Record-High Cattle Prices, Negative Packer Margins: What Q3 Means for Your Bottom Line

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Jul 13
1 min read

Despite drought, labor unrest and health threats at the border, cattle prices are holding in record territory. In his Q3 2026 outlook, “Drought: Likely Dashing Hopes for Expansion,” Terrain Senior Animal Protein Aanalyst Dave Weaber forecasts fed cattle averaging $252–$258 per cwt in Q3 and Oklahoma City 450‑lb. steer calves climbing from about $500 to $555 cwt.

“The forecasts remain record high because of still strong beef demand and historically short supplies,” Weaber says, even as packer margins remain in the red at –$200 to –$300 per head and slaughter runs 2% to 4% below last year.

Here are the four key takeaways from Weaber’s Q3 outlook:

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