Cattle Current Daily—July 4 and 5, 2024

Cattle Current Daily—July 4 and 5, 2024

Cattle futures extended gains Wednesday, supported by strong wholesale beef values and prospects of steady to higher cash fed cattle prices for the holiday-shortened week. Before settlement, Live Cattle futures were an average of 71¢ higher. Feeder Cattle futures were an average of $1.88 higher.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $190/cwt. in the Southern Plains at mostly $198 in Nebraska and the western Corn Belt. Dressed delivered prices were mostly $312 but stretched as high as $317.

For added perspective, last month’s weighted average five-area direct FOB live steer price was $8.82 higher year over year at $193.33/cwt. The weighted average dressed delivered steer price was $13.04 higher at $307.26.

Choice boxed beef cutout value was 55¢ lower Wednesday afternoon at $329.84/cwt. Select was $2.10 lower at $304.38/cwt.

Corn and Kansas City Wheat futures softened Wednesday with pressure from favorable weather. Heading into the close and through Jly ’25 contracts, Corn futures were mostly 2¢ lower.  Kansas City Wheat futures were 6¢ to 10¢ lower.  Soybean futures were 7¢ to 11¢ higher.

Futures and equity markets will be closed Thursday in observance of Independence Day.

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Major U.S. financial indices closed little changed, as investors seemed to mostly ignore weaker than expected job growth, by one measure.

Private sector employment increased by 150,000 jobs in June, according to the June ADP®National Employment Report™ produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab.

“Job growth has been solid, but not broad-based,” says Nela Richardson, ADP chief economist. “Had it not been for a rebound in hiring in leisure and hospitality, June would have been a downbeat month.”

The Dow Jones Industrial Average closed 23 points lower. The S&P 500 closed 28 points higher. The NASDAQ was up 159 points.

2024-07-03T18:45:41-06:00

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