Corn: Tight stocks should mean good Ontario demand over the summer.

Soybeans: Export and domestic demand running the same as 2024-25, despite lower stocks.

Wheat: About 40 per cent of U.S. winter wheat is under drought conditions.

Ontario on-farm corn, soybeans and wheat stocks will drop to historically low levels at the end of the 2025-26 crop year. There is no cushion in Ontario if there is a crop problem.

The grain and oilseed markets are incorporating a risk premium due to the uncertainty in production. Ontario has received below-normal precipitation over the past 30 days. On March 5, Statistics Canada will release its first acreage estimate for 2026.

Canada, the U.S. and most of the developed world appear to be heading into a major inflationary period over the next couple of years. On a macro level, this is bullish for grain and oilseed markets. The world is no longer comfortable with past levels of ending stocks. Food security will be more of an issue given fresh trade alliances and deglobalization. If there are one or two problem areas in the Northern Hemisphere during the 2026 growing season, we are in for significantly higher prices. Fertilizer prices are back up to historical highs. Keep all this in mind as you read the following analysis.

Soybeans

Ontario farmers harvested 3.5 million tonnes of soybeans in 2025, down from the 2024 output of 4.3 million tonnes. Canadian crop year-to-date soybean exports for the week ending Feb. 15 were 3.5 million tonnes, up 100,000 tonnes from last year. Crop year-to-date domestic disappearance for the week, at 928,400 tonnes, was down 100,000 tonnes from the year-ago usage. Despite the year-over-year decrease in production, export and domestic demand is running at similar levels to last year. The Ontario domestic market needs to trade high enough to curb exports and to attract imports in the latter part of the crop year.

Finally, the Ontario soybean market needs to strengthen to encourage farmers to increase acreage this spring. At this stage, Ontario soybean prices need to move $1/bu. higher to pull acres away from corn.

U.S. farmers are expected to plant 85 million acres of soybeans this year, according to the U.S. Department of Agriculture. This is up from the 2025 planted area of 81.2 million. U.S. production has the potential to reach 121 million tonnes, up from last year’s crop of 116 million tonnes. Despite the increase in production, the carryout for 2026-27 will finish near 9.7 million tonnes, relatively unchanged from 2025-26 campaign due to an increase on domestic and export demand. There are some drier pockets developing in the U.S. Midwest and northern Plains moving into the spring period. The market will be extremely sensitive to yield and crop development.

U.S. soybeans continue to trade at a premium to South American origin as the Brazilian harvest moves into the final stages. The Argentine soybean crop will be harvested during March and April.

We’ve advised farmers to be 70 per cent sold on their 2025 soybean production. We continue to have a bullish outlook for the soybean market.

Corn

Ontario corn prices have been percolating higher. Certain ethanol processors are well covered for their nearby requirements but there appears to be significant open demand for May through August. We have a bullish outlook for the energy complex which will directly spill over into the corn market. Ethanol processors will have a hard time sourcing adequate supplies late in the crop year, given the tighter stocks situation. On a side note, feedlot operators also need to have full coverage through September. Higher fertilizer prices may hinder corn acreage this spring. New-crop prices will function to encourage production moving forward.

U.S. farmers are expected to plant 94 million acres of corn this spring, down from the 2025 area of 98.8 million, according to USDA. Using a trend yield, U.S. production has potential to finish near 400 million tonnes, down from the 2025 crop of 432 million tonnes. Minnesota, Nebraska, Missouri and Illinois are contending with drier conditions heading into spring.

Brazil’s second corn crop was about 50 per cent planted at the end of February. Conditions have been favourable for early crop development. Traders are concerned about drier conditions during April due to La Niña. The Argentine corn harvest will move into high gear during March. We’re expecting the corn market to develop a significant risk premium in late March and April.

Europe is the main destination for Ontario corn exports in a normal year. Currently, the Ontario corn market is premium to U.S. and French offers keeping Ontario corn at bay. Ontario corn prices will need to maintain a premium over the world market.

This week, we’re advising farmers to sell 20 per cent of their 2025 production bringing total sales to 70 per cent. Ingredion Cardinal Corn bids were hovering at $7 for May delivery. The market is showing a carrying charge which tells farmers to sell now for delivery in May or June.

Wheat

The Ontario winter wheat crop for the 2026 harvest is expected to come in at 2.5 million tonnes, down from the 2025 crop of 2.9 million tonnes. This lower production estimate comes on the heels of a historically tight carryout. Flour millers appear to have open demand for May through July. Currently, Ontario export offers are premium to French values f.o.b. Rouen and U.S. prices f.o.b. the Gulf.

Approximately 40 per cent of the U.S. winter wheat region is contending with some level of drought. The U.S. hard red winter crop in Texas, Oklahoma and parts of Kansas will need timely rains during March and April to sustain yield potential.

In Russia and Ukraine, the ongoing war has also resulted in a cash market risk premium. The latest weapons developments in Ukraine have enhanced the ability to strike Russian grain and energy infrastructure. These Ukrainian-manufactured weapons are not under Western restrictions. Secondly, there are pockets in the Russian Southern District, Volga District and North Caucasus District that have received below-normal precipitation over the past couple of months.

In Germany and Poland, the winter wheat lacked snow cover during a recent cold snap. There is potential for larger than normal winterkill. These regions have also received below-normal precipitation. Romania is also on the drier side while conditions in France have improved.

Analysts are factoring in a year-over-year decrease in production in the U.S., Russia, Europe and Canada. This week, we’re advising farmers to sell 20 per cent of their 2025 production, bringing sales to 60-70 per cent for milling and feed wheat.

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Many auction barns held feature yearling sales over the past week and there was no shortage of buying interest. Lethbridge area feedlots were aggressively bidding on local cattle. Ontario demand was evident across the Prairies with orders stretching into northern Alberta.

North of Red Deer, the TEAM market report had medium to larger frame black Angus yearling steers averaging 1,050 pounds off grass with full processing data valued at $430.50/cwt fob ranch. The VJV Ponoka fall video sale had Charolais cross yearling heifers weighing 1,040 pounds off pasture trading for $415/cwt fob ranch near Ponoka.

For September 15-19 delivery, the TEAM market report had medium to larger frame black and red steers off native pasture averaging 1,000 pounds with full processing records and very light butter priced at $446/cwt near Cypress Hills, Saskatchewan. A rancher 200 km north of Saskatoon reported that a larger group of mixed “run-of-the-mill” steers with full processing and shots, off grass set at 915 pounds traded for $481/cwt fob ranch for second week September delivery.

The Perlich Bros Auction video sale market report stated that 70 Angus cross steers weighing just under 900 pounds off grass traded for $484/cwt fob ranch in Southern Alberta. At the same sale, a large package of Angus cross grass fed yearling heifers weighing 883 pounds were last bid at $451/cwt fob ranch for immediate delivery.

At the Ste Rose Auction Market ring sale, a smaller group of Simmental cross steers off grass averaging 818 pounds apparently sold for $492/cwt. The TEAM auction market report had black and red heifers evaluated at 810 pounds off pasture and mineral with full health data settled at $473.50/cwt fob ranch near Steinbach, Manitoba.

At the Perlich Bros Auction ring sale, a smaller package of black Angus yearling steers weighing a shade under 800 pounds were last bid at $529/cwt.

The VJV Ponoka fall direct video sale had a package of 90 steer calves blended with Charolais, Simmental and a touch of Angus genetics evaluated at 650 pounds trading for $579/cwt fob ranch approximately 200 km north of Edmonton. The same market report had a pen-sized group of Angus, Simmental and Limousin cross steers averaging 525 pounds setting bar at $671/cwt.

Alberta packers were buying fed cattle on a dressed basis in the range of $505-$510/cwt, steady to $5/cwt higher than a week earlier. Using a 60 per cent grading this equates to a live price of $303-$306/cwt.

Current breakeven pen closeouts values are in the range of $280-$286/cwt. Feedlot margins are in the range of $300 to $400 per head which has contributed to the stronger feeder market. Feed barley prices in Lethbridge have dropped $10/tonne over the past week and there is potential for further downside of $30-$40/tonne.

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Finishing feedlots in Southern Alberta were trying to secure yearling packages but it’s very competitive. The weaker live cattle futures on Friday may have posed an ominous signal, however feedlot operators basically shrugged at the futures board.  Alberta packers were buying fed cattle on a dressed basis in the range of $500-$505/cwt delivered. Fed cattle prices have been hovering around $500 for the last four weeks. Feedlot margins on current pen closeouts remain in positive territory.

Near Edmonton, mixed steers straight off grass averaging 1,000 pounds traded for $431/cwt fob ranch. The Ponoka market report had mixed steers weighing 975 pounds off pasture selling for $438/cwt and tan mixed grasser heifers averaging 940 pounds settling at $423/cwt.

North of Calgary, larger frame Charolais Simmental cross steers off grass weighing 840 pounds were valued at $480 of ranch. The TEAM auction report had a pen-sized group of 850-pound black heifers on light barley and corn silage diet with full processing data quoted at $428 fob farm south of Calgary.

The Vold auction northern calf and yearling sale reported a larger group of Charolais Simmental cross steers averaging 670 pounds trading for $566/cwt fob ranch just north of Grande Prairie.

Near Drumheller, a pen-sized group of wide-frame, Limousin cross steers averaging 570 pounds broke the psychological $700 level and settled at $701/cwt fob ranch for November delivery on the DLMS auction.

The Vold auction had black Angus Simmental cross heifers averaging 510 pounds selling for $563/cwt fob ranch 100 km north of Fort St John.

The Vermillion Livestock Exchange market report had 420 pound steer calves selling for $750/cwt and 305 pound steers reaching up to $822/cwt.

This is largely a demand driven rally with Canadian restaurant traffic running 25 per cent to 35 per cent above year-ago levels. Despite the weaker economy, restaurant earnings for the second quarter of 2025 were better than expected. Wholesale beef prices are holding value near historical highs but they haven’t risen about the June peak. If demand starts to ease, the cattle market is vulnerable to the downside.

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Prices for similar weight cattle were quite variable across the Prairies, which made the market hard to define.  The market appears to be in price discovery mode for the grass yearling market. Alberta packers were buying fed cattle on a dressed basis at $505/cwt, steady to $5 higher than last week. Using a 60 per cent grading this equates to a live price of $303/cwt.

Packer bids fob feedlot in Southern Alberta were reported from $297/cwt to $299/cwt. Breakeven pen-closeouts for August are in the range of $275-$285/cwt. Strong feedlot margins continue to underpin the feeder complex.

In southern Manitoba, the DLMS market report had a pen-sized group of medium to larger frame, Angus blended steers, weighing 1025 pounds, off grass diet selling for $407/cwt fob ranch. Another feature on the report included  a pen-sized package of mixed steers off grass  carrying medium to lower flesh levels with a mean weight of 935 pounds selling for $457/cwt fob ranch near Fairholm, Saskatchewan.

In southern Alberta, the Perlich Bros. market report had  a pen-sized group of 930-pound large-frame, Angus based heifers with a touch of exotic features carrying light to medium flesh, coming straight off pasture trading for $419/cwt fob ranch.

The Ponoka Market report stated that a handful of mixed steers, carrying lighter butter, coming straight off pasture averaging 840 pounds, with full processing records moving at $465/cwt through the ring. In southern Alberta, a smaller package of Charolais cross steers off pasture weighing just over 800 pounds carrying lighter flesh reportedly traded for $501/cwt.

The Perlich Bros. report had Angus based, young, smaller frame heifers, weighing 781 pounds off grass selling for $464/cwt.

Calf volumes were limited last week.  In southern Alberta, larger frame, Simmental cross steer calves weighing 710 pounds reportedly sold for $551/cwt. The report from the Westlock market had a nine-pack of red Angus 557-pound steers off grass, naturally raised selling for $565/cwt. The DLMS summary had a couple packages of higher quality steer calves averaging 500 pounds trading for $660/cwt fob ranch at various locations in Saskatchewan.

The live and feeder cattle futures sold off heavily on Thursday, July 31, largely due to speculative fund liquidation. Higher than expected U.S. inflation data along with the implementation of tariffs by the Trump Administration set the feeder cattle futures on the defensive. There’s uncertainty regarding beef demand moving forward. Wholesale choice beef was trading at US$361/cwt on Thursday, July 31, down from the June peak of US$392/cwt

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Alberta packers were buying fed cattle on a dressed basis at an average price of $500/cwt delivered. Live cattle bids fob feedlot in Southern Alberta were reported in the range of $294-$295/cwt. Current breakeven pen-closeout values are in the range of $275-$280/cwt. Feedlot margins remain in positive territory which continues to be the main factor supporting the feeder complex.

The Dryland Cattle auction market report from Veteran, Alberta, had black steers averaging 1,100 pounds off grass selling for $384/cwt and 972-pound steers off grass trading for $430. At the same sale, black heifers weighing 968 pounds were valued at $390. The Ponoka Market report had red mixed heifers averaging 1,013 pounds off grass selling for $382.

In central Saskatchewan, medium to larger frame red Angus cross steers weighing 820 pounds off grass were quoted at $475/cwt. In the same region, 730-pound Simmental cross, weaned steers off grass with a mean weight of 715 pounds reportedly sold for $505. In central Alberta, a smaller package of tan heifers averaging just over 700 pounds traded apparently sold for $445/cwt.

The Westlock Market report had a pair of red mixed steers weighing 652 pounds trading for $527. North of Calgary, a smaller package of tan heifers weighing 510 pounds apparently sold for $503.

The DLMS report had a larger group of 625 pound steer calves traded for $560/cwt northeast of Edmonton. Near Lanigan Saskatchewan, a pen-sized group of 500 pound steers were quoted at $659.

The USDA’s semi-annual Cattle Inventory Report estimated the 2025 calf crop at 33.1 million head, down 429,500 head from the 2024 calf output.

Some analysts are estimating the Canadian barley crop at 9.0 million tonnes, up from 8.1 million tonnes last year. U.S. corn production has potential to reach over 410 million tonnes, up from the 2024 harvest of 378 million tonnes. Lower feeder cattle supplies and larger feed grain production will keep the feeder market well supported.

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Calves under 550 pounds were extremely variable after jumping sharply the previous week. Noted demand surfaced from Ontario where packer direct sales for Grade A steers reached $530/cwt on a dressed basis. Using a 60 per cent grading this equates to a live price of $318/cwt.

Alberta packers were buying fed cattle at $297.50/cwt fob feedlot in southern Alberta, relatively unchanged from the previous week. Last week, Ontario corn was quoted at $5.75/bu while barley in Lethbridge area was trading at $6.50-$6.75/bu delivered. Feedlot margins remain healthy as fall placed calves come on the market in larger numbers. There is a fair amount of empty pen space. Demand for feeders is at a seasonal high.

Grass yearling sales are set to start next week at many auction barns in Western Canada. This will define the price structure for the fall period. There are pockets of Saskatchewan and Alberta where pastures have deteriorated due to limited rainfall resulting in earlier than normal sales.

In Southern Alberta, a pen of medium to larger frame, lower flesh, 1,000-pound mixed steers on silage and supplement ration with full processing records were valued at $398/cwt fob feedlot. At the same feedlot, a pen of 950-pound mixed heifers on the same diet with full health records were quoted at $385/cwt fob feedlot.

In Central Alberta, smaller groups of 800-825 pound mixed steers with medium flesh levels (light grain and silage diet) and unknown processing were quoted from $450/cwt to $465/cwt. The Westlock market report had a smaller package of black heifers off grass averaging 855 pounds with limited processing trading for $420/cwt.

The Ponoka market report (video sale) had a larger group of tan steers with a base of 620 pounds off grass, minerals and cows with full processing data selling for $610/cwt fob feedlot in east-central Alberta for late October delivery. At the same sale, a package of 200 tan heifers with a base weight of 590 pounds off grass, mineral and cows with full preconditioning sold for $566/cwt for October delivery.

Auction markets reported limited volumes with many barns selling 150-250 head. The market was hard to define and not representative of prices that will be evident next month. Small groups of steers of various quality averaging 500-525 pounds were quoted from $600-620/cwt. The prior week, larger steer calf packages for November delivery coming off grass of similar weight were selling for $670/cwt to as high as $699/cwt.

Analysts are forecasting a U.S. corn crop of 410 million tonnes, up from last year’s output of 378 million tonnes. U.S. corn will trade into Alberta, possibly as far north as Edmonton and displace barley. This will take about 20-30 cents off the cost-per-pound gain. Lower feed grain prices this fall will enhance the price of feeder cattle by $20-$25/cwt.

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The U.S. closed the border to Mexican cattle on May 11 in an effort to combat New World Screwworm (NWS). A reopening process started on July 7 under a phased reopening of select southern border ports. On July 10, the U.S. cancelled the potential opening after a new case was reported in Veracruz.

The screwworm infestation is now one Mexican state away from crossing into Texas. Feedlot operators in Alberta are watching this closely. If New World screwworm moves into the U.S., the Canadian border may close to U.S. feeder cattle. In 2024, Canada imported 400,060 cattle from the U.S. Most of these imports were Holstein cross feeder cattle.

Late in the week, certain buyers were extremely aggressive on light-weight steer calves as the fear started to percolate.

In Southern Manitoba, yearling mixed steers on backgrounding ration in the feedlot with full preconditioning averaging 1,040 pounds traded for $390. Similar quality backgrounded heifers averaging 1,000 pounds were quoted at $373. Northwest of Saskatoon, black yearling steers off grass with a mean weight of 1,050 pounds were valued at $400 for late September delivery. At the Ponoka sale on July 9, a smaller package of tan steers weighing 1,000 pounds off grass and mineral with full health data traded for $399.

In Central Alberta, smaller packages of 700-715 pound mixed steers were trading in the range of $498-$505/cwt. These cattle appeared to be off grass and fully weaned or semi-weaned.

In late June, Perlich Bros Auction Market near Lethbridge had larger packages of calves for November and December delivery. Higher quality 640-pound steer calves not fully weaned were trading for $540/cwt and 500-pound steer calves were trading for $605/cwt.

This week, there appear to be extreme demand for 500-pound steers calves. The DLMS had 530-pound steer calves trading from $688-$699. There was a steer package at 515 pounds that traded for $670. Off-grid private sales included higher quality genetic steer calves with a base weights from 500-525 pounds trading from $650-$660.

On Thursday, July 10, Alberta packers were buying fed cattle on a dressed basis in the range of $495-$500/cwt delivered, steady to $1 lower than active trade on July 3. Live trade fob feedlot in Southern Alberta was quoted at $294-$295/cwt, unchanged from last week.

On Friday, July 11, U.S. packers were buying fed cattle in Texas and Kansas in the range of $228-$230/cwt, $4-$6/cwt higher than seven days earlier. U.S. packers are expected to be extremely aggressive on Canadian fed cattle over the next month given the U.S. premium market premium.

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From a seasonal perspective, the feeder market trades sideways through July before marginally increasing in August. The market tends to stagnate during September and then grinds lower in October. Prices for calves tend to make seasonal lows during October or early November. Cattle feeders are expecting the same type of price behaviour in the summer of 2025. I always advise cow-calf producers to avoid selling calves in October because this is usually the lowest price in the fall.

For the week ending July 4, Alberta packers were buying fed cattle in the range of $293-$295/cwt fob feedlot in the Lethbridge area. Values are steady to $2/cwt lower than seven days earlier. In Alberta and Saskatchewan, cattle on feed 150 days or more as of June 1 were 359,177 head, up 2.9 per cent or 9,957 head or from the June 1, 2024, number of 349,220.

In the U.S., cattle on feed 150 days or more as of June 1 were 3.013 million head, up 253,000 head from 12 months earlier. The fed cattle market is expected to grind lower over the next month which will weigh feeder cattle prices.

During the last week of June, 1050-pound steers in central Saskatchewan were valued $390/cwt in central Saskatchewan for early September delivery. For August and September delivery, 1,000 pound steers have been trading in the range of $395-$400/cwt in central Alberta.

The break-even fed cattle price for these steers in January 2026 is $330/cwt. This includes all costs such as feed, yardage, processing etc. The break-even for feed and interest costs only is in the range of $317-$320/cwt. It’s important to note that the February 2026 live cattle futures are reflecting an Alberta fed cattle price of $286/cwt. These cattle are severely under water.

The margin structure does not look much different for calves. In central and southern Alberta, higher quality calves weighing 550 pounds have been trading around $585 for October and November delivery. The break-even on these calves when finished for August and September 2026 is around $315/cwt. The August 2026 live cattle futures are reflecting an Alberta fed cattle price of only $270/cwt. Interest charges have added another layer of costs.

Past history tells us that feedlot operators need to endure one full round of feeding with negative margins before there is a serious downward adjustment on the feeder market. Therefore, it’s important that cattle producers to sell calves and yearlings earlier, rather than later.

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Off grade cattle in small packages and stragglers were discounted accordingly. This may have resulted in a overall weaker tone. However, auction markets held in-house video sales for deferred delivery and prices didn’t miss a beat. Larger Alberta operations were extremely aggressive and competition was fierce with Ontario orders evident across Western Canada.

On Thursday, June 26, Alberta packers were buying fed cattle on a dressed basis in the range of $498-$503/cwt, down $2-$3/cwt from the previous week. Live bids fob feedlot in southern Alberta were quoted at $295/cwt. Break-even pen closeouts are in the range of $270-$275/cwt. There are more fall placed calves coming on the market and these break-evens are slightly lower.

At the Ponoka sale, a larger package of black steers averaging 1,000 pounds on light barley and corn silage diet with full processing records dropped the gavel at $387/cwt. At the same sale, a larger group of Simmental cross Angus heifers on the card at 782 pounds coming off a barley, canola meal and silage backgrounding ration with preconditioning data set the bar at $421/cwt.

For September and October delivery, 1,000-pound steers were trading in the range of $395-$400/cwt this past week fob farm in central Alberta and Saskatchewan.

The Westlock Auction report had a smaller package of Angus based steers weighing 900 pounds coming of silage and hay diet on full herd health details traded for $416/cwt. In north-central Saskatchewan, a smaller pen of larger Charolais based steers evaluated at 825 pounds on backgrounding ration (controlled weight gain) with full preconditioning including recent booster were valued at $460/cwt fob farm.

In the southern Alberta region, larger-wide-frame Limousin based steers weighing 735 pounds apparently traded for $525/cwt. In central Saskatchewan, a smaller package of Charolais cross heifers appraised at 710 pounds were quoted at $476/cwt

The Perlich Bros. Auction Market report near Lethbridge had a package of 200 Black Angus steers with a base weight of 650 pounds selling for 551/cwt for December delivery. The Ponoka market report had 110 black steers with a base 550 pounds coming off cows and grass trading for $585 for delivery in early November.

Our straw poll survey suggests that 2025 will be the first year of major heifer retention in Western Canada. This will result in lower overall supplies of feeder cattle. The calves from these heifers will come on the market in 2026. This may be underpinning the feeder market for September through December delivery.

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Alberta packers were buying fed cattle on a dressed basis in the range of $500-$502/cwt delivered, down $2-$4/cwt from the previous week. The softer tone to the fed market caused the rally in the feeder market to stall. It’s also that time of year when feeder cattle supplies are limited. While there are still some quality packages coming available, the bulk of auction market volumes consist of off grades and stragglers, which are trading at $10 to as much as $20 discount.

The Ponoka market report had a large package of black mixed steers marked an average weight of 1075 pounds off grass for early August delivery priced at $384/cwt.   For August 15 to September 15 delivery, 1,000-pound mixed steers off grass are trading in the range of $395-$400/cwt fob farm (depending on location) in Alberta and Saskatchewan.

The market report for Ste. Rose du Lac, Manitoba had black mixed steers  averaging 880 pounds trading for $424/cwt. Southeast of Edmonton, a smaller group of Simmental cross heifers evaluated at 900 pounds notched the board at $367/cwt.

At the Westlock sale, run-of-the-mill mixed heifers on hay and greenfeed diet with full herd health data scaled at 801 pounds traded for $416/cwt. In Central Saskatchewan, larger frame lower flesh Charolais steers weighing just over 800 pounds supposedly sold for $465/cwt.

The Ponoka market report had red mixed steers averaging 702 pounds on greenfeed and oats diet with processing records selling for $501cwt.  South of Calgary, medium to larger frame, lower flesh Angus based heifers weighing 710 pounds were last bid at $445/cwt

Southeast of Saskatoon, mixed weaned heifers on the card at 605 pounds supposedly traded at $502/cwt. The Ste Rose Auction Mart report had black steers weighing just under 600 pounds reaching $615/cwt.

In the Calgary region, Simmental based 510-pound, weaned steers sold for $630/cwt. In Southern Alberta, mixed weaned heifers around 520 pounds supposedly traded for $558/cwt.

On June 1, cattle on feed 150 days or longer in Alberta and Saskatchewan were 359,177 head, up 2.9 per cent or 9,957 head or from the June 1, 2024 number of 349,220. Market-ready fed cattle supplies will make a seasonal high in Western Canada during June and this will likely weigh on the fed market. Secondly, it looks like the live and feeder cattle futures have topped out for the time being.

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