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.
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.
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.