Cattle futures were higher Monday, responding to last week’s higher negotiated cash fed cattle prices, supportive outside markets and the friendly placement number in Thursday’s Cattle on Feed report.
Toward the close, Live Cattle futures were an average of $1.69 higher. Feeder Cattle futures were an average of $4.14 higher.
Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $3-$4 higher in the Texas Panhandle at $258-$260/cwt., $2-$4 higher in Kansas at $258-$260, mainly $2-$5 higher in Nebraska at mostly $260 and $2 higher in the western Corn Belt at $257-$260. Dressed delivered prices were mainly $3 higher in Nebraska at $408 and steady to $2 higher in the western Corn Belt at $405 in a light test.
The weighted averaged five-area direct FOB live fed steer price last week was $3.55 higher at $259.63. The weighted average dressed delivered fed steer price was $2.12 higher at $407.
Choice boxed beef cutout value was $1.69 higher Monday afternoon at $396.06/cwt. Select was $3.51 higher at $375.79.
Grain and Soybean futures continued to wilt Monday beneath the heat of positive growing conditions and crop progress (see below).
Toward the close, and through near Mar contracts, Corn futures were 4¢ to 6¢ lower. Soybean futures were fractionally lower to 7¢ lower. Kansas City HRW Wheat futures were 10¢ to 12¢ lower.
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Major U.S. financial indices closed mixed on Monday, pressured by tech stocks.
The Dow Jones Industrial Average closed 148 points higher. The S&P 500 closed 27 points lower. The NASDAQ was down 351 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.33 to $1.82 lower through the front six contracts.
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Pasture and range conditions improved slightly last week, according to USDA’s Crop Progress report for the week ending June 21. Nationwide, 33% was rated as Good (26%) or Excellent (7%), compared to 37% the previous year. On the other end of the scale, 37% was in Poor (20%) or Very Poor condition (17%), which was 8% more than the same time last year.
States with 40% or more pasture and range ranked as Poor or Very Poor included: Arizona (75%), Colorado (63%), Montana (46%), Nebraska (73%), New Mexico (43%), North Carolina (53%), Utah (54%), Virginia (53%), West Virginia (63%) and Wyoming (60%).
Winter wheat harvest continues to progress more rapidly than usual with 40% completed, which was 22% more than the same time last year and 16% more than the five-year average.
Corn condition held steady with the previous week with 68% was in Good (56%) or Excellent (12%) condition, compared to 70% a year earlier; 6% was rated as Poor (5%) or Very Poor (1%), the same as a year earlier.
Similarly, 66% of soybeans were rated in Good (56%) or Excellent (10%) condition, the same as the previous week and year; 6% was rated as Poor (5%) or Very Poor (1%), compared to 7% a year earlier.