Cattle futures tried for gains early in Tuesday’s trading session but were mainly marginally lower toward the close.
Live Cattle futures were narrowly mixed, from an average of 15¢ lower in three contracts to an average of 16¢ higher. Feeder Cattle were an average of 28¢ lower, except for 12¢ higher in the back contract.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, FOB live prices were $186/cwt. in the Southern Plains, $190 in Nebraska and $188-$192 in the western Corn Belt. Dressed delivered prices were $301 in Nebraska and $300-$301 in the western Corn Belt.
Choice boxed beef cutout value was $1.28 higher Tuesday afternoon at $316.88/cwt. Select was 77¢ higher at $304.47/cwt.
Grain futures continued lower again Tuesday on crop progress. Toward the close, Corn futures were 1¢ lower. Kansas City Wheat futures 11¢ to 12¢ lower. Soybean futures 5¢ to 7¢ lower.
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Major U.S. financial indices gained Tuesday.
The Dow Jones Industrial Average closed 141 points higher. The S&P 500 closed 7 points higher. The NASDAQ was up 28 points.
Heading toward the close West Texas Intermediate Crude Oil futures on the CME were $1.13 to $1.32 lower through the front six contracts.
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U.S. agricultural producer sentiment improved in May, according to the Purdue University/CME Group Ag Economy Barometer. The overall index rose 9 points from April to 108. The Current Conditions Index rose 6 points and the Index of Future Expectations climbed 11 points to 117.
Barometer analysts say rising crop prices helped buoy sentiment, as Eastern Corn Belt cash corn prices had increased 6% to 7% by mid-May, compared to the previous Ag Economy Barometer survey. Soybean prices had risen by 2% to 3%.
“The boost in the Index of Future Expectations reflects farmers’ expectation that conditions will improve, although it’s clear 2024’s financial challenges are still a concern,” says James Mintert, the barometer’s principal investigator and director of Purdue University’s Center for Commercial Agriculture.
This month’s Ag Economy Barometer survey was conducted from May 13-17, 2024.