Stronger wholesale beef values and last week’s firm to higher cash fed cattle prices helped lift Live Cattle futures Monday.
Toward the close, Live Cattle futures were an average of 89¢ higher. Feeder Cattle futures were mixed, from an average of 35¢ lower to an average of 13¢ higher.
Negotiated cash fed cattle trade was inactive in major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $220/cwt. in the Southern Plains and $228-$229 in the North. Dressed delivered prices were $358.
Last week’s weighted average five-area direct FOB live fed steer price was $1.65 higher at $226.45/cwt. The weighted average dressed delivered fed steer price was $1.61 higher at $357.67.
Choice boxed beef cutout value was $2.32 higher Monday afternoon at $354.81/cwt. Select was $1.72 higher at $344.11.
Grain and Soybean futures were higher Monday with likely short covering.
Toward the close and through Mar ‘26 contracts, Corn futures were 3¢ to 5¢ higher. Kansas City Wheat futures were 7¢ higher. Soybean futures were mostly 1¢ to 2¢ higher.
******************************
Major U.S. financial indices closed a touch higher Monday, following early-session pressure tied to the downgrade in the U.S. credit rating.
The Dow Jones Industrial Average closed 137 points higher. The S&P 500 closed 5 points higher. The NASDAQ was up 4 points.
Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were narrowly mixed through the front six contracts, from 9¢ lower to 17¢ higher.
******************************
Pasture and range conditions improved week to week, according to the latest USDA Crop Progress report for the week ending May 18.
Nationwide, 40% of pasture and range was rated as Good (32%) and Excellent (8%), compared to 36% a week earlier and 49% a year earlier. On the bottom side of the scale, 32% was rated Poor (19%) and Very Poor (13%), which was 4% less than the previous week but 12% more year over year.
States with 40% or more of pasture and range conditions rated as Poor and Very Poor include: AZ (91%), Montana (45%), NE (48%), NV (85%), NM (46%) and WY (47%).
Corn planting continued at a rapid pace with 78% in the ground, which was 11% more than the same time last year and 5% more than the five-year average. At 50%, emergence was 12% more year over year and 10% more than average.
Similarly, 66% of soybeans were planted, which was 16% more than the same week last year and 13% more than average. Emergence of 34% was 9% more than the previous year and 11% more than average.
Winter wheat condition eroded week to week with 52% rated as Good (44%) or Excellent (8%), compared to 54% a week earlier and 49% a year earlier. On the other end of scale, 18% was rated as Poor (12%) or Very Poor (6%), the same as the previous week and year. In terms of crop progress 64% of the crop was headed, compared to 67% the previous year and 58% for average.