Cattle futures gained traction from the recent headlines-driven decline, supported by steady to higher negotiated cash fed cattle prices.
Toward the close, Live Cattle futures were an average of $3.61 higher. Feeder Cattle futures were an average of $3.45 higher, except for $1.17 lower in away May.
Negotiated cash fed cattle trade ranged from light on moderate demand in Nebraska to limited on moderate demand elsewhere through Wednesday afternoon, according to the Agricultural Marketing Service.
So far this week, FOB live prices are $260/cwt., which is steady to $2 higher in Nebraska, $4 higher in the Texas Panhandle and steady to $4 higher in Kansas. Dressed delivered prices are $6-$8 higher in Nebraska at $408-$410. In the western Corn Belt last week, FOB live prices were mostly $260 and dressed delivered prices were $400-$405.
Choice boxed beef cutout value was $2.05 lower Wednesday afternoon at $388.68/cwt. Select was $2.69 lower at $388.58.
Grain and Soybean futures were mixed Wednesday.
Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 8¢ to 9¢ lower on profit taking. Corn futures were mostly fractionally higher to 2¢ higher. Soybean futures were mostly unchanged to fractionally higher through near Nov.
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Major U.S. financial indices closed mixed Wednesday with primary support from tech stocks.
The Dow Jones Industrial Average closed 67 points lower. The S&P 500 closed 43 points higher. The NASDAQ was up 314 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 99¢ to $1.97 lower through the front six contracts.
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Pasture and range conditions held steady last week, according to USDA’s Crop Progress report for the week ending May 10. Nationwide, 31% was rated as Good (27%) or Excellent (4%), compared to 30% the previous week and 36% the previous year. On the other end of the scale, 41% was in Poor (22%) or Very Poor condition (19%), which was the same as the previous week but 5% more than the same time last year.
Challenging winter wheat conditions continue, as indicated by reduced estimated production in the World Agricultural Supply and Demand Estimates. Nationwide, 40% of the winter wheat crop was in Poor 24% or Very Poor (16%) condition, led by Very Poor in Nebraska (37%) and Texas (29%). Conversely, 28% was ranked in Good (23%) or Excellent (5%) condition, which was 26% less than the same time last year.
Corn planting progress continued to be positive with 57% in the ground, compared to 59% last year and 52% for the five-year average.
Likewise, 49% of the soybean crop was planted, which was 4% more than a year earlier and 13% more than average.