Cattle futures took a step lower Tuesday to start the trading week, caught in the broader commodity market downdraft and amid month-end positioning.
Feeder Cattle futures closed an average of $1.20 lower.
Live Cattle futures closed an average of $1.31 lower, from 20¢ lower at the back to $2.02 lower toward the front.
Corn futures closed 15¢ to 23¢ lower through old-crop contracts, and then mostly 7¢ lower.
Soybean futures closed 30¢ to 49¢ lower through Sep ‘23 and then 23¢ to 24¢ lower.
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.
Live prices last week were $137/cwt. in the Southern Plains, $140 in Nebraska and $140-$142 in the western Corn Belt. Dressed prices were $223-$224 in Nebraska and $222-$227 in the western Corn Belt.
Choice Boxed beef cutout value was $2.12 higher Tuesday afternoon at $267.54/cwt. Select was $2.15 higher at $248.65.
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Major U.S. financial indices closed lower Tuesday but retained much of the previous session’s gain.
The Dow Jones Industrial Average closed 222 points lower. The S&P 500 closed 26 points lower. The NASDAQ was down 49 points.
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National pasture and range conditions last week gained slightly, according to the latest USDA Crop Progress report for the week ending May 29.
24% of pasture and range was rated as Good (22%) or Excellent (2%), which was 2% more than the previous week but 7% less than a year earlier. Conversely, 46% was rated as Poor (24%) or Very Poor (22%), compared to 50% a week earlier and 39% a year earlier.
Planting progress continued to make strides last week.
86% of corn was planted, which was 8% less than last year but just 1% less than the five-year average. 61% was emerged, compared to 79% last year and 68% for average.
66% of soybeans were in the ground, which was 17% less than last year and 1% less than the average. 39% was emerged, compared to 59% last year and 43% for average.
72% of winter wheat was headed, compared to 77% the previous year and 76% for the average. 29% was rated in Good (25%) or Excellent (4%) condition, compared to 48% a year earlier. 40% was rated Poor (17%) or Very Poor (23%) compared to 19% at the same time last year.