Cattle futures closed mixed to slightly higher Tuesday as traders appeared to shrug off Friday’s Cattle on Feed report, or pointing to the fact it was already adequately priced into the market.
Toward the close, Live Cattle futures were an average of 44¢ higher, except for an average of 46¢ lower in three contracts.
Feeder Cattle futures were an average of 40¢ higher, except for an average of $1.72 lower in two back contracts.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were steady in the Texas Panhandle at $260/cwt., steady to $1 lower in Kansas at $259-$260, steady to $2 lower in Nebraska at $258-$265 and mostly steady to $5 lower in the western Corn Belt at most $260. Dressed delivered prices were $2-$5 lower in Nebraska at $408-$410 and mainly steady in the western Corn Belt at mostly $410.
Choice boxed beef cutout value was $2.63 higher Tuesday afternoon at $392.90/cwt. Select was $5.30 higher at $390.30.
Corn and Soybean futures closed lower Tuesday, in sympathy with Crude Oil prices.
Toward the close, and through near Mar contracts, Corn futures were 3¢ to 5¢ lower. Soybean futures were 6¢ to 11¢ lower. Kansas City HRW Wheat futures were 2¢ to 5¢ lower.
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Major U.S. financial indices closed mixed Tuesday with tech stocks leading the support. Pressure included ongoing uncertainty about progress in U.S.-Iran ceasefire talks.
The Dow Jones Industrial Average closed 118 points lower. The S&P 500 closed 45 points higher. The NASDAQ was up 312 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.84 to $3.02 lower through the front six contracts.
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Pasture and range conditions last week improved in some areas and worsened in others, according to USDA’s Crop Progress report for the week ending May 24. Nationwide, 29% was rated as Good (25%) or Excellent (4%), compared to 28% the previous week and 41% the previous year. On the other end of the scale, 44% was in Poor (22%) or Very Poor condition (22%), which was the same as the previous week but 11% more than the same time last year.
States with 40% or more pasture and range ranked as Poor or Very Poor included: Arizona (64%), Colorado (51%), Florida (49%), Georgia (39%), Kansas (40%); Montana (62%), Nebraska (79%), New Mexico (62%), North Carolina (53%), South Dakota (49%), Utah (59%), Virginia (68%), West Virginia (47%) and Wyoming (50%). Texas was on the line at 39%.
Winter wheat condition continued to lose ground with 26% ranked in Good (22%) or Excellent (4%) condition, which was 1% less than the previous week and 24% less than the same time last year. Conversely, 44% was in Poor (26%) or Very Poor (18%) condition, compared to 43% the previous week and 19% at the same time last year.
Corn planting progress continued to be positive with 86% in the ground, which was the same as last year and 3% more than the five-year average.
Similarly, 79% of the soybean crop was planted, which was 4% more than a year earlier and 11% more than average.