Fed cattle

Negotiated cash, formula, grid and forward markets · USDA AMS · week to Tue, Nov 3
Live cash
$223.88
−4.15-1.8%
USDA · National · WeeklyNov 2
Dressed cash
$351.99
−7.40-2.1%
USDA · National · WeeklyNov 2
Negotiated head
68,178
+30,398+80.5%
USDA · National · WeeklyNov 2
Cash share
22.7%
Derived · cash ÷ all committedNov 2

Pricing method comparison

PublishedWeekly · through Nov 2
Live basis, $/cwt. Three quarters of fed cattle are priced off the negotiated cash trade rather than in it. Each line is what that method paid, week by week.
Negotiated cashFormulaNegotiated gridForward contract
180200220240260280NovJanMarMayJulSepNov$236.69$232.83$231.74$223.88
Dressed basis, the same four methods.
Negotiated cashFormulaNegotiated gridForward contract
300350400NovJanMarMayJulSepNov$368.29$365.31$353.14$351.99
Each method's spread to cashthe smoothed spread view, live or dressed
Mon Nov 1, 2021 – Mon Nov 2, 2026 · 262 weeks · $/cwt live
Formula +$4.79 now+$50−$50Negotiated grid +$9.70 now+$50−$50Forward contract +$7.15 now+$50−$5020212023202420252026
One method per row, each drawn against its own cash line. Shaded green above where that method paid more than the open cash market and red below where it paid less. All three rows share one scale, so their depths compare directly. Lines are a 13-week average — week to week these spreads swing far enough to hide the standing relationship, which is the thing worth seeing. The window starts where the first spread can be calculated, not where cash begins. Negotiated cash is USDA's national weekly weighted average for domestic steers and heifers. Formula, negotiated grid and forward contract are net prices beginning August 2018. Live and dressed are different weight bases and are never compared to each other.

How fed cattle were priced Derived

Week to Nov 2
How fed cattle were priced this week.
Negotiated cashSets the price68,17822.7%
FormulaPriced off the cash trade184,32661.3%
Negotiated gridBase priced off the cash trade33,18411.0%
Forward contractCommitted in advance15,1355.0%
All committed cattle300,823100%

Negotiated cash averaged 106,378 head a week in 2017 against 67,406 in 2025 — down 37%, and lower than the year before it in 5 of 8 years.

Cash head vs a year ago+21.9% 55,948 hd
Committed cattle per cash head3.4×
Weekly cash head since 2016524 weeks
Mon Nov 1, 2021 – Mon Nov 2, 2026 · 262 weeks
050k100k150k202120222023202420252026
Weekly52-week average
USDA's own reporter, this week

In the South Central Region, negotiated cash trade was light on light demand Thursday and moderate on light to moderate demand Friday. For the week, live purchases traded at mostly 225.00. In Nebraska, negotiated cash trade was active on moderate demand Wednesday, light to moderate on good demand Thursday, and light on light demand Friday. For the week, live purchases were 4.00-4.50 lower from 224.00-225.00, mostly 224.00, and dressed purchases were 6.00 lower from 348.00-352.00 mostly 352.00. In the Western Cornbelt, negotiated cash trade was active on moderate demand Wednesday and light to moderate on good demand Thursday. For the week, live purchases were 3.00 lower from 222.00-224.00, mostly 224.00, and dressed purchases were steady to 13.00 lower ranging from 348.00-365.00.

USDA's reported volumes (CT154 negotiated; CT145 formula, grid and forward). The shares are ours. Formula and grid cattle are paid off the negotiated price.

Regional negotiated cash

PublishedOct 28 – Tue, Nov 3
Weighted by head across the week · $/cwt · USDA
RegionBasisPriceHeadDays
Iowa-MinnesotaDressed Delivered$353.752,4834
Iowa-MinnesotaDressed FOB$355.002561
Iowa-MinnesotaLive Delivered$224.25421
Iowa-MinnesotaLive FOB$222.608,0324
NebraskaDressed Delivered$347.408,1074
NebraskaDressed FOB$352.571,1302
NebraskaLive FOB$224.523,4173
23,467 head in all. Colorado is published weekly rather than daily, so it is not in this table. Grid and formula volume is never blended in.

Negotiated cash head by region and day

Last 10 reporting days
Negotiated cash head bought that day. A dash means USDA published nothing.
DateTX-OK-NMKansasNebraskaIA-MN
Oct 21————
Oct 22————
Oct 23———391
Oct 26————
Oct 27———70
Oct 28——4,9346,156
Oct 29——3,6632,641
Oct 30——1,7501,401
Nov 2————
Nov 3——2,307615
No cash trade published at all
TX-OK-NM · Kansas
A blank means USDA withheld the price. USDA withholds a price when fewer than three buyers report or one buyer is over 70% of the volume. 30 of 40 cells here are blank.

Choice cutout vs dressed cash

Weekly · $/cwt
What packers sell beef for against what they pay for cattle, both dressed.
Choice cutoutDressed cash
300325350375400425NovFebMayAugNov$365.14$351.99
Gross spread this week Derived+15.86/cwt
Before kill costs and the drop credit — the packer margin is the net number.

Carcass weights

PublishedWeekly · Oct 31
All cattle including cows, USDA weekly. A fed steer runs heavier than this line.
Dressed, all cattle
880885890895900JunJulAugSepOct899 lb
Live, all cattle
1,4301,4401,4501,4601,470JunJulAugSepOct1,464 lb
This week899 lb dressed 1,464 lb live

Packer gross margin Derived

Nov 3
Per head
$239
Per cwt
24.83
−103 vs week ago
How it's calculated · $/cwt dressed
Beef revenue · Choice cutout365.23 Nov 3
− Cattle cost · dressed steer363.70 Nov 3
+ Drop credit · hide & offal23.30 Nov 3
= Net margin24.83/cwt
× Carcass weight ÷ 100961.5 lb hot carcass
= Per head$239
Daily, last 85 days18 days underwater
-2000+200+400BREAK-EVEN$239JulAugSepOctNov
Cattle cost carries its own reporting period — negotiated dressed trade is weekly, the cutout daily. Drop credit $14.68/cwt live, USDA-final.

Slaughter

PublishedDaily · Nov 3
Week to date
214,000
−16,145 (-7.0%) vs last year
Last full week
543,000
Daily killYear ago
033k65k98k130k9/219/3010/910/1910/28
Federally inspected cattle, USDA daily estimate. Holidays and Saturdays are real zeros.