Daily Market Highlights

The grain complex roared ahead Tuesday, fueled by mounting concerns about yields based on recent crop ratings and private-company assessments (see Crop Progress below).

Corn futures closed 22¢ to 26¢ higher through Jly ‘23 and then mostly 13¢ to 16¢ higher.

Soybean futures closed mostly 17¢ to 25¢ higher.

Feeder Cattle futures sagged beneath the weight of sharply higher grain futures, closing an average of $1.71 lower (50¢ to $2.25 lower).

Live Cattle futures edged an average of 26¢ higher, except for unchanged in two contracts, supported by recently stronger cash prices and the aggressive packing pace.

Choice Boxed beef cutout value was $1.72 lower Tuesday afternoon at $262.80/cwt. Select was 44¢ higher at $238.80/cwt.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to slow on light demand through Tuesday afternoon, according to the Agricultural Marketing Service.

There were some live sales in the Southern Plains steady to $1 higher at $142/cwt. There were a few live trades in the western Corn Belt at $148 but too few to trend.

Last week, live prices were $146.00-$148.50 in Nebraska and $148-$150 in the western Corn Belt. Dressed prices were $234.

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Major U.S. financial indices extended losses Tuesday but firmed as investors sift through concerns about global economic growth and inflation. 

The Dow Jones Industrial Average closed 154 points lower. The S&P 500 closed 9 points lower. The NASDAQ was fractionally lower.

West Texas Intermediate Crude Oil futures on the CME closed $2.56 to $3.38 higher through the front six contracts. Support included a slightly weaker dollar and suggestions the previous day that OPEC might cut production.

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National pasture and range conditions the week ending Aug. 21 continued to deteriorate compared to the prior year, according to the latest USDA Crop Progress report.

23% of pasture and range was rated as Good (20%) or Excellent (3%), which was 2% less than a week earlier and 6% less than a year earlier. Conversely, 49% was rated as Poor (24%) or Very Poor (25%), which was 2% more than a week earlier and 6% more than a year earlier.

97% of corn was silking, which was 3% less than last year and 2% less than the five-year average. 75% was in the dough stage, compared to 83% last year and 79% for average. 31% was dented, which was 7% less than last year and 4% less than the five-year average. 4% was mature, the same as last year and the average. 55% was rated as Good (43%) or Excellent (12%), which was 2% less than the prior week and 5% less than a year earlier. 18% was rated Poor (11%) or Very Poor (7%) versus 16% a week earlier and 14% a year earlier.

97% of soybeans were blooming, which was the same as last and the average. 84% were setting pods, compared to 87% last year and 86% for average. 57% were rated as Good (47%) or Excellent (10%) which was 1% less than the previous week but 1% more than the prior year. 13% were rated Poor (9%) or Very Poor (4%), which was 2% more than the previous week but 3% less than the prior year.

Negotiated cash fed cattle trade ranged from a standstill to mostly inactive on very light demand through Monday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $141-$142/cwt. in the Southern Plains, $146.00-$148.50 in Nebraska and $148-$150 in the western Corn Belt. Dressed prices were $234.

The five-area direct weighted average fed steer price last week was $146.88/cwt. on a live basis, which was $2.49 more than the previous week. The weighted average price in the beef was $4.30 higher at $234.23.

Choice Boxed beef cutout value was 24¢ higher Monday afternoon at $264.52/cwt. Select was 42¢ higher at $238.36/cwt.

Apparently, bullish supply fundamentals were enough to help Cattle futures mainly fade the bearish Cattle on Feed report, especially given higher Corn futures prices.

Live Cattle futures closed mixed, from an average of 42¢ lower to an average of 22¢ higher.

Feeder Cattle futures closed an average of 16¢ lower, except for unchanged to an average of 20¢ higher in the back two contracts.

Grain and Soybean futures gained more traction with concerns about drought in China.

Corn futures closed mostly 5¢ to 7¢ higher.

Soybean futures closed mostly 28¢ to 31¢ higher.

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Major U.S. financial indices closed sharply lower Monday amid growing concerns about global economic growth and how more interest rate hikes will impact domestic growth.

The Dow Jones Industrial Average closed 643 points lower. The S&P 500 closed 90 points lower. The NASDAQ was down 323 points.

West Texas Intermediate Crude Oil futures on the CME closed 8¢ to 54¢ lower through the front six contracts.

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Higher-trending feeder cattle prices could significantly reduce or offset the typical seasonal decline in calf prices this fall, says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments.

Peel notes 750 lb. steers at Oklahoma auctions reached their highest levels for the year in mid-August, while 500 lb. steer calves revisited the highs of mid-March. Supplies will continue to tighten, given cow liquidation longer term and increased lightweight feedlot placements in the near term.

“Increased lightweight placements, especially since May, likely includes fall calves marketed right off the cow, early-weaned spring calves and summer stockers marketed ahead of schedule,” Peel says. “Pasture and range conditions are currently rated at 52% poor/very poor, the worst level for this time of year since 2012. It appears that the supply of calves and feeder cattle available this fall will likely be significantly smaller because many cattle have already moved to market.”

For perspective, Peel explains feedlot placements the past six months of 10.91 million head were 0.8% more than the same time in 2021.

“In those six months, placements weighing under 700 lbs. were up 3.5% year over year, while placements over 700 lbs. were down 0.7%. All of this suggests that feedlots are somewhat back-loaded with relatively tighter numbers finishing in the August – October period and recent lightweight placements finishing in November and later,” Peel says.

As noted in the last issue of Cattle Current, placements in July of 1.77 million head were 32,000 head more (+1.8%) than a year earlier and about 3% more than expectations, according to the monthly Cattle on Feed report.

Cattle on feed Aug. 1 of 11.22 million head were 150,000 head more year over year (+1.4%), which was 0.6% more than expectations ahead of the report. Inventory was the second largest for the date since the data series began in 1996.

Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive on very light demand through Friday afternoon, according to the Agricultural Marketing Service.

For the week, live prices were $2 higher in the Southern Plains at $142/cwt., 50¢ to $1 higher in Nebraska at $145.00-$148.50 and $2 higher in the western Corn Belt at $148-$150. Dressed prices were $4-$5 higher at $234.

Choice Boxed beef cutout value was 11¢ lower Friday afternoon at $264.28/cwt. Select was 47¢ higher at $237.94/cwt.

Estimated total cattle slaughter last week of 661,000 head was 14,000 head more than the previous week. Estimated total year-to-date total cattle slaughter of 21.4 million head was 239,000 head more (+1.1%) year over year. Estimated year-to-date beef production of 17.65 billion lbs. was 156.1 million lbs. (+0.9%) more.

Stronger cash prices helped Live Cattle edge an average of 22¢ higher on Friday, except for an average of 6¢ lower in two contracts. Week to week they closed an average of 49¢ higher (17¢ to $1.37 higher), except for an average of 7¢ lower in two contracts.

Resurgent Corn futures prices and likely defensiveness ahead of the Cattle on Feed report pressured Feeder Cattle futures an average of 46¢ lower on Friday, except for 12¢ higher in the back contract. Week to week, they closed an average of $1.66 higher (77¢ to $2.32 higher).

Starting the week, traders will likely try to balance recent rains and improved fall grazing prospects in the Southern Plains with Friday’s bearish Cattle on Feed report (see below).

Grain and Soybean futures continued to gain Friday but remained lower week to week with concerns about economic growth in China, as well as the stronger U.S. Dollar.

Corn futures closed 6¢ to 8¢ higher through Sep ‘23 on Friday and then 1¢ to 4¢ higher. They closed an average of 16’6¢ lower through the front six contracts week to week on Friday.

Soybean futures closed mixed, mostly 1¢ lower to 1¢ higher on Friday. Week to week they closed an average of 45’7¢ lower through the front six contracts.

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Major U.S. financial indices closed lower Friday. Pressure appeared to be heightened concern over future interest rate hikes and profit taking ahead of the weekend.

The Dow Jones Industrial Average closed 292 points lower. The S&P 500 closed 55 points lower. The NASDAQ was down 260 points.

West Texas Intermediate Crude Oil futures on the CME closed 27¢ to 56¢ higher through the through the front six contracts.

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Markets will likely view Friday’s monthly Cattle on Feed report as bearish, with July placements and cattle on feed Aug. 1 (feedlots with 1,000 head or more capacity) higher than pre-report expectations.

Placements in July of 1.77 million head were 32,000 head more (+1.8%) than a year earlier and about 3% more than expectations.

In terms of placements, 23.2% went on feed weighing less than 600 lbs., 16% weighing 600-699 lbs., 23% weighing 700-799 lbs., 23% weighing 800-899 lbs., 11% weighing 900-999 lbs and 4% weighing 1,000 lbs. or more.

Marketings in July of 1.82 million head were 74,000 head fewer (-4.0%) less than last year, which was in line with estimates ahead of the report.

Cattle on feed Aug. 1 of 11.22 million head were 150,000 head more year over year (+1.4%), which was 0.6% more than expectations ahead of the report. Inventory was the second largest for the date since the data series began in 1996.

Negotiated cash fed cattle prices continued $2 higher Thursday at $142/cwt. in the Southern Plains and $148-$150 in the western Corn Belt. That was on slow trade and moderate demand, according to the Agricultural Marketing Service. There were a few dressed trades in the western Corn Belt $5 higher than last week at $234, but too few to trend.

Trade was also slow on moderate demand in Nebraska. There were some early live sales at $146-$148 and a few in the beef at $234, but too few to trend. Last week, prices there were at $144-$148 and $229-$230.

Choice Boxed beef cutout value was 5¢ higher Thursday afternoon at $264.39/cwt. Select was 42¢ lower at $237.47/cwt.

Cattle futures softened Thursday amid over-bought conditions and likely positioning ahead of Friday’s Cattle on Feed report. 

Live Cattle futures closed an average of 58¢ lower with most pressure in front contracts.

Feeder Cattle futures closed an average of $1.10 lower, from 10¢ lower at the back to $1.87 lower.

Grain and Soybean futures continued to gain Thursday, supported by international weather concerns for corn and higher oil prices for soybeans.

Corn futures closed mostly 3¢ to 8¢ higher.

Soybean futures closed mostly 12¢ to 16¢ higher.

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Major U.S. financial indices closed marginally higher Thursday.    

The Dow Jones Industrial Average closed 18 points higher. The S&P 500 closed 9 points higher. The NASDAQ was up 27 points.

West Texas Intermediate Crude Oil futures on the CME closed $1.95 to $2.42 higher through the through the front six contracts.

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USDA’s Economic Research Service (ERS) increased projected feeder steer prices (750-800 lbs., Oklahoma City) based on recent price strength, in the latest monthly Livestock, Dairy and Poultry Outlook.

Based on anticipated firm feedlot demand in second-half 2022 and current price data, the feeder steer price was forecast $3 higher in the third quarter at $171 and $2 higher in the fourth quarter at $173 for an annual average of $164.60. Prices are forecast at $169 and $186 in the first and second quarters of next year, respectively, with an annual average of $199.25.

ERS analysts point out the Oklahoma City feeder steer price averaged $169.26/cwt. in July, up more than $16 from last year.

Cattle futures extended gains Wednesday, buoyed by strong cash feeder cattle prices and the growing prospects of higher money for cash fed cattle this week.

Feeder Cattle futures closed an average of $1.60 higher. Live Cattle futures edged an average of 36¢ higher.

Negotiated cash fed cattle trade was limited on light demand through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some live trades in the Southern Plains at $141/cwt. and a few in the western Corn Belt at $147.

Last week, live prices were $140/cwt. in the Southern Plains, $144-$148 in Nebraska and $146-$148 in the western Corn Belt. Dressed prices were $229-$230.

On Wednesday, slaughter steers and heifers sold steady to $2 higher at Sioux Falls Regional in South Dakota. At Tama Livestock in Iowa, Choice slaughter steers and heifers sold $3.50-$4.50 higher amid a light offering.

Choice Boxed beef cutout value was $1.10 lower Wednesday afternoon at $264.34/cwt. Select was $1.23 lower at $237.89/cwt.

Grain and Soybean futures firmed Wednesday.

Corn futures closed fractionally higher to 4¢ higher through Jly ‘23 and then 2¢ to 3¢ lower.

Soybean futures closed mostly 6¢ to 9¢ higher through Aug. ’23 and then mostly 1¢ higher.

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Major U.S. financial indices closed lower Wednesday, as investors took a breather from the recent rally. News for the day included mixed quarterly earnings reports for retailers.    

The Dow Jones Industrial Average closed 171 points lower. The S&P 500 closed 31 points lower. The NASDAQ was down 164 points.

West Texas Intermediate Crude Oil futures on the CME closed $1.24 to $1.58 higher through the through the front six contracts.

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Plenty of eyes will focus on July feedlot placements in the monthly Cattle on Feed report due out Friday.

“So far, 2022 feedlot placements are averaging 0.4% above 2021. However, when you remove February (Feb. 2021 winter storm), 2022 feedlot placements are averaging 1.5% below 2021,” says James Mitchell, livestock economist at the University of Arkansas, in the latest Cattle Market Notes Weekly. “In June, placements were 2.5% lower year over year. July 1 cattle on feed totaled 11.3 million head or 0.4% above July 1, 2021. Drought-induced placements in July could hold Aug. 1 cattle on feed numbers close to or slightly above August 2021 feedlot inventories.”

Seasonally speaking, Mitchell explains larger placements of feeder cattle weighing more than 700 lbs. usually come in August and September. He notes national feeder and stocker cattle auction receipts in July of 529,000 head were 1.2% less year over year.

“While total auction receipts are lower for July, the breakout by weight group suggests that we are seeing cattle come off summer pasture earlier than normal,” Mitchell says. “Last month 63% of feeder cattle auction receipts were for cattle weighing over 600 lbs. Cattle weighing over 600 lbs. accounted for 58% of auction receipts in July 2021. Auction receipt totals and these percentages imply that we sold 25,421 more head of heavy feeder cattle last month than in July 2021…The longer we delay the decline in feedlot inventories, the more significant it will become.”

Cattle futures rallied Tuesday, helped along by another day of lower Corn futures, recently stronger wholesale beef prices and improving supply fundamentals.

Live Cattle futures closed an average of $1.13 higher (60¢ higher at the back to $1.87 higher toward the front).

Feeder Cattle futures closed an average of $2.03 higher ($1.60 to $2.47 higher).

Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive on light demand with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live prices were $140/cwt. In the Southern Plains, $144-$148 in Nebraska and $146-$148 in the western Corn Belt. Dressed prices were $229-$230.

Choice Boxed beef cutout value was 98¢ higher Tuesday afternoon at $265.44/cwt. Select was 60¢ lower at $239.12/cwt.

Grain and Soybean futures continued lower Tuesday with continued pressure from uncertain Chinese demand, given slower economic growth in that nation and heightened tension with the U.S.

Corn futures closed 14¢ to 18¢ lower through Sep ‘23 and then 6¢ to 12¢ lower.

Soybean futures closed 22¢ to 39¢ lower through Aug ‘23 and then 10¢ to 17¢ lower.

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Major U.S. financial indices closed mainly higher Tuesday, led by retail stocks and positive quarterly results from the likes of Walmart and Home Depot.    

The Dow Jones Industrial Average closed 239 points higher. The S&P 500 closed 8 points higher. The NASDAQ was down 25 points.

West Texas Intermediate Crude Oil futures on the CME closed $2.17 to $2.88 lower through the through the front six contracts.

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If beef prices are strong and beef supplies are reasonably abundant, as they are currently, then the reason is demand, says Stephen Koontz, agricultural economist at Colorado State University. That’s how he responds to the number of inquiries he receives about why wholesale beef prices remain elevated.

“From a market fundamentals perspective, monthly beef production is strong, running better than 1% above the year prior. The total volume for 2022 will be slightly smaller than 2021 and comparable to 2019. These are large volumes of beef,” Koontz explains, in the latest issue of In the Cattle Markets from the Livestock Marketing Information Center. “Forecasts for the third and fourth quarters reveal drops in production but current weekly slaughter remains strong. Those declines have not yet materialized. Domestic consumption was likely flat in the second quarter but was large in the first. Again, the third and fourth quarters are forecast to be lower especially if strong beef exports persist. Current monthly beef net exports for 2022 are on path to be record large.”

Koontz points out retail beef prices remain higher than many expected following the COVID price spike, and retail margins remain strong.

“Fed cattle are trading in the high $144-$148/cwt. with some trades reported at $150. These are levels not seen since 2015,” Koontz says. “And cash prices for feeder animals across a number of regional markets – Oklahoma City, Montana, and Colorado – in the week of August 12 were also at levels not seen since 2015.” As an example, he mentions the $180.60/cwt. price for 700-750 lb. Medium and Large Number 1 feeder steers at Oklahoma City.

Cattle futures weakened Monday, apparently under technical pressure.

Live Cattle futures closed an average of 70¢ lower (25¢ to $1.07 lower). Feeder Cattle futures closed an average of 58¢ lower (37¢ to 87¢ lower), except for 30¢ higher in spot Aug.

That was despite a down day in the grain complex, where prices were challenged by the stronger dollar, weaker oil prices, positive weather and slowing economic growth in China.

Corn futures closed 12¢ to 14¢ lower through Jly ‘23 and then mostly unchanged to 3¢ lower.

Soybean futures closed 34¢ to 42¢ lower through Jly ‘23 and then mostly 20¢ to 23¢ lower.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $140/cwt. in the Southern Plains, $144-$148 in Nebraska and $146-$148 in the western Corn Belt. Dressed prices were $229-$230.

Choice Boxed beef cutout value was $1.09 higher Monday afternoon at $264.46/cwt. Select was 13¢ higher at $239.72/cwt.

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Major U.S. financial indices closed higher Monday, extending gains despite weaker oil and energy.  

The Dow Jones Industrial Average closed 151 points higher. The S&P 500 closed 16 points higher. The NASDAQ was up 80 points.

West Texas Intermediate Crude Oil futures on the CME closed $1.98 to $2.68 lower through the through the front six contracts.

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Reduced hay stocks and production help illustrate the degree of herd liquidation this year, according to Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments.

Based on USDA’s recent Crop Production report, Peel explains total alfalfa hay production this year was forecast at 49.1 million tons, which would be 0.3% less year over year and 13.6% less than the 10-year average for 2011-2020. All other hay production for this year was forecast at 67.7 million tons, down 4.6% year over year and down 7.4% from the 10-year average. So, Peel says, total U.S. hay production for 2022 was forecast at 116.8 million tons, down 2.9% from last year and down 10.1% from the 10-year average. He points out alfalfa and other hay prices are forecast at record levels this year.

At the same time, Peel explains last year’s drought led to reduced hay stocks this year.

“May 1 hay stocks were down 6.9% year over year but were down 16.9% from the 2011-2020 average,” according to Peel. “The total hay supply for the 2022-2023 hay crop year (May-April) is the sum of May 1 (beginning) hay stocks and 2022 hay production. The total hay supply is projected to be down 3.4% year over year and is down 11.0% from the 10-year average.”

Next consider the fact that Eight of the top-10 ten hay states are also among the top-10 states for beef cows: Texas, Oklahoma, Missouri, Nebraska, South Dakota, Kansas, Montana and Kentucky.

“These eight states had 15.7 million beef cows on Jan. 1, 2022. The other two, California and Idaho, are the number one and three dairy cow states, respectively,” Peel says. “With the growing season winding down amid continuing drought, the 2022 hay supply data illustrate why so much herd liquidation has occurred this year. It also speaks to the continuing challenges that cattle producers will face to get through the winter before the 2023 growing season could provide the next opportunity for improved forage conditions.”

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Friday afternoon, according to the Agricultural Marketing Service.

For the week, live prices were $4-$5 higher in the Southern Plains at $140/cwt., $4-$5 higher in Nebraska at $144-$148 and $1-$4 higher in the western Corn Belt at $145-$148. Dressed prices were $2-$3 higher in Nebraska at $229-$230 and near the top of the previous week’s trade in the western Corn Belt at $229.

Choice Boxed beef cutout value was 27¢ higher Friday afternoon at $263.37/cwt. Select was $2.13 higher at $239.59/cwt.

Estimated total cattle slaughter last week of 647,000 was 4,000 fewer than the previous week but 11,000 head more than the previous year. Total estimated year-to-date cattle slaughter of 20.77 million head was 246,000 head more (+1.2%) than a year earlier. Total estimated year-to-date beef production of 17.12 billion lbs. was 171.3 million lbs. more (+1.0%).

Although supported by the week’s stronger cash prices, Live Cattle futures wobbled Friday — an average of 37¢ lower in the front five contracts and then unchanged to an average of 4¢ higher. 

Feeder Cattle futures closed an average of $1.02 lower, pressured by Corn futures, which were 10¢ to 14¢ higher through Jly ‘23, fueled by the latest World Agricultural Supply and Demand Estimates (see below).

Soybean futures closed mostly 1¢ to 5¢ higher after 40¢ lower in spot Aug and 14¢ higher in near Sep.

Despite the latest pressure from feed prices, Feeder Cattle futures mainly maintained the previous two week’s strong gains, week to week on Friday. Week to week on Thursday, The CME Feeder Cattle Index closed $2.85 higher at $178.28/cwt. That’s almost $6 higher over the last two weeks.

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Major U.S. financial indices closed sharply higher Friday as investors speculated inflation may be at the peak.

The Dow Jones Industrial Average closed 424 points higher. The S&P 500 closed 72 points higher. The NASDAQ was up 267 points.

West Texas Intermediate Crude Oil futures on the CME closed $1.45 to $2.25 lower through the through the front six contracts.

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USDA’s Economic Research Service (ERS) increased the expected weighted average five-area direct steer price for this year 80¢ to $142.10/cwt., on current price strength. That’s from the latest World Agricultural Supply and Demand Estimates (WASDE). Next year’s projected annual price was $1 higher than the previous month’s estimate at $154. Prices were estimated at $140 in the third quarter and $147 in the fourth quarter. Prices in the first and second quarter next year were projected at $151 and $152, respectively.

Beef production for this year was projected at 27.99 billion lbs., which was 68 million lbs. more than the previous month’s estimate, based on higher expected placements in the second half of this year. Estimated beef production next year of 26.26 billion lbs. would be 1.7 billion lbs. less (-6.2%) than this year.

Total red meat and poultry production is estimated to be 106.48 billion lbs. this year, which would be 334 million lbs. less than last year (-0.3%). Projected total red meat and poultry production of 105.8 billion lbs. next year would be 673 million lbs. less (-0.6%) than this year.

Corn

Estimated 2022-23 production was reduced 146 million bu. to 14.4 billion based on yield estimates of 175.4 bu./acre, which was 1.6 bu./acre less than the previous estimate. Projected ending stocks were lowered by 82 million bu. to 1.4 billion.

The season-average farm price (SAFP) received by producers for corn was unchanged at $6.65/bu.

Soybeans

Although harvested soybean area was reduced 0.3 million acres from the previous estimate, average yield was projected 0.4 bu. higher at 51.9 bu./acre. Soybean supplies for 2022-23 were estimated to be 20 million bu. more at 2.16 billion bu. Ending stocks were projected 15 million bu. more at 245 million bu.

The U.S. season-average soybean price for 2022-23 was forecast at $14.35/bu., down 5¢ from last month. Soybean meal and oil price forecasts were unchanged at $390 per short ton and 69.0¢/lb., respectively.

Wheat

Estimated U.S. wheat production for 2022-23 was raised 2 million bu. from the previous month to 1,783 million bu. with all wheat yield projected 0.2 bu. more than the previous months at is 47.5 bu./acre. Projected 2022-23 ending wheat stocks were lowered 29 million bu. to 610 million.

The projected 2022-23 season-average farm price was reduced by $1.25 to $9.25/bu., based on prices received for marketings to date, which are lower than previously expected. However, the projected SAFP would still surpass the record of $7.77/bu. in 2012-13.

Negotiated cash fed cattle trade was moderate on moderate demand in the Southern Plains through Thursday afternoon, according to the Agricultural Marketing Service. Live prices were $4-$5 higher in the Texas Panhandle at $140/cwt. and $4 higher in Kansas at $140.

Elsewhere, trade was limited on light demand with too few transactions to trend. On Wednesday, live prices were $4-$5 higher in Nebraska at $144-$148 and mostly $4 higher in the western Corn Belt at $145-$148. Dressed prices were $2-$3 higher in Nebraska at $229-$230 and toward the top of last week’s trading range in the western Corn Belt at $229.

Choice Boxed beef cutout value was 13¢ lower Thursday afternoon at $263.10/cwt. Select was 38¢ higher at $237.46/cwt.

Cattle futures closed narrowly mixed Thursday, up for Live Cattle with stronger cash prices and lower for Feeder Cattle amid higher Corn futures.

Feeder Cattle futures closed an average of 37¢ lower.

Live Cattle futures closed an average of 35¢ higher (7¢ higher toward the back to $1.40 higher in spot Aug).

Corn and soybean futures rose Thursday, with likely positioning ahead of Friday’s World Agricultural Supply and Demand Estimates.

Corn futures closed mostly 4¢ to 8¢ higher.

Soybean futures closed mostly 19¢ to 20¢ higher.

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Major U.S. financial indices wobbled after an early run and then closed narrowly mixed, on likely profit taking, but they retained a lion’s share of the previous session’s strong gains.

The Dow Jones Industrial Average closed 27 points higher. The S&P 500 closed 2 points lower. The NASDAQ was down 74 points.

West Texas Intermediate Crude Oil futures on the CME closed $1.92 to $2.41 higher through the through the front six contracts.

Cattle futures closed higher Wednesday, buoyed by higher outside markets and the positive outlook for cash prices this week.

Feeder Cattle futures closed an average of $1.56 higher ($1.22 to $2.50 higher). Live Cattle futures closed an average of 99¢ higher (57¢ to $1.30 higher).

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to slow on light to moderate demand, according to the Agricultural Marketing Service. Although too few to trend, there were some early live sales at $146/cwt. in Nebraska and the western Corn Belt and some early dressed sales in Nebraska at $229.

Last week, live prices were $135-$136/cwt. in the Texas Panhandle, $136 in Kansas, $140-$143 in Nebraska and $141-$147 in the western Corn Belt. Dressed prices were $227 in Nebraska and $225-$232 in the western Corn Belt.

Choice Boxed beef cutout value was $1.50 lower Wednesday afternoon at $263.23/cwt. Select was 62¢ lower at $237.08/cwt.

Corn futures closed mostly 3¢ to 4¢ higher. Soybean futures closed mixed but mostly fractionally higher to 3¢ higher.

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Major U.S. financial indices closed sharply higher Wednesday, fueled by one inflation gauge that was lower than expected.

The Consumer Price Index for all consumers was unchanged in July according to the U.S. Bureau of Labor Statistics. The index is up 8.5% over the last 12 months.

The Dow Jones Industrial Average closed 535 points higher. The S&P 500 closed 87 points higher. The NASDAQ was up 360 points.

West Texas Intermediate Crude Oil futures on the CME closed $1.43 to $1.63 higher through the through the front six contracts.

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U.S. beef imports were 18.1% higher than last year through June but were 15.3% less year over year for the month of June at the lowest level since 2019, according to Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. He explains imports declined in the face of increased domestic cow slaughter and lean beef production.

On the other side of the scale, as mentioned in Cattle Current, U.S. beef exports through June were 6% more year over year for volume and 33% more for value, according to data released by USDA and compiled by the U.S. Meat Export Federation.

“Beef trade has been generally supportive thus far this year, but the future is uncertain,” Peel says. “Global and U.S. economic forecasts have been reduced as global economies continue to struggle. The U.S. dollar continues strong, which will be a headwind for future exports. U.S. beef production is expected to decline in the last part of the year and beyond reducing available beef supplies. All of these will likely impact beef trade going forward.”