Montana Livestock Auction Summary: June 21–27, 2026 — Cow Market Surges as CME Futures Push Higher

It was a solid week at Montana’s auction rings, with cattle markets showing real strength heading into the July 4th holiday stretch. Whether you’re running cows on summer grass, looking to add feeding cattle, or keeping an eye on replacement markets, there was plenty of action during the week of June 21–27, 2026. Here’s the full breakdown of what went down and what it means for Montana ranchers.

Market Overview: Receipts Down, But Demand Is Strong

Total receipts for the week came in at 2,299 head — down significantly from 6,281 head the prior reported week (June 15) and below last year’s 2,807 head for the same period. The lighter numbers aren’t necessarily a red flag, though. The previous week was inflated by a large sheep and goat run, and this week’s cattle-only offering kept things focused.

Supply broke down as follows:

• Feeder Cattle: 614 head (26.7%) — up sharply from last week’s 339 head (5.4%)
• Slaughter Cattle: 1,067 head (46.4%)
• Replacement Cattle: 618 head (26.9%)

Quality was described as mixed, ranging from plain to attractive, with cattle offered in small to moderate-sized groups and plenty of singles working through the ring. Demand was mostly moderate to good, with a slightly larger buyer pool drawn in by the bigger offering.

Big Story: CME Futures Surging, Cow Market Heating Up

The headline market mover this week was the sharp rally in CME feeder cattle futures. With Friday being a federal holiday, here’s where contracts closed on the week:

• August contract: 369.85 — up 3.25 from the prior Thursday close
• September contract: 367.675 — up 3.00
• October contract: 364.60 — up 2.85

That kind of futures movement is getting feedlot buyers motivated. Demand for cattle headed straight to the feedlot was described as very good, and you could feel it in the buyer pool. On the grass side, continued rainfall across parts of the state is improving pasture and range conditions, keeping demand firm for cattle suitable to turn out.

On the cow side, feeding cows were the star of the show. Breaking flesh cows jumped $3.00–$4.00 higher after two consecutive weeks of softer movement. Boning and lean-fleshed cows sold generally steady to $1.00 higher. Notably, Canadian feeding buyers were largely absent this week as the stronger U.S. dollar made exchange rates less favorable — but American private feeders and packers stepped up to fill the void. Packers were also aggressive buyers of slaughter cows, trying to get inventory ahead of the July 4th holiday.

Feeder Cattle Prices — Week of June 21–27, 2026

Feeder Steers (Medium & Large 1, per cwt)

Weight Class	Avg Weight (lbs)	Price Range ($/cwt)	Avg Price ($/cwt)
250–300 lbs	277	640.00–665.00	654.73
340–350 lbs	343	640.00	640.00
480–490 lbs	485	505.00	505.00
530–540 lbs	534	525.00	525.00
555–591 lbs	585	480.00–496.00	488.87
656–669 lbs	662	435.00–455.00	445.36
780–788 lbs	785	390.00–394.00	392.41
805–815 lbs	806	367.00–372.50	369.08
852–886 lbs	881	356.00–367.00	365.48

Feeder Heifers (Medium & Large 1, per cwt)

Weight Class	Avg Weight (lbs)	Price Range ($/cwt)	Avg Price ($/cwt)
320–330 lbs	323	552.00	552.00
350–355 lbs	351	530.00	530.00
460–465 lbs	463	470.00	470.00
580–588 lbs	583	418.00–421.00	419.86
601–625 lbs	619	401.00–417.00	413.38
712–746 lbs	737	367.50–370.50	369.71
765–797 lbs	793	356.00–370.00	357.96
854–864 lbs	860	330.00–334.00	331.67
960–975 lbs	968	308.00	308.00

Slaughter Cattle Prices — Week of June 21–27, 2026

Slaughter Cows (per cwt)

Grade	Dressing	Price Range ($/cwt)	Avg Price ($/cwt)
Breaker 75–80%	Average	166.00–176.00	170.52
Breaker 75–80%	Avg Return to Feed	175.00–184.50	182.45
Breaker 75–80%	High Return to Feed	186.00–189.00	186.65
Boner 80–85%	Average	156.00–166.00	163.47
Boner 80–85%	Avg Return to Feed	176.00–188.00	184.51
Boner 80–85%	High Return to Feed	187.00–198.00	188.97
Lean 85–90%	Average	160.00–164.00	162.22
Lean 85–90%	Avg Return to Feed	175.00–185.00	180.96
Lean 85–90%	High Return to Feed	187.00–199.00	189.14

Slaughter Bulls (Grade 1–2, per cwt)

Dressing	Avg Weight (lbs)	Price Range ($/cwt)	Avg Price ($/cwt)
Average	1,922	203.00–225.00	215.64
Avg Return to Feed	1,398	207.00–224.00	213.66
High	2,070	219.00–251.00	228.66
Low	1,676	187.00–210.50	198.17
Low Return to Feed	1,512	180.00–210.00	199.23

Note on slaughter bulls: While slaughter bull demand held fully steady with an attractive quality offering, feeding bulls sold $3.00–$5.00 lower. Southern packers who had been placing bulls on feed shifted strategy and moved most bulls directly to slaughter instead, softening feeding bull demand to light to moderate levels.

Replacement Cattle: Good Demand Across the Board

Stock Cows (Medium & Large 1, per cwt)

Age	Head	Avg Weight (lbs)	Price Range ($/cwt)	Avg Price ($/cwt)
Under 2 years (Open)	77	1,074	215.00–328.00	278.30
2–4 years (Open)	124	1,185	190.00–315.00	234.49
2–8 years (Open)	14	1,395	186.00–192.00	187.38

Replacement cattle demand was described as stronger across the board this week. Young cows that lost calves saw very good demand again, and cows suitable to turn out and breed were finding buyers as greening pastures give ranchers confidence to stock up. Young cows still eligible to grade choice sold firm. Quality was mostly average to attractive. Bred cows, bred heifers, and cow-calf pairs also saw stronger demand.

The Bottom Line for Montana Ranchers

This was a market with some clear bright spots. Feeding cow prices bounced back hard after two softer weeks, and futures strength is lending confidence to feedlot buyers. With pastures improving in many parts of Montana thanks to recent rains, grass-based demand is adding another layer of buying interest underneath the market. If you’re thinking about moving cows — feeding or otherwise — the window looks favorable right now.

Keep an eye on those CME contracts and watch how the holiday week shakes out on both the packer and feeding sides. We’ll have next week’s numbers as soon as USDA releases them.

Source: USDA AMS Montana Weekly Livestock Auction Summary