Cattle Current Daily—Nov. 1, 2024

Cattle Current Daily—Nov. 1, 2024

Live Cattle futures were mixed Thursday and Feeder Cattle futures were lower with pressure from recently lower wholesale beef prices and month-end position squaring.

Toward the close, Live Cattle futures ranged from an average of 12¢ lower in three contracts to an average of 50¢ higher, except for $4.60 higher in expiring Oct. Feeder Cattle futures were an average of 62¢ lower, except for 17¢ higher in new spot Nov and $1.02 higher in expiring Oct.

Negotiated cash fed cattle trade ranged from slow on light demand in Nebraska to a standstill in the Texas Panhandle through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, FOB live prices are steady to $1 lower in the Texas Panhandle at $190/cwt. and steady in other regions at $190. Dressed delivered prices are steady to $2 lower at $296-$298 in Nebraska and $298 in the western Corn Belt.

Choice boxed beef cutout value was $1.84 lower Thursday afternoon at $317.60/cwt. Select was $3.95 lower at $285.37.

Corn and Soybean futures received support from export sales Thursday. For the week ending Oct. 24, net U.S. corn export sales were 7% higher than the previous four-week average and net U.S. soybean sales were 39% more than the prior four-week average.

Toward the close and through Sep ’25 contracts, Corn futures were mostly 1¢ higher. Soybean futures were 5¢ to 7¢ higher. Kansas City Wheat futures were 5¢ lower, pressured by the wetter outlook for winter wheat areas of the country.

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Major U.S. financial indices took a strong step lower Thursday, led by tech stocks.

The Dow Jones Industrial Average closed 378 points lower. The S&P 500 closed 108 points lower. The NASDAQ was down 512 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $1.67-$1.92 higher through the front six contracts.

2024-10-31T18:49:56-06:00

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