The Morning Wire / Fri Sep 25, 2026

The Morning Wire

The trading day in one page — Fri, Sep 25
● Written from USDA reportsEvery figure as filed

The market in a line

Fri, Sep 25
Choice cutout closed $2.71 higher at $378.83. 14 barns across 10 states reported 754 priced lots.

Feeder steers

National, week of Sep 21 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 lb514.77/cwt$16.47 higher3,675162
400-499 lb461.31/cwt$10.44 higher9,503173
500-599 lb405.57/cwt$2.21 higher11,933174
600-699 lb363.69/cwt$0.42 higher10,864171
700-799 lb346.77/cwt$2.60 higher10,765158
800-899 lb335.04/cwt$0.27 higher10,840118

Barn by barn, 500–599 lb steers

Same day, same class USDA
Every barn that sold at least 20 head of this class on Fri, Sep 25, weighted by head. Spread of $156.43 between the top and bottom of 10 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
St. Onge LivestockSD465.09/cwt393
Ft. Pierre Livestock AuctionSD462.07/cwt417
CrawfordNE453.16/cwt194
Dunlap Livestock AuctionIA449.28/cwt186
BurwellNE447.83/cwt154
ImperialNE432.22/cwt102
Eastern Missouri Commission CompanyMO419.72/cwt87
Ash Flat Livestock Auction Inc.AR402.63/cwt54
Siler City Livestock AuctionNC364.82/cwt26
Cattlemen's Livestock Auction - Belen, NMNM308.66/cwt29

Boxed beef

PM close · Sep 25 USDA
Choice $378.83, $2.71 higher. Select $355.76, $3.66 higher. The Choice–Select spread stands at $23.07. 112 loads traded.

Fed cattle

Negotiated cash, week to date USDA
12,385 head traded Sep 19–Sep 25.
RegionBasisPriceHead
Iowa-MinnesotaDressed Delivered350.042,026
Iowa-MinnesotaLive Delivered219.6955
Iowa-MinnesotaLive FOB219.984,041
NebraskaDressed Delivered346.255,527
NebraskaLive FOB221.38736

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: steers from 400 lbs to 449 lbs were generally 20.00 to 30.00 lower, other weight classes not well compared but softer undertones on spring born calves.

Ft. Pierre Livestock Auction · South Dakota

Compared to the last special two weeks ago, there were few good comparisons of calves and yearlings but all classes selling with a firm to higher undertone. Overall a lot of good quality calves in the offering with most of the calves unweaned or short weaned but selling with good demand.

Eastern Missouri Commission Company · Missouri

Compared to last week; slaughter and feeder cows traded steady to 3.00 lower with the exception of fat cows selling 5.00 lower. Slaughter bulls also trading 2.00 lower. A light offering of calves and feeders also today.

Torrington Livestock Commission Company · Wyoming

Slaughter cattle were 3.00 to 5.00 lower this week compared to last week. Feeder cattle were steady this week compared to last week . Demand was moderate ; market activity and buyer interest were moderate . Offerings moderate with quality average .

Siler City Livestock Auction · North Carolina

Compared to last week, feeder cattle receipts were significantly higher as the fall run got underway. Lightweight calves were in strong demand, with 300- to 500-pound steers and heifers selling $5.00 to $10.00 higher.

Ash Flat Livestock Auction Inc. · Arkansas

Compared to last week: Steers 300-350lbs, sharply higher; 400-450lbs, 10.00 higher; 450-500lbs, 16.00 higher; 500-550lbs, 10.00 higher; 550-600lbs, mostly steady on a light test; 600-650, 12.00 higher on a light test. Heifers 350-400lbs, 18.00 higher on a light test; 400-450lbs, 15.00 lower;

St. Onge Livestock · South Dakota

Compared to last week: best test on steers 850 to 999 lbs steady to 4.00 lower, 1000 to 1049 lbs mostly steady with an instance up to 9.00 higher. Heifers not well compared. Good demand for this large yearling offering.

Herreid Livestock Market · South Dakota

Cows and bulls

National direct, dressed USDA
ClassPriceDirectionHead
Breaker (75% lean)258.84/cwt$7.72 lower540
Boner (85% lean)270.71/cwt$4.99 lower2,078
Cutter (90% lean)275.15/cwt$4.02 lower3,680
Premium White292.58/cwt$0.22 lower1,702
Bull (92% lean)324.32/cwt$2.13 lower390

What published

See every report →
45 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.