Cattle futures extended gains on Monday, helped by more bullish outside markets, and despite more placements than expected in Friday’s monthly Cattle on Feed report.
Toward the close, Live Cattle futures were an average of 84¢ higher, except for 45¢ lower in the back contract. Feeder Cattle futures were an average of $1.70 higher.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mostly steady in all regions at mainly $235/cwt. Dressed delivered prices were mostly steady at mainly $372.
The weekly weighted average five-area direct FOB live fed steer price last week was 25¢ higher at $235.08/cwt. The weekly weighted averaged dressed delivered fed steer price was 11¢ higher at $372.15.
Choice boxed beef cutout value was 98¢ lower Monday afternoon at $399.13/cwt. Select was 89¢ higher at $393.83.
Grain futures were lower Monday, pressured by lower crude oil prices.
Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures were 1¢ lower. Corn futures were 5¢ lower. However, Soybean futures were 3¢ to 6¢ higher on likely technical buying.
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Major U.S. financial indices closed higher Monday as crude oil prices retreated following comments from President Trump about positive talks with Iran the U.S. ceasing attacks on Iran’s energy and power infrastructure amid ongoing talks.
The Dow Jones Industrial Average closed 631 points higher. The S&P 500 closed 74 points higher. The NASDAQ was up 299 points.
West Texas Intermediate Crude Oil futures (CME) were $4.85 to $9.77 lower through the front six contracts.
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Creighton University’s Rural Mainstreet Index declined 7 points from the previous month in March to a reading of 40.9, the lowest level since last October and marking the thirteenth below-neutral level since January 2025. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.
“Weakness in farm commodity prices and elevated agriculture input costs are spilling over into the business community,” according to Ernie Goss, the Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business. “Approximately, 27.2% of bankers reported that small businesses in their area were experiencing declines in business activity.”
The Rural Mainstreet Index is based on a monthly survey of bank CEOs in 10 regional states dependent on agriculture and/or energy. It focuses on approximately 200 rural communities with an average population of 1,300.
In his case, Jeff Bonnett, CEO of Havana National Bank in Havana, Ill says, “The communities we serve are totally dependent on the ag economy. That said, our small businesses on main street are suffering along with our grain producers. We are now in our fourth year of tough local economic times due to this sustained downturn in the ag economy.”
Rural bankers remain pessimistic about economic growth for their area over the next six months. The March confidence index plunged to 29.5 from 45.8 in February, which was the highest reading since March 2022.
“In spite of $12 billion of federal farm support, weak grain prices, higher input prices and expected negative farm cash flows continued to weigh on banker confidence,” Goss explains.
More recently, the U.S. conflict with Iran has created significant volatility in the agricultural sector, impacting agricultural equipment sales by tightening producer operating margins, increasing input costs and shifting planting decisions, according to Goss.
Despite increasing to a weak 28.6 month to month in March, the Farm Equipment Sales Index was below growth neutral for the thirty-first consecutive month.