Cattle futures closed higher Tuesday, helped along by lower Corn and Soybean futures, as well as some betting that negotiated cash fed cattle prices will edge higher again this week.
Feeder Cattle futures closed an average of $1.51 higher in the front three contracts, then an average of 40¢ higher.
Live Cattle futures closed narrowly mixed, from 23¢ lower to 40¢ higher.
Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Tuesday afternoon with too few transactions to trend, according to the Agricultural Marketing Service (AMS).
Last week, live sales were at $140/cwt. in the Texas Panhandle, $139-$140 in Kansas $138-$140 in Nebraska and $140 in the western Corn Belt. Dressed trade was at $222 in Nebraska and at $220-$222 in the western Corn Belt.
Choice Boxed beef cutout value was $1.50 lower Tuesday afternoon at $277.46/cwt. Select was $1.20 lower at $273.84.
Corn futures closed 3¢ lower in the front three contracts and then mostly fractionally to 3¢ higher.
Soybean futures closed 2¢ to 12¢ lower through Jan ’23, then fractionally to 3¢ higher.
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Major U.S. financial indices rose Tuesday, carried higher by positive quarterly corporate earnings reports.
The Dow Jones Industrial Average closed 372 points higher. The S&P 500 closed 38 points higher. The NASDAQ was up 179 points.
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U.S. agricultural exports last year were the highest on record, in terms of value, according to data released by the U.S. Commerce Department Tuesday.
Exports of U.S. farm and food products totaled $177 billion, topping 2020 by 18% and eclipsing the previous record (2014) by 14.6%.
“These record-breaking trade numbers demonstrate that U.S. agriculture is incredibly resilient as it continues to provide high-quality, cost-competitive farm and food products to customers around the globe…” says Tom Vilsack, U.S. Secretary of Agriculture. “This is a major boost for the economy as a whole, and particularly for our rural communities, with agricultural exports stimulating local economic activity, helping maintain our competitive edge globally, supporting producers’ bottom lines, and supporting more than 1.3 million jobs on the farm and in related industries such as food processing and transportation.”
U.S. agricultural exports were record high last year to six of the 10 leading U.S. markets, including China, Mexico, Canada, South Korea, the Philippines and Colombia
China remained the top export destination, with a record $33 billion in purchases, up 25% from 2020, while Mexico inched ahead of Canada to capture the number two position with a record $25.5 billion, up 39% from the previous year.
“It’s clear that our international trading partners are responding favorably to a return to certainty from the United States,” Vilsack explains. “…We’re strengthening relationships with our trading partners and holding those partners accountable for their commitments. We’re addressing transportation and infrastructure challenges through the work of the Administration’s Supply Chain Task Force and calling out ocean carriers that are putting profits above their responsibility to serve both importers and exporters. And we’re expanding opportunities for agricultural exports by knocking down trade barriers and partnering with industry on marketing and promotion efforts worldwide.”