Last week’s stronger cash prices for feeder and fed cattle, along with softer Corn futures helped Cattle futures extend gains Monday, especially Feeder Cattle, which closed an average of $1.49 higher. Live Cattle futures closed an average of 31¢ higher, except for unchanged in the back contract.
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Monday 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.
The five-area direct weighted average steer price last week was $140.84/cwt. on a live basis, which was $1.01 more than the previous week. The weighted average price in the beef was $2.20 higher at $227.83.
Choice Boxed beef cutout value was $1.62 higher Monday afternoon at $266.24/cwt. Select was 19¢ higher at $238.86/cwt.
Corn futures closed mostly 1¢ to 2¢ lower.
Soybean futures closed mostly 3¢ to 8¢ lower.
Major U.S. financial indices closed little changed Monday as investors paddled in place awaiting further data direction.
The Dow Jones Industrial Average closed 29 points higher. The S&P 500 closed 5 points lower. The NASDAQ was down 13 points.
CME WTI Crude Oil futures closed $1.75 to $2.06 higher through the through the front six contracts.
The United States farm real estate value, a measurement of the value of all land and buildings on farms, averaged $3,800 per acre for 2022, up $420 per acre (12.4%) from 2021, according to the latest Land Values Summary from USDA’s National Agricultural Statistics Service.
United States cropland value averaged $5,050 per acre, an increase of $630 per acre (14.3%) from the previous year.
United States pasture value averaged $1,650 per acre, an increase of $170/ acre (11.5%) from 2021. From a percentage standpoint, pasture value was up the most — 17.7% — in the Northern Plains, where average value per acre was $1,330: Kansas (+23.3% to $1,850/acre); South Dakota (+16.0% to $1,230/acre); Nebraska (+14.8% to $1,240/acre); and North Dakota (+10.7% to $930/acre).
Regionally, average pasture value increases were among the least — 6.3% — in the Delta states, where average pasture value was $2,870/acre: Louisiana (+5.1% to $3,100/acre); Arkansas (+5.6% to $2,850/acre); and Mississippi (+8.9% to $2.700/acre).