After follow-through pressure, Feeder Cattle futures closed higher, able to claw back some of the losses from the previous day, although trade continued light amid range-bound chop. Live Cattle drifted to a mixed close.
Live Cattle futures closed an average of 42¢ lower through the front four contracts, (5¢ to 52¢ lower) and then an average of 26¢ higher.
Feeder Cattle futures closed an average of 52¢ higher across a broad range of 17¢ higher to $1.07 higher, with most of the support in deferred contracts.
Boxed beef cutout values were weak to lower on moderate demand and offerings through Tuesday afternoon, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 86¢ lower at $216.83/cwt. Select was 32¢ lower at $201.57.
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Major U.S. financial indices closed slightly higher Tuesday, following the previous day’s steep decline. Support included surging oil prices with the U.S. State Department telling U.S. companies they must cease all purchases of crude oil from Iran by the beginning of November.
The Dow Jones Industrial Average closed 30 points higher. The S&P 500 closed 5 points higher. The NASDAQ closed 29 points higher.
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Pasture and range conditions held about steady last week, according to the latest weekly Crop Progress report (week ending June 24).
49% of pasture and range is in Good (41%) or Excellent (8%) condition, compared to 48% a week earlier, and 60% a year earlier. 20% is rated as Poor (14%) or Very Poor (6%), the same as a week earlier and 13% last year.
States with 30% or more pasture and range rated as Poor or Very Poor include: Arizona (89%), California (40%), Colorado (53%), Missouri (35%), New Mexico (68%), Texas (41%) and Utah (36%).
Overall, crop progress and conditions continue to be favorable.
5% of the corn is silking, compared to 4% last year and 3% for average.
77% is in Good (58%) or Excellent (19%) condition, compared to 67% last year. 5% is in Poor (4%) or Very Poor (1%) condition, compared to 8% last year.
95% of soybeans have emerged, which is 2% more than last year and 6% more than average. 12% are blooming, which is 4% more than last year and 7% more than the average. 73% is in Good (58%) or Excellent (15%) condition, compared to 66% last year. 5% is in Poor (4%) or Very Poor (1%) condition, compared to 8% a year earlier.
95% of sorghum is planted, which is 1% more than last year and 4% more than average. 20% is headed, which is even with last year but 1% behind the average. 56% is rated in Good (51%) or Excellent condition (5%), compared to 65% last year. 12% is in Poor (9%) or Very Poor (3%) condition, compared to 4% last year.
41% of winter wheat is harvested, which is 2% more than last year, but 8% ahead of the average. 37% is rated in Good (28%) or Excellent condition (9%), compared to 49% last year. 34% is in Poor (19%) or Very Poor (15%) condition, compared to 16% last year.