by Andrew Griffith, Livestock Marketing Specialist
September 11, 2026
FED CATTLE
Fed cattle trade was not established at time of press. Bids were $224 on a live basis and $342 to $350 on a dressed basis.
The 5-area weighted average prices through Thursday were $218.00 live, up $0.09 from last week and $350.36 dressed, up $5.13 from last week. A year ago, prices were $239.26 live and $376.14 dressed. The prices through Thursday account for a total of 337 head of cattle, which is essentially no cattle trade the first four days of the week. Is it the packer or the cattle feeder being contrary, or are they both being contrary? It is difficult to know who is being more challenging right now, but it is clear the two parties are having a tough time settling on a price. The cattle feeder certainly thinks cattle are worth more today than earlier in the week, because live cattle futures have increased in price. However, the packer finds it difficult to pay higher prices when beef prices are not changing. Business will be conducted at some point as most packers will need cash cattle to finish out their needs for beef and feedlots have cattle to market.
BEEF CUTOUT
At midday Friday, the Choice cutout was $375.96 down $2.41 from Thursday and up $0.93 from a week ago. The Select cutout was $353.67 up $1.61 from Thursday and down $0.56 from last week. The Choice Select spread was $22.29 compared to $20.80 a week ago.
The beef market is entering a period of seasonal decline as it relates to consumption. The summer grilling season was completed with the passing of Labor Day, and consumers typically demonstrate less interest moving through the end of summer and through the fall time period. Thus, it is typically difficult to add dollars to the cutout at any great rate. This does not mean wholesale beef prices cannot accelerate and exceed previous highs, but it is more likely prices will stagnate or even decline marginally compared to an increase in wholesale beef prices. Changing gears to retail prices, the all fresh retail price of beef in July was $9.75 per pound, which was $0.24 per pound lower than the peak in April, but it was $0.85 per pound higher than July 2025. The retail price of Choice beef in July was $10.49 per pound compared to $9.69 per pound one year ago. These values compare to $4.89 per pound for pork in July and $2.39 per pound for the broiler composite retail price. It may appear pork and chicken are a bargain with price, but beef still has an advantage in flavor and eating experience.
OUTLOOK
Based on Tennessee weekly auction market average prices, steer prices were $5 to $15 higher compared to last week, while heifer prices were $10 to $15 higher compared to the previous week. Slaughter cow prices were $10 to $17 lower this week compared to a week ago while slaughter bull prices were $3 to $5 lower compared to last week. Producers should not read too much into the price trends of cattle this week as limited receipts were realized due to the Labor Day holiday and continued hot weather pattern. Another contributing factor to reduced receipts is the downturn in the cattle market the past four weeks. Cattle producers are subject to recency bias the same as any other person, and the current bias is cattle are undervalued relative to the past several months. Cattle prices surged higher the past year, but the market has softened the past few weeks. Producers should consider that prices today may be lower than they were a few weeks ago, but they are still very strong from a historical standpoint. There is a good chance the fall run of spring born calves coming to market will be delayed as producers hope the market rebounds to price levels of a few short weeks ago. This would likely mean many of the cattle typically marketed in September may not find their way to town until October or even later in some instances. The same thought holds for those who market in October and November if prices remain stagnant or decline. One thing producers’ should be reminded that make this decision, prices can decline more while one is waiting for them to increase. The one environmental factor that may prevent this action is drought. A large portion of the state as well as the country are under some form of drought. If drought conditions continue to hamper fall forage growth, many producers may be forced to haul calves to the sale barn during their typical marketing window or even early. On a side note, the drought conditions could negatively influence heifer retention decisions.
ASK ANDREW, TN THINK TANK
Several questions were asked this week, but the one at the top of mind is concerning heifer marketing. Steers only have one future destination and that is the feedlot and then the slaughter floor. Heifers on the other hand have a little more flexibility. As producers are considering what to do with their heifers the next several months, they can always be sold into the feeder cattle market. The buyer can either send them to feed or develop them for heifers. This is the same decision the original owner has. If a producer is concerned about the currently depressed feeder cattle market and does not think the heifers will bring a value that is acceptable, then there are alternatives. If the heifers are breeding quality, then the producer can choose to develop those heifers, breed the heifers and finally sell bred heifers, sell pairs, or retain them for their own herd. This is not a decision to make without planning. It is necessary to have a plan and consider the marketing avenue of such animals.
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 –October $219.68 +1.85; December $222.23 +2.63; February $224.00 +2.85; Feeder cattle –September $337.83 +5.25; October $332.50 +4.95; November $328.18 +5.40; January $320.70 +4.78; September corn closed at $5.10 down 4 cents from Thursday.