DAILY CATTLE MARKET BRIEFING
April 7, 2026
1. MARKET SENTIMENT: BULLISH - 7/10
The cattle market has shifted decidedly bullish with cash prices surging $10-13 higher last week to $245-247/cwt live and $385/cwt dressed. The JBS Greeley plant resuming operations tomorrow (April 7) after workers agreed to return to work provides additional positive momentum, though packers' margins have moved into the red due to rising input costs and falling boxed beef prices.
2. KEY PRICE TRENDS:
• Fed Cattle: Cash prices jumped to $244.96/cwt live (up from $235.69 previous week) and $384.59/cwt dressed
• Boxed Beef: Choice value declined to $392.27/cwt, losing over $4 despite higher cattle prices
• Choice-Select Spread: Narrowed significantly to $2.19/cwt (vs. $19.65 year ago)
• Feeder Cattle: 700-800 lb. feeders in Nebraska averaged $403.38/cwt, up nearly $10
• Corn: Omaha price at $4.33/bu, down 16 cents from year ago
3. TOP 3 NEW DEVELOPMENTS:
• JBS STRIKE ENDING: Nearly 3,800 workers will return to the Greeley plant tomorrow (April 7) after a three-week strike. Formal negotiations resume April 9-10, with the plant representing approximately 5% of U.S. beef processing capacity.
• RECORD CARCASS WEIGHTS: Despite smaller cattle numbers, carcass weights remain at historical highs (957 lbs), 42 lbs heavier than last year, indicating feedlots are still maximizing per-head production.
• REPLACEMENT CATTLE MARKET STRESS: Extremely high prices for replacement cattle are creating severe negative margin projections for feedlots, with some analysts questioning if losses could reach $1,000/head on some cattle turns if market conditions deteriorate.
4. OUTLOOK:
Ranchers should prepare for continued market volatility as the industry navigates several opposing forces. The resumption of operations at JBS Greeley will increase slaughter capacity, potentially stabilizing the fed cattle market. However, packers' margins have deteriorated significantly, which could limit their willingness to chase the cash market higher.
The spring demand improvement typically seen after Easter should provide some price support, but the extreme replacement costs and projected negative feeding margins create substantial risk. Calf basis levels have widened dramatically, with South Dakota steer calves showing a $140/cwt basis over futures (compared to a historical average of $60/cwt).
Drought conditions in key production regions (Texas/Oklahoma Panhandles, western Kansas, parts of Colorado, Montana, and Wyoming) threaten grazing potential and could force more cattle into feedlots prematurely if conditions don't improve. Producers with marketable cattle should consider taking advantage of current strong prices while closely monitoring boxed beef demand signals for any indication of resistance to record-high retail prices.
April 7, 2026
1. MARKET SENTIMENT: BULLISH - 7/10
The cattle market has shifted decidedly bullish with cash prices surging $10-13 higher last week to $245-247/cwt live and $385/cwt dressed. The JBS Greeley plant resuming operations tomorrow (April 7) after workers agreed to return to work provides additional positive momentum, though packers' margins have moved into the red due to rising input costs and falling boxed beef prices.
2. KEY PRICE TRENDS:
• Fed Cattle: Cash prices jumped to $244.96/cwt live (up from $235.69 previous week) and $384.59/cwt dressed
• Boxed Beef: Choice value declined to $392.27/cwt, losing over $4 despite higher cattle prices
• Choice-Select Spread: Narrowed significantly to $2.19/cwt (vs. $19.65 year ago)
• Feeder Cattle: 700-800 lb. feeders in Nebraska averaged $403.38/cwt, up nearly $10
• Corn: Omaha price at $4.33/bu, down 16 cents from year ago
3. TOP 3 NEW DEVELOPMENTS:
• JBS STRIKE ENDING: Nearly 3,800 workers will return to the Greeley plant tomorrow (April 7) after a three-week strike. Formal negotiations resume April 9-10, with the plant representing approximately 5% of U.S. beef processing capacity.
• RECORD CARCASS WEIGHTS: Despite smaller cattle numbers, carcass weights remain at historical highs (957 lbs), 42 lbs heavier than last year, indicating feedlots are still maximizing per-head production.
• REPLACEMENT CATTLE MARKET STRESS: Extremely high prices for replacement cattle are creating severe negative margin projections for feedlots, with some analysts questioning if losses could reach $1,000/head on some cattle turns if market conditions deteriorate.
4. OUTLOOK:
Ranchers should prepare for continued market volatility as the industry navigates several opposing forces. The resumption of operations at JBS Greeley will increase slaughter capacity, potentially stabilizing the fed cattle market. However, packers' margins have deteriorated significantly, which could limit their willingness to chase the cash market higher.
The spring demand improvement typically seen after Easter should provide some price support, but the extreme replacement costs and projected negative feeding margins create substantial risk. Calf basis levels have widened dramatically, with South Dakota steer calves showing a $140/cwt basis over futures (compared to a historical average of $60/cwt).
Drought conditions in key production regions (Texas/Oklahoma Panhandles, western Kansas, parts of Colorado, Montana, and Wyoming) threaten grazing potential and could force more cattle into feedlots prematurely if conditions don't improve. Producers with marketable cattle should consider taking advantage of current strong prices while closely monitoring boxed beef demand signals for any indication of resistance to record-high retail prices.
For more detailed information or specific market data, please contact your local extension office or market analyst.