Cattle futures were firm in the deferred contracts Wednesday but weak up front with pressure from lower cash fed cattle prices.
Toward the close, Live Cattle futures were an average of 60¢ higher, except for an average of 38¢ lower in the front two contracts. Feeder Cattle futures were mixed, from an average of $1.02 lower in the front five contracts to an average of $1.16 higher.
Negotiated cash fed cattle trade ranged from inactive on light to moderate demand in the Southern Plains to light to moderate on moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service.
So far this week, FOB live prices are $2-$5 lower at $230/cwt. in Nebraska, where dressed delivered prices are $5 lower at $360.
Last week, FOB live prices were $237/cwt. in the Texas Panhandle, $235-$237 in Kansas and mostly $232 in the western Corn Belt, where dressed delivered prices were $365.
Choice boxed beef cutout value was $2.56 lower Wednesday afternoon at $368.47/cwt. Select was 36¢ lower at $346.89.
Grain and Soybean futures were mixed Wednesday.
Toward the close and through Jly contracts, Corn futures were 2¢ higher. KC HRW Wheat were 1¢ to 2¢ lower. Soybean futures were 12¢ to 13¢ higher.
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Major U.S. financial indices closed higher again Wednesday despite the government shutdown.
The Dow Jones Industrial Average closed 43 points higher. The S&P 500 closed 22 points higher. The NASDAQ was up 95 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 24¢ to 38¢ lower.
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Although losing seasonal ground, pasture and range conditions continue to be more positive year over year, according to the most recent USDA Crop Progress report for the week ending Sept 28: 32% rated as Good (25%) or Excellent (7%), which was 6% more than the same time a year earlier. On the other side of the scale, 35% was rated as Poor (23%) or Very Poor (12%), compared to 43% a year earlier.
Winter wheat planting was running a touch behind with 34% in the ground, compared to 37% a year earlier and 36% for the five-year average. 13% was emerged, which was the same as last year but 1% more than the average.
As for row crops, 71% of the corn crop was mature, which was 2% less than last year and 3% less than average. 18% was harvested, which was 2% less than a year earlier and 1% less than the average. 66% was rated as Good (49%) or Excellent (17%), which was 2% more than the previous year. 10% was rated as Poor (7%) or Very Poor (3%), down 2% from last year.
Similarly, 79% of soybeans were dropping leaves, which was on par with last year but 2% less than the average. 19% were harvested, which was 5% less than the same time last year and 1% less than the average. 62% was rated as Good (49%) or Excellent (13%), compared to 64% a year earlier. 11% was in Poor (8%) or Very Poor (3%) condition, which was the same as last year.