Fed cattle prices have dropped the past few weeks. Negotiated live steer trade in the 5-area averaged about $216.50 per cwt last week, down $7 from the week before and $12 below the same week last year. CME Live cattle futures prices have also dropped. The December live cattle contract settled at $214.05 on November 6, down $17 from October 26, and the February and April 2027 contracts were down about the same.
Some of the drop in cash prices is seasonal. Fed cattle prices are often weaker in the fall, including last year. The 5-area price peaked at $244 in late August 2025, fell to $212 by the end of November, and was back near $229 by late December 2025. This year’s high came earlier, at $263 in mid-May, and most of the current decline was in place by early September. Prices mostly held in the $220s from September through October before the drop over the past two weeks. Last week’s 5-area price was the lowest weekly price since last Thanksgiving. The early 2027 futures contracts carry only a small premium. February settled at $217 and April at $220 on November 6, about $3 to $6 over the December contract.
Supplies remain tight. Federally inspected cattle slaughter was 534,000 head last week and year-to-date slaughter is down 6.6 percent. While slaughter is lower than last year, record heavy steer dressed weights are offsetting some of the reduced slaughter. Federally inspected steer dressed weights hit 994 pounds two weeks ago, up 15 pounds from last year.
Feedlot placements point to even fewer fed cattle available next year. September placements were 12 percent below last year, the fourth straight month of lower placements. Feeder cattle imports from Mexico resumed in late August and reached about 14,000 head the week ending October 31 which will add some cattle but is still short of what was typical before the closure. USDA expects first quarter 2027 beef production to be down about one percent from 2026, even with very large cattle weights.
Another thing worth watching is the New World screwworm. USDA’s dashboard showed 121 confirmed animal cases in the U.S. as of November 7 in Texas, New Mexico and Arizona, with 59 still active. The pace has picked up this fall with more than 30 new cases in the first week of November. Cattle account for about half of the cases.
Recommended citation format: Maples, Josh, and David Anderson. “Fed Cattle Prices Slip Again This Fall.” Southern Ag Today 6(46.2). November 10, 2026. Permalink
