Heading into the close and before settlement, Live Cattle futures were an average of 27¢ higher through the front five contracts, buoyed by last week’s stronger cash trade and then unchanged to an average of 61¢ lower.
Feeder Cattle futures were an average of $1.28 lower with pressure from nearby Corn contracts.
Heading into the close Monday Grain and Soybean futures continued higher as traders appeared to bet on planting progress delays in the weekly Crop Progress report (see below).
Corn futures were mostly 7¢ to 10¢ higher through near Sep.
Kansas City Wheat futures were mostly 18¢ to 20¢ higher through Jly ’25.
Soybean were 21¢ to 32¢ higher through near Sep.
Negotiated cash fed cattle trade ranged from inactive on very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.
For the week, FOB live prices were $2 higher in the Southern Plains at $184/cwt., $2 higher in Nebraska at $186-$187 and $1 higher in the western Corn Belt at $185-$187. Dressed delivered prices were steady to $1 higher in Nebraska at $294-$295 and mostly $1 higher in the western Corn Belt at mainly $295.
The weekly weighted average five-area direct FOB live steer price was $1.59 higher at $185.74. The average dressed delivered steer price was 26¢ higher at $294.65.
Choice boxed beef cutout value was $4.56 higher Monday afternoon at $298.76/cwt. Select was $2.10 higher at $289.75/cwt.
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Major U.S. financial indices extended gains Monday, with follow-trough support from Fridays jobs report, which was weaker than expected, elevating hopes the Fed can cut interest rates sooner than later.
The Dow Jones Industrial Average closed 176 points higher. The S&P 500 closed 52 points higher. The NASDAQ was up 192 points.
West Texas Intermediate Crude Oil futures on the CME were 54¢ to 58¢ higher through the front six contracts.
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Pasture and range is starting the season off in significantly improved condition than last year, according to the latest USDA Crop Progress report for the week ending May 5.
Nationwide, 46% of pasture and range was rated as Good (38%) and Excellent (8%), compared to 33% a year earlier. 25% was rated Poor (15%) and Very Poor (10%) compared to 37% the same week last year.
However, corn planting lost some ground last week with 36% in the ground compared to 42% at the same time last year and 39% for the five-year average. 12% was emerged versus 10% a year earlier and 9% for average.
As for soybeans, 25% were planted, which was 5% less than the same week last year but 4% more than average. 9% of soybeans were emerged, compared to 7% a year earlier and 4% for average.
Winter wheat condition held about steady week to week and was significantly improved year over year. 50% was rated as Good (44%) or Excellent (6%), compared to 29% a year earlier. 16% were rated as Poor (11%) or Very Poor (5%) compared to 44% a year earlier. 43% of the crop was headed, compared to 34% the previous year and 32% for average.