holland Sale Stables · Pennsylvania

Compared to last week: Feeder steers under 400 lbs sold 12.00 lower, over 400 lbs sold 23.00-40.00 higher with full advance on 400-500 lb weights. Feeder eifers sold mixed, under 400 lbs sold 14.00 lower, 400-500 lbs sold 9.00 higher, 500-600 lbs sold 7.00 lower, over 600 lbs sold 15.00 higher.

I-40 Livestock Auction · Arkansas

Compared to last week, feeders sold 10.00 to 20.00 higher. Slaughter cows sold 3.00 to 5.00 higher. Feeder supply was light to moderate and demand was good.

Wheeler Livestock Auction · Missouri

Cows and bulls

National direct, dressed USDA
ClassPriceDirectionHead
Breaker (75% lean)319.47/cwt$6.07 higher453
Boner (85% lean)331.91/cwt$0.33 lower1,851
Cutter (90% lean)330.52/cwt$2.51 lower2,711
Premium White328.06/cwt$1.25 higher1,796
Bull (92% lean)370.41/cwt$0.61 lower409

What published

See every report →
61 USDA reports carried this date — sale barns, state summaries, video and board sales, grain, hay and the national desks.
Source: USDA AMS. Every figure is USDA's as filed, and the direction words — higher, lower, steady— follow the arithmetic rather than an opinion. Quoted comment is the work of USDA market reporters, credited to the sale it came from. This is RaisedBeef's rendering of USDA data, not a copy of USDA's document and not endorsed by USDA.