Negotiated cash fed cattle trade was limited on very light demand in Nebraska through Monday afternoon, according to the Agricultural Marketing Service. There were a few live sales at $124/cwt., but too few to trend. Elsewhere, trade was at a standstill.
Live prices last week were at mostly $119-$120 in the Southern Plains, $120 in Nebraska and $120-$121 in the western Corn Belt. Dressed trade was at $190-$191.
Feeder Cattle futures roared higher Monday, buoyed by a sharp break in Corn futures. Live Cattle futures edged higher, with interest apparently constrained by what appears to be post-top wholesale prices for a while.
Feeder Cattle futures closed an average of $2.78 higher ($2.00 higher at the back to $3.42 higher at the front). That’s right at an average of $5 higher in the last two sessions.
Live Cattle futures closed an average of 48¢ higher.
Choice boxed beef cutout value was $2.09 lower through Monday afternoon at $335.47/cwt. Select was $1.80 lower at $303.41.
Grain futures prices fell Monday, swamped by more weekend rain than expected in the Corn Belt, as well as increased chances for rain and cooler temperatures in that region for the next couple of weeks.
Corn futures closed 25¢ to 31¢ lower through Jly ‘22, and mostly 13¢ and 16¢ lower.
Soybean futures closed mostly 31¢ to 41¢ lower.
Major U.S. financial indices closed mixed Monday, with the strongest performance in tech stocks.
The Dow Jones Industrial Average closed 85 points lower. The S&P 500 closed 7 points higher. The NASDAQ closed 104 points higher.
Nationally, pasture and range conditions held about steady, according to the latest USDA Crop Progress report, for the week ending June 13.
35% of pasture and range was rated as Good (28%) or Excellent (7%), the same as a week earlier, but 10% less than a year earlier. Conversely, 36% was rated as Poor (20%) or Very Poor (16%), compared to 37% a week earlier and 22% a year earlier.
According to the U.S. Drought Monitor (week beginning June 10), 61.2% of the continental U.S. ranged from abnormally dry to Exceptional Drought. That was 2.1% more than the previous week, but 5.2% less than at the beginning of the year.
Crop progress continues strong for row crops.
96% of corn was emerged, which was 2% more than last year and 5% more than the five-year average. 68% was in Good (56%) or Excellent (12%) condition, which was 4% less than the previous week and 3% less than the five-year average.
94% of soybeans were in the ground, which was 2% more than last year and 6% more than the average. 86% were emerged, which was 7% more than the prior year and 12% more than the five-year average. 62% were in Good (53%) or Excellent (9%) condition, which was 5% less than the previous week and 10% less than the same week last year.
92% of winter wheat was headed, compared to 90% the previous year and 92% for the five-year average. 4% was harvested, which was 10% less than a year earlier and 11% less than average. 48% was rated in Good (40%) or Excellent (8%) condition, compared to 50% the prior week and a year earlier. 20% was rated Poor (14%) or Very Poor (6%) compared to 18% a week earlier and 19% at the same time last year.