Cattle futures were buoyed by Friday’s Cattle on Feed report early in Monday’s session but then faded with iffy outside markets and wonderments about this this week’s cash trade.
Toward the close, Live Cattle futures were an average of 65¢ lower. Feeder Cattle futures were an average of $3.70 lower, except for $1.32 higher in the back contract.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
For the week, FOB live prices were mainly $248/cwt., which was mostly $2 higher in the Texas Panhandle, unevenly steady in Kansas, steady to $1 lower in Nebraska and steady in the western Corn Belt. Dressed delivered prices were $388, which was steady in the western Corn Belt and steady to $1 lower in Nebraska.
The five-area direct weighted average FOB live fed steer price last week was 36¢ lower at $248.02/cwt. The weighted average dressed delivered fed steer price was 30¢ lower at $388.14.
Choice boxed beef cutout value was $2.50 higher Monday afternoon at $383.56/cwt. Select was $7.01 at $383.61.
Grain and Soybean futures were mixed to start the week.
Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 3¢ to 4¢ lower. Corn futures were 2¢ to 3¢ higher. Soybean futures were fractionally lower to 2¢ lower through near Nov.
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Major U.S. financial indices wobbled and then closed slightly lower Monday, pressured by continued confusion about the ceasefire between the U.S. and Iran.
The Dow Jones Industrial Average closed 4 points lower. The S&P 500 closed 16 points lower. The NASDAQ was down 64 points.
West Texas Intermediate Crude Oil futures (CME) were $1.31 to $3.95 higher through the front six contracts.
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Winter wheat condition continued to erode last week, according to USDA’s Crop Progress report for the week ending April 19. 30% was in Good (25%) or Excellent (5%) condition, which was 4% less than the previous week and 15% less than the same week last year. On the other side of the scale, 33% was in Poor (21%) or Very Poor (12%) condition, compared to 32% the previous week and 21% the prior year.
As for row crops, 11% of corn was in the ground, which was on par with last year but 2% ahead of the five-year average. 12% of Soybean were planted, compared to 7% at the same time last year and 5% for the average.