Cattle futures rebounded Tuesday, following outside markets higher just they followed them lower the previous day.
Toward the close, Live Cattle futures were an average of $1.94 higher. Feeder Cattle futures were an average of $2.50 higher.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $208-$210/cwt. in the Texas Panhandle, $210 in Kansas, $212-$214 in Nebraska and $212 in the western Corn Belt. Dressed delivered prices were $332-$340 in and $335 in the western Corn Belt.
Choice boxed beef cutout value was $1.79 lower Tuesday afternoon at $331.73/cwt. Select was $1.12 lower at $317.65.
Grain and Soybean futures were mixed Tuesday.
Toward the close and through Sep ’25 contracts, Corn futures were 6¢ to 7¢ lower, pressured by the fast planting clip with 12% in the ground April 20, according to the latest USDA Crop Progress report.
Kansas City Wheat futures were 4¢ to 6¢ lower.
Soybean futures were fractionally higher to 5¢ higher.
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Major U.S. financial indices surged higher Tuesday as investors looked past infighting between the White House and Federal Reserve.
The Dow Jones Industrial Average closed 1,016 points higher. The S&P 500 closed 129 points higher. The NASDAQ was up 429 points.
Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.10 to $1.14 lower through the front six contracts.
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Gloominess continues for the rural economy, according to the latest Creighton University Rural Mainstreet Index (RMI). The overall index declined 1.1 points to 40.0 in April, the 19th time in the past 20 months with a reading below growth neutral. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.
“The economic outlook for 2025 farm income remains weak, according to bank CEOs,” says Ernie Goss, the Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business. “Despite the negative fallout from tariffs, 75% of bankers support the tariffs on China, and 79.2% back the 90-day pause on other tariffs.”
Three of four bankers back the President’s recent substantial increase in tariffs on imports from China. Only one in four support a return to January 1, 2025, tariffs on imports from China. The RMI is based on a monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy.
“Rural bankers remain pessimistic about economic growth for their area over the next six months. The April confidence index increased to a weak 36.0 from March’s 30.4.,” Goss says. “Weak grain prices and negative farm cash flows, combined with downturns in farm equipment sales over the past several months, pushed banker confidence lower.”