Cattle Market Pulse

Public Auction Yards Livestock Cattle Auction Market Report

Billings, Montana · USDA-reported Auction Livestock

Sale of Wednesday, September 2, 2026

1,423 head sold ·Official USDA report

heavy 4-weight M&L 1 heifers $422.23/cwt +37.23 vs last sale · ≈ $1,997/hd at 473 lb · 103 head
light 5-weight M&L 1 steers $445.06/cwt ≈ $2,328/hd at 523 lb · 94 head
heavy 4-weight M&L 1 steers $459.06/cwt +13.81 vs last sale · ≈ $2,190/hd at 477 lb · 86 head

Receipts

HeadThis saleLast saleLast year
Total receipts 1,423 1,067 0
Feeder cattle 1,140 604 0
Slaughter cattle 234 404 0
Replacement cattle 49 59 0

Market comments — USDA reporter

Compared to last sale (8-19-26): Steer and heifer calves were too lightly tested last sale to develop any market trend. Yearling steers were too lightly tested to develop any market trend. Yearling heifers were too lightly tested to develop an accurate market trend, however steady to weak undertones were noticed on all offerings. Quality this week was mostly average to attractive. Most yearling offerings were in small packages or as singles, while most calf offerings were in small to moderate size package. Demand was mostly moderate to good for both yearlings and calves. Demand for calves improved this week as several large packages of high quality calves were noticed. Calf quality was mostly attractive this week. Demand for lightweight calves suitable to develop into yearlings remains very good despite lower CME positions. Demand for calves over 450 lbs was mostly moderate to good. Demand did improve as additional buyers started loads. Yearling demand suffered as the volume of offerings limited demand. Yearling quality was mostly average today. Market activity was mostly active, with a large crowd of buyers in the stands and over the internet bidding on offerings. Weigh up cows sold on mostly light demand and light offerings. Heavier cow offerings have started to be marketed and packers have lowered bids on both cows and bulls as a result. Feeding cow quality was mostly plain to average this week. The last sale was 2 weeks ago so all comparisons are to that sale. Feeding cows sold mostly sold mostly 6.00-10.00 lower. Slaughter cows sold sharply lower on breaking flesh cows, with most sales 15.00-20.00 lower than two weeks ago. Boning and lean cows sold mostly 10.00-15.00 lower. Slaughter bulls sold mostly 18.00-20.00 lower. Weigh up conditions were mixed this sale with both full and empty offerings noticed. Young age offerings were too lightly tested both last sale and today to develop an accurate market trend. Demand for limited offerings was mostly good. Quality was mostly plain to average. Many young cows were fleshy coming off grass, especially if they have not calved.

New to these tables? Plain-English explainers ↓

Feeder Steers

Medium and Large 1 ($/cwt)
Weight (lb) Avg wt Head Price range Avg $ ≈ $/hdΔ last sale
206 unweaned 206 8 690.00 $690.00 $1,421 —
275 unweaned 275 1 580.00 $580.00 $1,595 +20.00
301–347 unweaned 342 34 522.50–570.00 $527.42 $1,804 —
408–447 unweaned 435 63 474.00–527.50 $486.93 $2,118 —
457–499 unweaned 477 86 454.00–477.50 $459.06 $2,190 +34.06
512–540 unweaned 523 94 415.00–454.50 $445.06 $2,328 —
559–580 unweaned 568 20 380.00–399.00 $392.32 $2,228 —
604–645 unweaned 627 38 361.00–381.00 $368.34 $2,309 —
796 796 7 356.00 $356.00 $2,834 -5.26
880–892 886 6 324.00–327.00 $325.49 $2,884 -4.51
Medium and Large 1-2 ($/cwt)
Weight (lb) Avg wt Head Price range Avg $ ≈ $/hdΔ last sale
283 unweaned 283 4 565.00 $565.00 $1,599 —
378 unweaned 378 2 505.00 $505.00 $1,909 —
433 unweaned 433 5 470.00 $470.00 $2,035 —
466–480 unweaned 468 8 420.00–447.50 $443.97 $2,078 —
529–533 unweaned 530 11 390.00–405.00 $394.11 $2,089 —
573 unweaned 573 8 377.00 $377.00 $2,160 —
1005–1008 1006 14 287.50–296.00 $293.57 $2,953 -10.43
Large 1-2 ($/cwt)
Weight (lb) Avg wt Head Price range Avg $ ≈ $/hdΔ last sale
1098 1098 5 270.00 $270.00 $2,965 —
Medium and Large 2 ($/cwt)
Weight (lb) Avg wt Head Price range Avg $ ≈ $/hdΔ last sale
498 unweaned 498 4 370.00 $370.00 $1,843 —

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Feeder Heifers

Medium and Large 1 ($/cwt)
Weight (lb) Avg wt Head Price range Avg $ ≈ $/hdΔ last sale
258 unweaned 258 3 550.00 $550.00 $1,419 —
350–390 unweaned 371 7 472.50–495.00 $481.83 $1,788 —
400–440 unweaned 413 84 427.50–455.00 $439.01 $1,813 —
450–484 unweaned 473 103 405.00–430.00 $422.23 $1,997 +37.23
503–525 unweaned 515 29 377.50–422.50 $394.07 $2,029 -0.93
564–567 unweaned 565 26 370.00 $370.00 $2,090 —
615 unweaned 615 3 353.00 $353.00 $2,171 +22.00
822 822 6 332.00 $332.00 $2,729 -7.89
876–893 880 11 312.00–318.00 $316.54 $2,786 -4.69
928–938 934 7 307.00–307.50 $307.36 $2,871 -1.64
950–972 962 14 294.00–303.00 $296.77 $2,855 -4.46
1003–1040 1011 50 280.00–294.00 $288.78 $2,920 -3.47
1018 1018 5 279.00 $279.00 $2,840 -13.25
Medium and Large 1-2 ($/cwt)
Weight (lb) Avg wt Head Price range Avg $ ≈ $/hdΔ last sale
278 unweaned 278 3 500.00 $500.00 $1,390 —
421 unweaned 421 13 405.00 $405.00 $1,705 —
530 unweaned 530 2 340.00 $340.00 $1,802 —
561–583 unweaned 573 19 342.00–350.00 $345.71 $1,981 —
675 unweaned 675 4 330.00 $330.00 $2,228 —
775 775 1 331.00 $331.00 $2,565 +6.00
840 840 2 320.00 $320.00 $2,688 +17.50
998 998 3 294.00 $294.00 $2,934 —
999 999 4 270.00 $270.00 $2,697 —
1006 1006 5 270.00 $270.00 $2,716 —
Large 1 ($/cwt)
Weight (lb) Avg wt Head Price range Avg $ ≈ $/hdΔ last sale
1097 1097 3 270.00 $270.00 $2,962 -5.00
1112 1112 10 271.00 $271.00 $3,014 —
1176 1176 4 250.00 $250.00 $2,940 —
Large 1-2 ($/cwt)
Weight (lb) Avg wt Head Price range Avg $ ≈ $/hdΔ last sale
1060 1060 1 267.50 $267.50 $2,836 —
1113–1123 1118 4 257.50–261.00 $259.24 $2,898 —
1160 1160 1 249.00 $249.00 $2,888 —
Medium 1-2 ($/cwt)
Weight (lb) Avg wt Head Price range Avg $ ≈ $/hdΔ last sale
655 655 3 337.50 $337.50 $2,211 —

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Feeder Bulls

Medium and Large 1 ($/cwt)
Weight (lb) Avg wt Head Price range Avg $ ≈ $/hdΔ last sale
313 unweaned 313 3 545.00 $545.00 $1,706 —
368 unweaned 368 3 515.00 $515.00 $1,895 +65.00
495 unweaned 495 2 405.00 $405.00 $2,005 —
513–538 unweaned 518 28 405.00–422.50 $414.90 $2,149 —
557–560 unweaned 558 6 385.00–387.50 $387.08 $2,160 —
Medium and Large 1-2 ($/cwt)
Weight (lb) Avg wt Head Price range Avg $ ≈ $/hdΔ last sale
420 unweaned 420 3 485.00 $485.00 $2,037 —
616 unweaned 616 5 340.00 $340.00 $2,094 —
Large 1 ($/cwt)
Weight (lb) Avg wt Head Price range Avg $ ≈ $/hdΔ last sale
1105 1105 1 262.00 $262.00 $2,895 —
1190 1190 1 240.00 $240.00 $2,856 —
Large 1-2 ($/cwt)
Weight (lb) Avg wt Head Price range Avg $ ≈ $/hdΔ last sale
1110 1110 1 237.50 $237.50 $2,636 —
1235 1235 1 210.00 $210.00 $2,594 —

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Slaughter Cows

Boner ($/cwt)
Weight (lb) Avg wt Dressing Head Price range Avg $ ≈ $/hdΔ last sale
1270–1415 1323 80-85% 7 122.50–139.50 $133.44 $1,765 -35.05
1370 1370 80-85% 1 158.00 $158.00 $2,165 -20.20
1247–1505 1397 80-85% 47 157.00–167.00 $163.23 $2,280 —
1410 1410 80-85% 1 120.00 $120.00 $1,692 -40.94
1350–1570 1414 80-85% 13 145.00–158.00 $147.83 $2,090 +1.12
1448 1448 80-85% 5 171.50 $171.50 $2,483 +38.91
1295–1740 1538 80-85% 10 140.00–146.50 $142.78 $2,196 —
Breaker ($/cwt)
Weight (lb) Avg wt Dressing Head Price range Avg $ ≈ $/hdΔ last sale
1535–1647 1614 75-80% 19 155.00–163.00 $158.47 $2,558 —
1550–1635 1622 75-80% 9 137.00–150.00 $143.13 $2,322 —
1642–1655 1649 75-80% 6 150.00–151.00 $150.50 $2,482 —
1698–1878 1791 75-80% 8 142.00–146.00 $144.18 $2,582 —
1780–1855 1818 75-80% 2 140.00–142.00 $141.02 $2,564 —
Lean ($/cwt)
Weight (lb) Avg wt Dressing Head Price range Avg $ ≈ $/hdΔ last sale
810–890 850 85-90% 2 105.00–115.00 $109.76 $933 —
1040–1120 1080 85-90% 2 107.50–110.00 $108.70 $1,174 -53.40
1077–1105 1084 85-90% 4 142.00 $142.00 $1,539 -20.10
1075–1295 1194 85-90% 14 115.00–139.00 $127.47 $1,522 -31.13
1200 1200 85-90% 1 164.00 $164.00 $1,968 —
1103–1306 1253 85-90% 12 158.00–165.00 $163.51 $2,049 —
1283 1283 85-90% 8 147.00 $147.00 $1,886 —

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Slaughter Bulls

YG1-2 ($/cwt)
Weight (lb) Avg wt Head Price range Avg $ ≈ $/hdΔ last sale
1325 1325 1 160.00 $160.00 $2,120 —
1433–1573 1510 14 159.00–176.00 $167.73 $2,533 —
1600 1600 1 177.00 $177.00 $2,832 —
1525–2055 1755 14 155.00–172.50 $168.45 $2,956 —
1585–2120 1869 14 178.00–186.00 $181.65 $3,395 -19.25
2000–2135 2068 2 192.00–193.00 $192.48 $3,980 —
YG2-3 ($/cwt)
Weight (lb) Avg wt Head Price range Avg $ ≈ $/hdΔ last sale
2395 2395 1 175.50 $175.50 $4,203 —
2510 2510 1 163.00 $163.00 $4,091 —

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Stock Cows

Medium and Large 1 ($/cwt)
Weight (lb) Avg wt AgeStage Head Price range Avg $ ≈ $/hd
923–1065 1043 (<2 yrs)Open 25 235.00–257.00 $250.06 $2,608
1160 1160 Young (2-4 yrs)Open 1 186.00 $186.00 $2,158
1365 1365 (<2 yrs)Open 1 196.00 $196.00 $2,675
Medium and Large 1-2 ($/cwt)
Weight (lb) Avg wt AgeStage Head Price range Avg $ ≈ $/hd
985–1018 1007 (<2 yrs)Open 3 220.00–241.00 $226.85 $2,284
1083 1083 Young (2-4 yrs)Open 4 212.50 $212.50 $2,301

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Bred Cows

Medium and Large 1 ($/head)
Weight (lb) Avg wt AgeStage Head Price range Avg $
1518 1518 Aged (>8 yrs)1st Stage (1-3 mo) 7 2,300.00 $2,300.00

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Dairy Cows

N/N/A ($/cwt)
Weight (lb) Avg wt Dressing Head Price range Avg $ ≈ $/hdΔ last sale
1298 1298 85-90% 2 125.00 $125.00 $1,622 —

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Reading this report

What does "Medium and Large 1" mean?

USDA feeder grades describe frame size and muscle thickness, not quality of the individual animal. "Medium and Large" is the frame score; the number is muscle (1 = heaviest muscled). "Medium and Large 1–2" pens mix both muscle scores — common across the Southeast.

What is $/cwt?

Dollars per hundredweight — per 100 lb of animal. A 500-lb calf at $450/cwt brings 5 × $450 = $2,250. Lighter cattle usually bring more per cwt but less per head.

Why are some prices per head?

Bred cows, cow-calf pairs, and some replacement classes sell by the head, not by weight. We show those exactly as USDA reports them — a $/head figure is never converted into $/cwt on this site.

Where do these numbers come from?

From the USDA Agricultural Marketing Service's Livestock Market News — federal reporters at the sale. We publish each report in full and link the official USDA document at the top of the page.