Live cattle price on Apr 17, 2026 at 5pm EDT?

Cattle on feed inventory consistently exceeded the five-year average. The USDA's monthly 'Cattle on Feed' reports for late Q1 2026 indicated that the inventory of cattle in feedlots with 1,000 or more head capacity was 1% above their respective five-year averages for both February and March 2026. This sustained trend suggests a marginally increased supply of market-ready cattle will be available for April compared to typical averages.

February 1, 2026 inventory showed a slight increase. The 'Cattle on Feed' report released in February 2026 specifically indicated that the inventory of cattle in large feedlots totaled 12.0 million head as of February 1, 2026 ^[1]. This figure represented a 1% increase compared to the five-year average for that specific date ^[1].

March 1, 2026 inventory also surpassed its five-year average. The report released in March 2026 stated that on March 1, 2026, the total cattle and calves on feed for the slaughter market in feedlots with 1,000 or more head capacity was 11.8 million head ^[2]. This March 1 inventory was 1% above the five-year average for that period, although it was 1% below the inventory recorded on March 1, 2025 ^[2].

Corn futures for December 2025 and March 2026 saw fluctuating price outlooks. Throughout 2025, the forward price of corn futures for December 2025 and March 2026 delivery experienced varying projections. Initially, the August 2025 WASDE report projected lower corn prices ^[4]. This trend subsequently reversed by November 2025, when the WASDE report indicated higher corn prices ^[1]. As the year concluded, the December 2025 WASDE report noted that corn prices were forecasted to remain unchanged ^[5]. This progression suggests an initial period of stability or downward pressure, followed by an upward revision in expectations, and then a stabilization influenced by various market factors, including global supply and demand dynamics ^[6].

Sustained pricing above $4.50-$5.00/bushel is not broadly indicated. While specific forecasts for December 2025 and March 2026 do not broadly suggest a high probability of prices definitively sustaining above $5.00/bushel, related futures contracts offer some insight. December 2026 corn futures were reported testing a $4.70/bushel ceiling, which indicates a potential resistance point around the lower end of the specified $4.50-$5.00 range ^[2]. The outlook for March 2026 corn prices remains subject to volatility factors such as global production, usage, and ending stock levels ^[3]. Sustained movement above this key threshold would largely depend on future developments in fundamental market drivers ^[3].

U.S. beef exports face pressure, notably declining in China. In Q1 2026, the USDA's weekly 'U.S. Export Sales' data for beef is projected to indicate a significant shift in demand, with overall U.S. beef exports exhibiting a lower trend ^[1], ^[2]. Specifically, net sales to China are anticipated to consistently run 10% or more below the prior year's figures. This projected decrease is attributed to factors such as increased competition and evolving domestic market conditions within China ^[1]. Early trade statistics from January 2026 already show shifts in export performance ^[3], with weekly reports through March 2026 expected to confirm this downward trajectory in net sales to China ^[4].

Japan and South Korea show stable demand, avoiding major shifts. For these markets, the trend is expected to be more consistent when compared to the anticipated decline in China. While Japan and South Korea remain important destinations for U.S. beef, net sales during Q1 2026 are not consistently projected to run 10% or more above or below the prior year's figures. Data from January 2026 suggests sales to these countries could be relatively stable or experience only modest fluctuations, without indicating strong growth or sharp declines that would consistently cross the 10% threshold ^[3]. Official USDA weekly export sales reports from early 2026, including those issued on January 15, 2026, and March 26, 2026, are expected to confirm this stable demand from Japan and South Korea compared to the prior year ^[4], ^[5]. Therefore, the most significant shift in international demand, marked by a consistent pattern of sales running 10% or more below the prior year's figures, is predominantly expected to be a decline in net sales of U.S. beef to China during Q1 2026.

Drought conditions are projected to persist and intensify through mid-2026. NOAA's long-range climate outlooks, issued in mid-2025, indicated persistent or developing drought in the key cattle regions of Texas, Oklahoma, and Kansas, extending into early to mid-2026. This forecast was largely influenced by the anticipated shift to a La Niña pattern within the El Niño-Southern Oscillation (ENSO) cycle, with a high probability of La Niña developing or continuing through early 2026 ^[1]. Historically, La Niña events are associated with below-average precipitation and an increased risk of drought across the southern United States ^[1].

Severe drought is anticipated to significantly impact regional cattle operations. Specific analyses from August and September 2025 projected that existing drought in areas such as western Kansas and the Texas and Oklahoma Panhandles would persist or intensify ^[2]. Furthermore, the seasonal drought outlook suggested the potential for drought development across broader areas of the Southern Plains into early to mid-2026 ^[2]. Such prolonged and severe drought conditions could exert considerable stress on grazing lands, potentially leading to herd liquidation due to insufficient forage and elevated feed costs, directly affecting the calf crop slated for feedlots in early 2026 ^[1].

'Managed Money's Live Cattle net-long position is currently 58,157 contracts. According to the CFTC's Commitment of Traders (COT) report, updated on April 10, 2026, 'Managed Money' participants held a net-long position of 58,157 contracts in Live Cattle futures ^[1]. This 'Managed Money' classification represents speculative funds, and its aggregate positions across all Live Cattle futures contracts are frequently observed for insights into market sentiment ^[2].

Current speculative positioning in Live Cattle is not signaling an extreme condition. This reported net-long position of 58,157 contracts falls significantly below the 100,000-contract threshold typically indicating a historically large or 'crowded' trade ^[1]. Consequently, the April 10, 2026 report suggests that speculative positioning in Live Cattle does not currently present an extreme or vulnerable situation that would predispose the market to a rapid sell-off purely due to an over-extended 'Managed Money' long presence ^[1]. For broader historical analysis of COT data and charts, additional resources like Tradingster and Barchart are available ^[3].