DAILY CATTLE MARKET BRIEFING
February 21, 2026
MARKET SENTIMENT: Bearish (4/10)
- Futures closed lower across both live and feeder cattle
- Both packers and feeders currently experiencing losses
- Cash prices struggling despite tighter supplies
KEY PRICE TRENDS:
- Live cattle: Feb $246.575 (-$0.925), Apr $242.00 (-$1.425)
- Feeder cattle: Mar $368.025 (-$2.250), Apr $365.050 (-$2.600)
- Cash trade in north: $247-249 live, $388 dressed
- Choice cutout: $366.70 (+$1.53)
TOP 3 NEW DEVELOPMENTS:
1. Cattle on Feed report shows Feb 1 inventory at 11.505M head, down 2% from 2025, with January placements down 5% and marketings down 13%
2. Severe wildfire threats emerging in Texas, Oklahoma and Kansas regions, with potential impacts to feedyard operations and power supply
3. Export data shows December beef exports were highest in 8 months at 98,595 MT, though still down 10.5% year-over-year due to China trade issues
OUTLOOK:
Ranchers should prepare for continued price pressure in the near term as both packers and feeders grapple with negative margins. The April live cattle contract trading at a discount to cash suggests seasonal price peaks may come earlier than usual this year. Weather risks and operational disruptions from wildfires could add volatility. Focus remains on managing costs while historically high replacement cattle prices persist.
February 21, 2026
MARKET SENTIMENT: Bearish (4/10)
- Futures closed lower across both live and feeder cattle
- Both packers and feeders currently experiencing losses
- Cash prices struggling despite tighter supplies
KEY PRICE TRENDS:
- Live cattle: Feb $246.575 (-$0.925), Apr $242.00 (-$1.425)
- Feeder cattle: Mar $368.025 (-$2.250), Apr $365.050 (-$2.600)
- Cash trade in north: $247-249 live, $388 dressed
- Choice cutout: $366.70 (+$1.53)
TOP 3 NEW DEVELOPMENTS:
1. Cattle on Feed report shows Feb 1 inventory at 11.505M head, down 2% from 2025, with January placements down 5% and marketings down 13%
2. Severe wildfire threats emerging in Texas, Oklahoma and Kansas regions, with potential impacts to feedyard operations and power supply
3. Export data shows December beef exports were highest in 8 months at 98,595 MT, though still down 10.5% year-over-year due to China trade issues
OUTLOOK:
Ranchers should prepare for continued price pressure in the near term as both packers and feeders grapple with negative margins. The April live cattle contract trading at a discount to cash suggests seasonal price peaks may come earlier than usual this year. Weather risks and operational disruptions from wildfires could add volatility. Focus remains on managing costs while historically high replacement cattle prices persist.
For more detailed information or specific market data, please contact your local extension office or market analyst.