Cattle futures tried for gains early in Tuesday’s session, in the wake of the recent selloff but ended mainly slightly lower.
Before settlement, Live Cattle futures were an average of 32¢ lower except for an average of 33¢ higher in three contracts. Feeder Cattle futures closed were average of 36¢ lower, except for 5¢ higher at the back.
Negotiated cash fed cattle trade ranged from slow on light demand to a standstill elsewhere through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, FOB live prices were $188/cwt. in the Texas Panhandle, $187-$195 in Kansas, $196 in Nebraska and $194-$196 in the western Corn Belt. Dressed delivered prices were $310/cwt.
Choice boxed beef cutout value $2.13 lower Tuesday afternoon at $315.81/cwt. Select was 44¢ lower at $299.62.
Heading into the close, through Jly ’25 contracts, Corn futures were 3¢ lower. Kansas City Wheat futures were 2¢ to 4¢ higher. Soybean futures were 10¢ to 17¢ lower.
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Major U.S. financial indices closed higher Tuesday amid a relief rally from steep declines during the last three sessions.
The Dow Jones Industrial Average closed 294 points higher. The S&P 500 closed 53 points higher. The NASDAQ was up 166 points.
Toward the close, West Texas Intermediate Crude Oil futures on the CME were little changed through the front six contracts.
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Agricultural producer sentiment improved in July despite financial performance concerns, according to the latest Purdue University/CME Group Ag Economy Barometer.
The overall index rose 8 points to 113, the Index of Current Conditions increased by 10 points to 100, and the Index of Future Expectations rose 7 points to 119 from a month earlier.
“Declines in crop prices point to lower producer incomes this year, so the increase in optimism was somewhat puzzling,” says James Mintert, the barometer’s principal investigator and director of Purdue University’s Center for Commercial Agriculture. “Fewer producers citing rising interest rates as a primary concern for the upcoming year corresponds with the modest improvement in their perspectives on capital investments, but respondents continue to express hesitancy to make large investments.”
High input costs remained the primary concern for a majority of respondents, followed by the risk of lower crop and livestock prices.
This month’s Ag Economy Barometer survey was conducted from July 15-19.