Cattle futures were narrowly mixed but mainly higher Tuesday.
Before settlement, Live Cattle futures were an average of 41¢ higher, except for 12¢ lower in three contracts.
Feeder Cattle futures were an average of 39¢ higher, except for 31¢ lower in three contracts.
Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $190/cwt. in the Southern Plains, $198 in Nebraska and $196-$198 in the western Corn Belt. Dressed delivered prices were $312/cwt.
Choice boxed beef cutout value was 33¢ lower Tuesday afternoon at $314.48/cwt. Select was 14¢ lower at $301.38/cwt.
Grain and Soybean futures were lower Tuesday with continued pressure from the favorable weather outlook.
Heading into the close, through Jly ’25 contracts, Corn futures were 6¢ to 7¢ lower. Kansas City Wheat futures were 3¢ to 5¢ lower. Soybean futures were mostly 16¢ to 30¢ lower.
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Major U.S. financial indices closed mixed Tuesday with the main pressure from tech stocks.
The Dow Jones Industrial Average closed 203 points higher. The S&P 500 closed 27 points lower. The NASDAQ was down 222 points.
West Texas Intermediate Crude Oil futures on the CME were 41¢ to 69¢ lower through the front six contracts.
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National pasture and range conditions continued on par year over year for the week ending July 28, according to the most recent USDA Crop Progress report, with 39% rated as Good (32%) or Excellent (7%). Likewise, 29% were rated as Poor (17%) or Very Poor (12%), which was the same as last year.
States with 45% or more of pasture in Poor or Very Poor condition included: New Mexico (50%), Oregon (49%), Virginia (64%), Washington (59%), West Virginia (65%) and Wyoming (57%).
“Drought in certain areas and improved conditions in other areas creates uncertainty to the feeder cattle and calf price outlook for this fall,” says Will Secor, Extension livestock economist at the University of Georgia, in the latest issue of In the Cattle Markets. “If drought incentivizes producers to bring more calves to market compared to normal, calf prices may see a more pronounced seasonal dip this fall in those areas, while still remaining high compared to recent history. However, in areas with good conditions, calf supplies may remain tight this fall, pushing prices higher than expected.”