Cattle futures expanded gains Tuesday, led by Feeder Cattle and strong cash.
Toward the close, Live Cattle futures were an average 80¢ higher. Feeder Cattle futures were an average of $3.31 higher.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mostly $232/cwt. in Kansas, $232 in Nebraska and $230-$232 in the western Corn Belt. Dressed delivered prices were $360.
Choice boxed beef cutout value was $2.45 lower Tuesday afternoon at $351.25/cwt. Select was 42¢ lower at $351.08. The Choice-Select spread was a paltry 17¢, the lowest since Feb. 2022.
The short-covering rally faded in the grain complex on Tuesday.
Toward the close, through near Sep, Soybean futures were mostly 5¢ to 7¢ lower. Corn futures were fractionally lower to 2¢ lower. KC HRW Wheat futures were fractionally mixed to 1¢ higher.
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Major U.S. financial indices closed higher again Tuesday with support across a wide array of markets, from tech to energy.
The Dow Jones Industrial Average closed 484 points higher. The S&P 500 closed 42 points higher, but the NASDAQ was up 151 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) closed $1.28 to $1.37 lower through the front six contracts.
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Agricultural producer sentiment weakened slightly month to month in December, according to the Purdue University/CME Group Ag Economy Barometer. The overall index declined 3 points from November to 136.
Producers’ long-term outlook drove the weakness with the Future Expectations Index 4 points less at 140, while the Current Conditions Index held steady at 128.
“Even with some stability in expectations for their own operations, producers remain cautious about longer-term decisions,” says Michael Langemeier, the barometer’s principal investigator and director of Purdue’s Center for Commercial Agriculture. “Uncertainty surrounding agricultural trade and growing concern about global competitiveness continue to influence how farmers think about the future.”
Producers’ views about exports were mixed in December. Only 5% of respondents expected overall U.S. agricultural exports to decline over the next five years. However, 13% of corn and soybean growers said they expect soybean exports to decrease in the next five years, up from 8% in November. Similarly, 8% fewer corn and soybean producers look for soybean exports to increase over the next five years — 39% in December, compared to 47% a month earlier.
More specifically, 84% of corn and soybean producers said they were concerned or very concerned about the competitiveness of U.S. soybean exports relative to Brazil, with 45% reporting they were very concerned.
Producers’ confidence in the use of tariffs to strengthen the U.S. agricultural economy continued to decline in December. Just 54% of respondents said tariffs would have a positive effect, down from 58% in October and 59% in November. Uncertainty about the long-run impact of tariff policies also grew, with 19% of producers expressing uncertainty in December compared to 17% the month before. Since this question was first introduced in the spring, the percentage of producers uncertain about tariff effects has more than doubled.
The survey was conducted Dec. 1-5, 2025.