What Is Going On With Cattle Prices?
By Cassidy Walter | Published on October 13, 2026
Key Takeaways
Cattle futures prices were volatile last week, with live cattle hitting a two-month high and feeder cattle nearing a three-month high.
Lower corn prices following the October WASDE report helped push feeder cattle prices higher.
Fed cattle, feeder cattle, and calf cash prices remained steady overall, with regional variations due to local supply and demand conditions.
December live cattle and November feeder cattle ended the week of Oct. 5 up more than $5 and $10, respectively.
December live cattle closed Oct. 9 at $227.05 per hundredweight (cwt), up $5.58 week-over-week. November feeder cattle closed at $341.95, up $10.80 for the week.
Livestock markets analysts offered insight into the factors behind last week’s cattle price action.
Tim Petry, North Dakota State University
“Legendary New York Yankees baseball player Yogi Berra was well-known for his quote ‘It’s deja vu all over again,’” said Tim Petry, Extension livestock marketing specialist at North Dakota State University. “It seems that every time I write this article, his quote is appropriate for the live cattle and feeder cattle futures markets because the markets were volatile again.
“The roller-coaster week of Oct. 5–9 recorded cattle futures prices weaker on Monday, up several dollars per cwt on Tuesday, fading lower on Wednesday and Thursday, and sharply higher on Friday. Friday’s closing prices saw live cattle hit a two-month high and feeder cattle futures approach a three-month high. No earth-shattering news occurred, but managed money funds entering and exiting the markets caused the volatility.
“When I conduct meetings across North Dakota, I tell cattle producers: If you want to get ulcers worrying about the market, watch the futures markets. But, if you want to sleep well at night, just follow the cash markets. Futures markets usually overreact to uncertainty. For example, uncertainty concerning the final size of the 2026 U.S. corn crop is enough to cause feeder cattle futures price volatility, let alone all the other factors affecting the market. [The] USDA’s [World Agricultural Supply and Demand Estimates (WASDE)] report on Friday, that increased the corn production forecast to the second highest ever, caused corn futures prices to plummet and supported feeder cattle futures prices.”
Concerning the cash market, he said, “For the week of Oct. 5–9, fed cattle, feeder cattle, and calf prices were mostly steady, with some strength or weakness occurring geographically due to local supply and demand conditions.”
Andrew Griffith, University of Tennessee Institute of Agriculture
“The WASDE release was the big influencer of how cattle markets finished the week,” said Andrew Griffith, professor of agricultural and resource economics at the University of Tennessee Institute of Agriculture. “The report was bearish for corn, which sent corn prices lower. This must have got cattle traders attention on the feeder cattle side, as feeder cattle prices shot up immediately after the report’s release. The live cattle market was slower to respond, but it did push higher. There is no good reason for live cattle prices to push higher because of lower corn prices, but it did anyway. It would not be surprising to see this week’s market soften off of the run on Friday. There could be a small correction early this week.”
For the cash market, he added: “The cash and futures were pretty much in line with each other last week on a day-to-day basis. However, the week’s cash price does not represent what happened with feeder cattle futures. One aspect of the market to note is, cash finished cattle trade continues to be delayed until late in the week. The packer and cattle feeder are fighting for leverage.”
David Anderson, Texas A&M University AgriLife Extension
“I think overall, the market is just slowly gaining some ground,” said David Anderson, professor and extension economist at Texas A&M University. “We continue to produce less beef than the corresponding week last year. The cutout has remained flat, so that is not adding much upward movement for fed cattle. On the feeder cattle side of things, the corn market continues to be an important mover.”
He added: “We’ve got another Cattle on Feed report coming out on the 23rd, so there will be some anticipation of that report to process. That report will have the next quarterly data on the number of heifers on feed, fueling thoughts on herd rebuilding. While a long-term indicator of production and prices and not a short-term mover of futures contracts, it will give some important information on the path of the herd.”
He also noted: “While normal seasonal factors are important, the movement of some wholesale beef prices might give some pause to consider consumer demand factors trickling down to the cattle market. The decline in the 50% lean especially might [shed some light] on ground beef movement in coming weeks.”
