Firmer Corn futures helped pressure Feeder Cattle futures an average of $1.10 lower Tuesday (55¢ lower at the back to $1.67 lower).
Live Cattle futures narrowly mixed, unchanged to an average of 36¢ lower in the front five contracts and then an average of 49¢ higher.
Negotiated cash fed cattle trade and demand were at a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $180/cwt. in the Southern Plains and $188 in Nebraska and the western Corn Belt. Dressed prices were $295 in a light test.
Choice boxed beef cutout value was 90¢ higher at $302.39/cwt. Select was $1.15 higher at $276.16/cwt.
Corn futures closed mostly 1¢ to 3¢ higher.
KC HRW Wheat closed mostly 1¢ lower through Jly ‘24 and then mostly 2¢ higher.
Soybean futures closed mostly 5¢ to 8¢ higher.
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Major U.S. financial indices closed lower Tuesday, pressured as one agency downgraded credit in the banking sector.
The Dow Jones Industrial Average closed 158 points lower. The S&P 500 closed 19 points lower. The NASDAQ was down 110 points.
West Texas Intermediate Crude Oil futures (CME) closed 75¢ to 98¢ higher through the front six contracts.
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Nationwide, pasture and range conditions eroded some last week, according to the Crop Progress report from USDA’s National Agricultural Statistics Service.
For the week ending Aug. 6, 38% of pasture and range was rated as Good (31%) or Excellent (7%), which was 1% less than the previous week but 14% more than a year earlier. 32% was rated as Poor (18%) or Very Poor (14%), which was 3% more than a week earlier but 17% less than a year earlier. States with more than 40% of pasture and range rated as Poor or Very Poor include: Arizona (47%); Minnesota (53%); Missouri (58%); Nevada (40%); New Mexico (44%); Texas (64%); and Washington (43%).