Corn futures rallied Tuesday, apparently fueled by more negative crop conditions (see below). They closed 5¢ to 7¢ higher through Jly ‘23 and then 2¢ to 3¢ higher. Soybean futures closed mostly 22¢ to 28¢ higher through Aug ‘23, except for sharply higher in the two front contracts, and then 15¢ to 19¢ higher.
Higher grain Futures and oversold conditions pressured Feeder Cattle futures an average of $1.73 lower (90¢ lower at the back to $3.15 lower toward the front). Live Cattle futures closed an average of 47¢ lower (25¢ to $1.05 lower).
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Tuesday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.
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 $1.51 lower Tuesday afternoon at $264.73/cwt. Select was $1.16 lower at $237.70/cwt.
Major U.S. financial indices faltered Tuesday, led lower by tech stocks in general and chip makers specifically.
The Dow Jones Industrial Average closed 58 points lower. The S&P 500 closed 17 points lower. The NASDAQ was down 150 points.
National pasture and range conditions the week ending Aug. 7 continued to deteriorate compared to the prior year, according to the latest USDA Crop Progress report.
24% of pasture and range was rated as Good (21%) or Excellent (3%), which was 1% less than a week earlier and 6% less than a year earlier. Conversely, 49% was rated as Poor (23%) or Very Poor (26%), which was the same as a week earlier but 6% more than a year earlier.
90% of corn was silking, which was 4% less than last year and 3% less than the five-year average. 45% was in the dough stage, compared to 53% last year and 49% for average. 6% was dented, which was 1% less than last year and 2% less than the five-year average. 58% was rated as Good (46%) or Excellent (12%), which was 3% less than the prior week and 6% less than a year earlier. 16% was rated Poor (10%) or Very Poor (6%) versus 14% a week earlier and 11% a year earlier.
89% of soybeans were blooming, which was 1% less than last year but 1% more than the average. 61% were setting pods, compared to 70% last year and 66% for average. 59% were rated as Good (49%) or Excellent (10%) which was 1% less than the previous week and year. 11% were rated Poor (8%) or Very Poor (3%), the same as a week earlier and 2% less than the prior year.
86% of winter wheat was harvested, compared to 94% the previous year and 91% for the average.