It was a rough week at Montana auction rings. A sharp sell-off in the CME feeder cattle futures, combined with muddy yards and a thinner buying crowd, sent feeder prices lower across most weight classes for the week of November 1-7, 2026. Here’s what ranchers need to know.
The Big Picture: Futures Pull Feeders Down
Buyers walked into the sale barns this week with a lot less enthusiasm, and the CME explains why. The November feeder cattle contract closed Friday at 322.325, down 15.45 from the previous Friday. The January contract closed at 318.375 (down 13.40) and the March contract at 314.35 (down 12.925). With futures dropping sharply over the past few weeks, buyers reset their break-evens and bought most classes of feeders lower, with noticeably lighter demand across all buyer types.
Weather didn’t help. Early-week rains left yards very muddy, and cattle showed up wet and muddy, with many looking stale. Buyers were hesitant, worried about calf health. Plenty of ranchers couldn’t get out to ship at all, and the report notes many cancellations at sales across the state. Quality ranged from plain to very attractive, and many cutback cattle off summer videos continue to show up.
Receipts: Feeder Supply Way Down From Last Year
| Category | This Week | Last Reported (10/26) | Last Year |
|---|---|---|---|
| Total Receipts | 15,528 | 13,685 | 24,609 |
| Feeder Cattle | 5,668 | 9,325 | 11,819 |
| Slaughter Cattle | 2,725 | 2,819 | 3,828 |
| Replacement Cattle | 2,940 | 1,541 | 3,230 |
| Feeder Sheep/Lambs | 1,405 | 0 | 2,001 |
| Slaughter Sheep/Lambs | 1,395 | 0 | 1,663 |
Total receipts of 15,528 head were up from last report but well below the 24,609 head a year ago. The standout number: feeder cattle receipts were 52% below the same week last year. Feeder cattle made up 36.5% of the total, and 31% of the feeder supply was over 600 lbs. Replacement cattle nearly doubled from the last report, from 1,541 to 2,940 head.
Feeder Steers: Calves Take the Brunt
Yearling steers were too lightly tested to establish a trend, and steer calves under 400 lbs were also too lightly tested, though sharply lower undertones were noted. Among the classes with enough volume to measure:
- 400-499 lbs: mostly $15-$30 lower
- 500-649 lbs: mostly steady to $5 lower
- 650 lbs and heavier: mostly $10-$20 lower
Here’s a snapshot of representative sales in the Medium and Large 1 grade (per cwt, actual weight):
| Weight Class | Head | Avg Wt | Price Range ($/cwt) | Avg Price ($/cwt) |
|---|---|---|---|---|
| 300-399 lbs | 32 | 325 | 570.00-605.00 | 587.88 |
| 400-499 lbs | 123 | 429 | 472.00-547.50 | 515.26 |
| 400-499 lbs | 151 | 464 | 460.00-510.00 | 482.96 |
| 500-599 lbs | 193 | 528 | 425.00-475.00 | 447.81 |
| 500-599 lbs | 282 | 568 | 389.00-445.00 | 423.09 |
| 600-699 lbs | 472 | 620 | 372.50-416.50 | 403.37 |
| 600-699 lbs | 190 | 666 | 346.00-386.00 | 366.72 |
| 700-799 lbs | 100 | 719 | 348.50-366.00 | 352.61 |
The biggest packages of the week were 472 head of 620-lb steers averaging $403.37 and 282 head of 568-lb steers at $423.09. Lighter, unweaned calves still pulled strong money: 11 head of 264-lb steers brought $640-$645.
Feeder Heifers: Lower, But Selling Steadier at 500-549 lbs
Heifers followed the same script. Yearling heifers were too lightly tested to develop a trend, and heifer calves under 400 lbs saw lower undertones without enough volume for an accurate read. For the classes that did trade:
- 400-499 lbs: generally $15-$25 lower
- 500-549 lbs: steady to $5 lower
- 550 lbs and up: mostly $10-$15 lower
| Weight Class | Head | Avg Wt | Price Range ($/cwt) | Avg Price ($/cwt) |
|---|---|---|---|---|
| 300-399 lbs | 39 | 335 | 500.00-530.00 | 526.14 |
| 300-399 lbs | 44 | 387 | 477.50-495.00 | 484.04 |
| 400-499 lbs | 119 | 426 | 434.00-472.00 | 455.84 |
| 400-499 lbs | 284 | 470 | 402.00-440.00 | 426.50 |
| 500-599 lbs | 239 | 521 | 372.50-445.50 | 398.11 |
| 500-599 lbs | 333 | 571 | 335.00-367.00 | 357.75 |
| 600-699 lbs | 90 | 618 | 332.00-353.00 | 337.32 |
| 700-799 lbs | 14 | 726 | 328.00-335.00 | 330.42 |
Slaughter Cows and Bulls: Holding Their Ground
The cow market was the steadier story this week. Weigh-up cows sold on light to moderate demand against moderate to heavy offerings. Slaughter cows sold generally steady on a dressed basis, though packer buyers were able to pick up a higher-yielding cow this week. Slaughter bulls sold generally steady in a narrow comparison.
The feeding cow market is where the weakness showed up. Canadian buyers were mostly out of the market, and American packers and private feeders both showed lighter demand for cows to feed. The result: feeding cows sold mostly $5-$10 lower on all classes, and the spread between feeding cows and slaughter cows fell to its lowest level in months. Lower-dressing and slightly blemished feeding cows saw the lightest demand, and slaughter buyers were able to pull some of those higher-yielding, blemished cows away from feeding buyers.
| Class | Head | Avg Wt | Price Range ($/cwt) | Avg Price ($/cwt) | Dressing |
|---|---|---|---|---|---|
| Breaker Cows 75-80% | 2 | 1,630 | 118.00-125.00 | 121.36 | Average |
| Breaker Cows 75-80% | 34 | 1,518 | 131.00-146.00 | 138.87 | Average (Return to Feed) |
| Breaker Cows 75-80% | 5 | 1,682 | 127.00-137.00 | 132.59 | High |
| Breaker Cows 75-80% | 7 | 1,559 | 147.00 | 147.00 | High (Return to Feed) |
Slaughter cattle made up 17.5% of total receipts, and 97% of that was cows. Note that the cow data above is a partial snapshot of the breaker category, so check the full USDA report for the complete picture, including boning cows and slaughter bulls.
Replacement Cattle: Bred Cow Demand Stays Strong
If you’re selling bred females, there was good news. Demand for bred cows was mostly good on a moderate offering, and young cows suitable to feed or rebreed sold steady to weak, with good demand continuing for that class. Replacement receipts jumped to 2,940 head, made up of 55% bred cows, 29% stock cows, 14% bred heifers and 2% open heifers.
What It Means for Montana Ranchers
- Futures are driving the bus. With the CME down double digits in a week, expect buyers to stay cautious until the futures stabilize.
- Condition matters. Muddy, wet, stale-looking cattle spooked buyers worried about calf health. If you can get cattle in clean and in good shape, it’s worth the effort.
- Calves under 600 lbs took the biggest hit. The 400-499 lb classes saw the sharpest declines, while 500-549 lb heifers held closest to steady.
- Bred cows remain a bright spot. Strong demand for young, productive females continues even as feeders slide.
- Light supply can cut both ways. Feeder receipts were down 52% from last year, which is a thin run. A smaller buying crowd, though, kept the market from capitalizing on it.
Keep an eye on the CME and the weather forecast heading into next week. Stay safe out there, and good luck at the sale barn.
Source: USDA AMS Montana Weekly Livestock Auction Summary
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