by Andrew Griffith, Livestock Marketing Specialist
April 10, 2026
FED CATTLE
Fed cattle trade was not established at time of publication. A few cattle traded on a live basis at $250 while bids on a dressed basis were $385.
The 5-area weighted average prices thru Thursday were $245.58 live, up $0.72 compared to a week ago and no dressed trade reported. A year ago, prices were $207.80 live and $327.88 dressed.
The finished cattle price through Thursday is of little use, because it represents few cattle. Market participants were in no hurry on Friday to make a deal either as there appeared to be a stalemate. It is somewhat understandable from a packer’s standpoint in that they are once again paying more for a calf on a dressed basis than they are selling the meat for on a carcass equivalent. It is somewhat surprising JBS Greeley agreed to let workers come back to work despite no new labor agreement between the company and the labor union. It appears JBS would like to lose more money compared to losing less money! This is very much an overstatement as keeping trained and skilled labor is important, but the statement does shed light on the industry.
BEEF CUTOUT
At midday Friday, the Choice cutout was $381.68 up $0.59 from Thursday and down $8.75 from a week ago. The Select cutout was $383.75 up $2.18 from Thursday and down $3.93 from last week. The Choice Select spread was negative $2.07 compared to $2.75 a week ago. April is not the month when the Choice Select spread tends to be inverted. In other words, it is rare the Select cutout has a higher price than the Choice cutout. This rare occasion is sometimes observed during the winter months when roasts, also referred to as end meats, tend to be preferred by many consumers. However, the beef market is traversing unchartered waters to some degree as the quantity of Select beef has declined drastically while a greater percentage of beef grades Choice and Prime. The increased percentage of carcasses grading Choice and Prime is generally preferred, but one of the drivers of the Select market is the need for ground beef. The general discussion on domestically produced ground beef is most of it comes from slaughter cows and bulls and trimmings from finished cattle. However, the third source would be Select grade beef with little to no marbling. It is not uncommon for Select grade roasts to make their way into the grinding mix, and it is more pronounced when ground beef prices are at elevated levels.
OUTLOOK
Based on Tennessee weekly auction market average prices, steer prices were $5 to $12 higher than last week, while heifer prices were $3 to $7 higher compared to the previous week. Slaughter cow prices were steady to $2 lower this week compared to a week ago while slaughter bull prices were steady to $1 lower compared to last week. There continues to be some grass cattle demand in the country, but consistent strength on the futures market is also supporting what producers are willing to pay for calves coming off the cow. There is certainly a premium for weaned calves, or it could be looked at as a discount on calves that are not weaned. Either way, cattle with additional management are commanding much higher values than cattle without the management. Several loads of feeder cattle were sold in Tennessee this week. Most of the steers weighed between 840 and 975 pounds with the average value per head settling between $3,000 and $3,200 per head. Taking an 850 pound steer valued at $3,000 per head and a 975 pound steer valued at $3,200 per head, it would be expected the feedlot will add 650 pounds to the 850 pound calf and 525 pounds to the 975 calf. Assuming a cost of gain of $1 per pound and an even basis for when they are marketed then the 850 pound steer will lose $50 over the feeding period and the 975 pound steer will lose $95. This likely means the feedlot is expecting and hoping the finished cattle market inches higher the next several months. On the heifer side, 800 to 850 pound heifers were on either side of $2,800 per head. There was one half load of 800 pound replacement quality heifers that blew everything out of the water with a price of $355 per hundredweight ($2,840). They are certainly headed to the breeding pasture the next few months, and could provide a nice profit if an adequate quantity of them maintains a pregnancy over the next six to eight months. This market continues to get more interesting, and the dollars are flowing back and forth.
ASK ANDREW, TN THINK TANK
No questions were asked this week, but a few comments were shared that are worth sharing with a broader audience. A West Tennessee resident send a picture of a menu where there is now a surcharge of $0.25 for every hamburger. Assuming it is a quarter pound hamburger, this would only account for a $1 per pound increase in ground beef prices. Thus, it would seem a $0.50 surcharge on every hamburger would probably be more appropriate, but this is most likely a restaurant trying to be considerate of their customers. Another discussion, actually multiple discussions, have revolved around pricing freezer beef. As cattle prices increase, freezer beef prices must increase to some degree. A good place to start when pricing freezer beef is to determine what the animal is worth as an 800 pound feeder animal, add feed cost to grow the animal to 1,300 to 1,400 pounds and then add an acceptable profit that accounts for a return to labor and risk. As cattle prices increase, some customers may not be able to afford a freezer beef.
Please send questions and comments to agriff14@utk.edu.
FRIDAY’S FUTURES MARKET CLOSING PRICES
Friday’s closing prices were as follows: Live/fed cattle –April $251.78 +2.00; June $249.20 +2.00; August $244.75 +1.40; Feeder cattle –April $374.15 +1.63; May $372.35 +1.93; August $372.45 +2.33; September $370.55 +2.20; May corn closed at $4.41 down 3 cents from Thursday.