Stronger outside markets and oversold conditions helped Cattle futures extend gains Tuesday.
Feeder Cattle futures closed an average of $1.63 higher (70¢ to $2.32 higher), except for 67¢ lower in spot Nov.
Live Cattle futures closed an average of $1.24 higher.
Depending on which estimates you look at, expectations are for October placements to be about 6% higher year over year, in Friday’s monthly Cattle on Feed report. October marketing are expected to be about 2% less, leaving the on-feed inventory Nov. 1 about 2% higher.
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, FOB live prices were $181/cwt. in the Texas Panhandle, $180 in Kansas, $181.50 in Nebraska and $178-$180 in the western Corn Belt. Dressed delivered prices were $287 in Nebraska and $283-$287 in the western Corn Belt.
Choice boxed beef cutout value was $2.18 lower Tuesday afternoon at $295.67/cwt. Select was $1.36 lower at $267.88/cwt.
Corn futures closed mostly fractionally higher to 1¢ higher.
KC HRW Wheat closed mostly 2¢ lower.
Soybean futures closed mostly 3¢ to 7¢ higher though Nov ‘25.
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Major U.S. financial indices rallied Tuesday with a cooling inflation reading from the Consumer Price Index.
The Dow Jones Industrial Average closed 489 points higher. The S&P 500 closed 84 points higher. The NASDAQ was up 326 points.
West Texas Intermediate Crude Oil futures (CME) basically unchanged through the front six contracts.
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Winter wheat condition is significantly more positive year over year, according to the latest USDA Crop Progress report for the week ending Nov. 12 — 47% rated Good (39%) or Excellent (8%), compared to 32% a year earlier. On the other end of the scale, 17% was in Poor (10%) or Very Poor (7%) condition. That’s with 93% of the crop in the ground, which was on par with the five-year average.
Corn harvest was 88% complete, which was 4% less than last year but 2% more than the average. As for soybeans, 95% was harvested, compared to 96% a year earlier and 91% for average.