Cattle futures eased lower Tuesday with likely profit taking from the previous session’s strong gains.
Toward the close, Live Cattle futures were an average of 73¢ higher (35¢ to $1.17 higher), except for an average of 32¢ lower in the front three contracts.
Feeder Cattle futures were an average of 41¢ higher, except for an average of 31¢ lower in the front three contracts.
Negotiated cash fed cattle trade was mostly inactive on moderate demand in all major cattle feeding regions through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, FOB live prices were $218-$219/cwt. in the Texas Panhandle, $218-$220 in Kansas and $225-$228 in the North. Dressed delivered prices were $355.
Choice boxed beef cutout value was $1.96 higher Tuesday afternoon at $350.10/cwt. Select was 76¢ lower at $334.47.
Grain and Soybean futures were mixed Tuesday.
Toward the close and through Mar ‘26 contracts, Corn futures were 3¢ to 5¢ lower. Kansas City Wheat futures were 3¢ to 4¢ higher. Soybean futures were mostly 3¢ to 5¢ higher.
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Major U.S. financial indices were mixed Tuesday. Cooler inflation than expected and follow-through support from the trade talks with China helped lift the S&P 500 and NASDAQ for another day.
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% on a seasonally adjusted basis in April, after falling 0.1% in March, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 2.3% before seasonal adjustment.
On the other hand, health care weighed on the Dow Jones Industrial Average.
The Dow Jones Industrial Average closed 269 points lower. The S&P 500 closed 42 points higher. The NASDAQ was up 301 points.
Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.26 to $1.72 higher through the front six contracts.
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The top side of pasture and range conditions improved slightly week to week, according to the latest USDA Crop Progress report for the week ending May 11.
Nationwide, 36% of pasture and range was rated as Good (28%) and Excellent (8%), compared to 35% a week earlier and 47% a year earlier. However, 36% was rated Poor (23%) and Very Poor (13%), which was 3% more than the previous week and 12% more year over year.
States with 40% or more of pasture and range conditions rated as Poor and Very Poor include: AZ (85%), Montana (54%), NE (52%), NV (85%), NM (51%), SD (45%) and WY (42%). According to the latest U.S. Drought Monitor, 30% of the nation’s cattle inventory was in areas affected by drought.
Corn planting continued at a rapid pace with 62% in the ground, which was 15% more than the same time last year and 6% more than the five-year average. At 28%, emergence was 7% more year over year and 7% more than average.
Similarly, 48% of soybeans were planted, which was 14% more than the same week last year and 11% more than average. Emergence of 17% was 2% more than the previous year and 6% more than average.
Winter wheat condition continued to improve week to week with 54% rated as Good (46%) or Excellent (8%), compared to 51% a week earlier and 50% a year earlier. On the other end of scale, 18% was rated as Poor (12%) or Very Poor (6%), the same as last year. In terms of crop progress 53% of the crop was headed, compared to 55% the previous year and 45% for average.