by Andrew Griffith, Livestock Marketing Specialist
November 7, 2025
FED CATTLE
Fed cattle traded $4 lower this week compared to a week ago on a live basis. Prices on a live basis were mainly $228 to $231 while dressed prices were mainly $358 to $360.
The 5-area weighted average prices thru Thursday were $228.97 live, down $1.05 compared to a week ago and $358.33 dressed down $0.16 compared to last week. A year ago, prices were $187.25 live and $293.96 dressed.
Finished cattle prices are the most stable prices in the cattle market right now. It would seem the closer one is to the end product, the closer that person’s market is to following the fundamentals. One statement sent the futures market into a frenzy and has each feeder cattle futures contract lower in price than the month before it. However, retail beef prices, wholesale beef prices, and finished cattle prices have not been influenced as much as cattle that are father from being hung on a rail. The hope is consistency will remain in these markets and extend into feeder cattle and calves. This will be important as cattle feeders make purchasing decisions when placing cattle on feed.
BEEF CUTOUT
At midday Friday, the Choice cutout was $377.43 down $0.54 from Thursday and down $1.24 from a week ago. The Select cutout was $362.20 up $1.44 from Thursday and up $2.97 from a week ago. The Choice Select spread was $15.23 compared to $19.44 a week ago.
The market is still waiting on a change in beef prices based on the announcement from President Trump that we needed to lower beef prices and his confidence in achieving such a goal. It is difficult to know with the government shutdown if beef is being imported from Argentina at a more rapid pace today than it was a few weeks ago. However, it is unlikely any of that beef has made its way into the marketplace. Even if it has made landfall, the only price it will influence is ground beef products. Consumers are speaking with their wallets as they continue to purchase beef. Consumers effectively ensure markets work as markets should when they make decisions to spend their income on different goods. Consumers have not backed down from beef purchases from an economic perspective. It is not surprising if consumers are purchasing less beef or even if some consumers are not purchasing beef, because beef prices are high and there is less beef available today than one year ago. Higher prices ration consumption just as it should.
OUTLOOK
Based on Tennessee weekly auction reports, steer prices were $10 to $18 higher compared to last week while heifer prices were $7 to $13 lower compared to a week ago. Slaughter cow prices were $1 to $4 lower compared to the previous week while bull prices were steady compared to a week ago. The trends established at weekly auction markets are real data that cannot be argued from the standpoint that is exactly what happened relative to the previous week. However, Tennessee weekly auction market trends this week do not tell the entire story of what has happened in the market given the week-to-week comparison. Last week feeder cattle futures completely tanked to start the week, and most of the Tennessee weekly auctions take place Monday through Wednesday. Feeder cattle futures saw a slight resurgence late last week and held that position Monday of this week before falling apart Tuesday through Thursday. This information has made it extremely difficult for cattle buyers to establish what price is acceptable to pay for cattle of most every weight class. It makes it even more difficult pricing lighter weight cattle as feeder cattle futures are demonstrating a constant price decline moving through 2026. This means producers have to pay much less for lighter weight cattle as the expected sale price is lower tomorrow than it is today. As a quick example, January feeder cattle futures are trading about $7 per hundredweight lower than November 2025. Similarly, March 2026 is $4 to $5 lower than January while August 2026 is $4 to $5 lower than March. Maybe the real value to talk about is that November 2026 is below $300, which means it is more than $22 lower than November 2025 feeder cattle futures. From a purchasing standpoint, a person buying a 525 pound steer today and holding that animal 150 days is looking at an 800 pound steer having a value that is about $100 per head less at the end of March or early April than and 800 pound steer is worth today. This is a tough situation that may persist.
ASK ANDREW, TN THINK TANK
This week, the economists in Extension at the University of Tennessee traveled across the state conducting in-service training for county extension agents. This is always a great opportunity to visit with those who are the “boots on the ground” for the university. It is thought the state specialists conducting the training are supposed to be educating the county personnel, and that certainly happens. However, I think I learn more from the county agents than they learn from me. It has become clear that beef cattle producers are concerned about the negative direction of cattle prices stemming from national leadership comments and negative press on “high retail beef prices.” Something important to remember is markets work! High prices will cure high prices and the same goes for low prices. The consumer votes each and every day with the dollar as to what they desire. If consumers begin moving away from beef because the price point is not suitable then they will let us know. Otherwise, this market does not need government intervention.
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 –December $221.35 +2.58; February $219.75 +3.00; April $219.73 +3.03; Feeder cattle –November $326.00 +3.95; January $319.13 +3.53; March $319.98 +2.98; April $311.90 +2.68; December corn closed at $4.27 down 2 cents from Thursday.