Cattle futures were down hard on Monday, in reaction to USDA’s plans to open the U.S. border to Mexican feeder cattle imports.
Toward the close, Live Cattle futures were an average of $6.26 lower.
Feeder Cattle futures were mostly limit-down, an average of $10.38 lower across the board.
Negotiated cash fed cattle trade was inactive on light demand in all cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $7 lower in Kansas at $230-231/cwt. FOB live prices were mostly $230 in the North, which was mainly $10 lower in Nebraska and $10-$15 lower in the western Corn Belt. Dressed delivered prices were $365, which was mostly $15 lower in Nebraska and $5-$20 lower in the western Corn Belt.
Last week’s weighted average five-area direct FOB live fed steer price was $7.80 lower at $230.48/cwt. The weekly weighted average dressed delivered fed steer price was $11.68 lower at $365.33.
Choice boxed beef cutout value was $1.65 higher Monday afternoon at $362.89. Select was $1.55 lower at $345.16.
Grain and Soybean futures were down on sharply lower Crude Oil futures and a more favorable weather outlook.
Toward the close and through the front four contracts, Soybean futures were 41¢ to 42¢ lower. Kansas City HRW Wheat futures were 14¢ to 17¢ lower. Corn futures were 10¢ to 14¢ lower.
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Major U.S. financial indices closed mixed Monday, with support including lower Crude Oil prices as tensions between the U.S. and Iran eased, for the time being.
The Dow Jones Industrial Average closed 262 points higher. The S&P 500 closed 1 point higher. The NASDAQ was down 43 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $2.48 to $7.31 lower through the front six contracts.
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Nationwide, pasture and range conditions held steady last week but were in significantly poorer shape year over year. Based on USDA’s Crop Progress report for the week ending July 26, 29% of the nation’s pasture and range was in Good (25%) or Excellent (4%) condition, which was the same as a week earlier but 16% less year over year. On the other side of the scale, 42% was in Poor (21%) or Very Poor (21%) condition, the same as the prior week but 16% more than the prior year.
States with 50% or more pasture and ranged classified as Poor or Very Poor included Arizona (74%), Colorado (77%), Nebraska (66%), New Mexico (57%), South Dakota (63%), West Virginia (52%) and Wyoming (69%).
Corn condition eroded last week with 63% in Good (50%) or Excellent (13%) condition, compared to 67% the previous week and 73% at the same time last year. Conversely, 12% was in Poor (9%) or Very Poor (3%) condition, which was 3% more than the previous week and 5% more than a year earlier.
Similarly, 63% of soybeans were in Good (52%) or Excellent (11%) condition, which was 3% less than the previous week and 7% less than the prior year. At the other end of the rankings, 9% were in Poor (7%) and Very Poor (2%) condition, compared to 8% a week earlier and 6% a year earlier.