Cattle futures closed slightly lower to mixed Tuesday, amid limited trade and a lack of cash direction.
Except for unchanged in Apr, Live Cattle futures closed an average of 43¢ lower.
Feeder Cattle futures closed narrowly mixed, 45¢ lower to 22¢ higher.
Wholesale beef values were steady to weak on light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 23¢ lower Tuesday afternoon at $206.07/cwt. Select was 62¢ lower at $198.31.
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Major U.S. financial indices closed higher Tuesday, with trade worries applying pressure, but higher crude oil prices and further recovery in tech stocks—led by Apple—providing support.
The Dow Jones Industrial Average closed 113 points higher. The S&P 500 closed 10 points higher. The NASDAQ was up 48 points.
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Overall, pasture and range conditions improved last week, according to the latest weekly Crop Progress report (week ending Sept. 9). Among states with 35% or more of pasture and range rated as Poor or Very Poor, week-to-week conditions improved in Arizona, Colorado, Missouri, New Mexico and Texas. Conditions eroded in Idaho, Nevada, Oregon, Utah and Washington.
Nationally, 43% of pasture and range is in Good (36%) or Excellent (7%) condition, 1% more than a week earlier, but 4% less than a year earlier. 26% is rated as Poor (17%) or Very Poor (9%), which is 2% less than a week earlier and 4% more than last year.
States with 35% or more pasture and range rated as Poor or Very Poor include: Arizona (59%), California (45%), Colorado (45%), Idaho (38%); Missouri (44%), Nevada (45%), New Mexico (45%), Oregon (74%), Texas (45%), Utah (64%) and Washington (62%).
Crop progress continues mostly ahead of last year and the 5-year average.
86% of the corn crop is dented, which is 13% more than last year and 11% more than the average. 35% is mature, which is 15% more than last year and 14% more than average. 5% is harvested, the same as last year, but 2% more than average. 68% is in Good (47%) or Excellent (21%) condition, compared to 61% last year. 12% is in Poor (8%) or Very Poor (4%) condition, which is 1% less than last year.
31% of soybeans are dropping leaves, which is 11% more than last year and 12% ahead of the average. 68% is in Good (50%) or Excellent (18%) condition, compared to 60% last year. 10% is in Poor (7%) or Very Poor (3%) condition, compared to 12% a year earlier.
79% of sorghum is coloring, which is 7% more than last year and 5% more than average. 34% is mature, which is the same as last year but 4% less than average. 24% is harvested, which is the same as last year but 2% less than average. 53% is rated in Good (41%) or Excellent condition (11%), compared to 66% last year. 17% is in Poor (12%) or Very Poor (5%) condition, compared to 7% last year.
93% of spring wheat is harvested, which is 1% less than last year but 8% more than the average.
5% of winter wheat is planted, which is the same as last year and the average.