The Morning Wire / Thu Jul 23, 2026

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The Morning Wire

The trading day in one page — Thu, Jul 23
● Written from USDA reportsEvery figure as filed
← Jul 22Jul 23Jul 24 →

The market in a line

Thu, Jul 23
Choice cutout held near $362.87. 28 barns across 16 states reported 1,401 priced lots.

Feeder steers

National, week of Jul 20 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 lb543.08/cwt$18.91 lower2,328131
400-499 lb463.47/cwt$17.04 lower3,592140
500-599 lb419.04/cwt$20.11 lower5,313142
600-699 lb387.86/cwt$17.68 lower5,125141
700-799 lb356.46/cwt$14.01 lower4,058118
800-899 lb343.83/cwt$7.46 lower5,68574

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, Jul 23, weighted by head. Spread of $35.08 between the top and bottom of 13 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 AuctionTX438.16/cwt49
Dalhart Livestock AuctionTX438.07/cwt22
Woodward Livestock IncOK434.95/cwt193
Glasgow Livestock AuctionKY434.74/cwt59
Benton County Sale BarnAR431.41/cwt31
Paris Livestock AuctionKY429.77/cwt72
Farmers and Ranchers Livestock Commission - KansasKS428.76/cwt33
Mid Missouri StockyardsMO426.86/cwt151
Wheeler Livestock AuctionMO424.00/cwt24
Apache Livestock AuctionOK414.32/cwt36
Smithfield Livestock AuctionNC412.31/cwt44
Producers Livestock Auction Co - San AngeloTX408.36/cwt44
Stanford Livestock AuctionKY403.07/cwt20

Boxed beef

PM close · Jul 23 USDA
Choice $362.87, $0.63 lower. Select $348.75, $1.82 lower. The Choice–Select spread stands at $14.12. 124 loads traded.

Fed cattle

Negotiated cash, week to date USDA
12,837 head traded Jul 17–Jul 23.
RegionBasisPriceHead
Iowa-MinnesotaDressed Delivered369.222,394
Iowa-MinnesotaDressed FOB372.0040
Iowa-MinnesotaLive Delivered233.24202
Iowa-MinnesotaLive FOB230.643,593
KansasLive FOB232.451,235
NebraskaDressed Delivered364.854,330

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 two weeks ago, heifer offerings at the Valentine Livestock Auction were limited, no trend will be provided. The majority of steer offerings, weighing 900 to 950 lbs consisted of home-raised cattle or those purchased from one ranch, traded 9.00 to 14.00 lower.

Valentine · Nebraska

Compared to last week, steers over 750 lbs and heifers weighing 600-800 lbs sold steady to 3.00 lower. Steers under 750 lbs and heifers under 600 lbs and over 800 lbs not enough for market test.

Farmers and Ranchers Livestock Commission - Kansas · Kansas

Compared to two weeks ago: No light feeders today. Steers 900-950 lbs. were higher. Steers 1000-1100 lbs. were 7.00-10.00 lower. Trend not applicable on heifers today . A lower undertone was noted . Mostly big load lots today. Demand was good.

Mitchell Livestock Auction · South Dakota

Compared to last week feeder steers sold 6.00 to 8.00 lower. Feeder heifers sold 2.00 to 4.00 lower. There was moderate to good demand for feeder classes. Slaughter cows and bulls sold mostly steady. There was good demand for slaughter classes.

Paris Livestock Auction · Kentucky

Compared to last week (7-16-26): Feeder cattle were all too lightly tested last week to develop an accurate market trend, however lower undertones were noticed on all offerings. Quality this week was mixed from plain to attractive. Several sets of yearlings coming off grass were seen this sale.

Billings Livestock Commission · Montana

Compared to last week, feeder cattle overall sold 1.00 to 5.00 lower. Slaughter cows sold 5.00 to 7.00 higher. Slaughter bulls overall sold steady.

Producers Livestock Auction Co - San Angelo · Texas

Compared to last week: Feeder steers and feeder heifers lightly tested with a lower undertone noted. Steer calves 20.00 to 30.00 lower. Heifer calves 10.00 to 13.00 lower. Quality fair to attractive with moderate demand. Slaughter cows unevenly steady. Slaughter bulls 1.00 higher.

Apache Livestock Auction · Oklahoma

Compared to last week feeder steers sold 5.00-20.00 lower with feeder heifers selling 2.00-15.00 lower. Slaughter cows and bulls sold steady. Supply was moderate with very good demand.

Mid Missouri Stockyards · Missouri

Cows and bulls

National direct, dressed USDA
ClassPriceDirectionHead
Breaker (75% lean)317.34/cwt$2.44 higher436
Boner (85% lean)331.35/cwt$1.05 higher1,355
Cutter (90% lean)332.38/cwt$0.55 lower2,178
Premium White326.49/cwt$1.98 lower1,899
Bull (92% lean)373.10/cwt$0.73 higher450

What published

See every report →
63 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.