Cattle futures continued higher Tuesday, helped along by this week’s firmer Choice wholesale beef values.
Toward the close, Live Cattle futures were an average of $1.50 higher. Feeder Cattle futures were an average of $2.43 higher.
Negotiated cash fed cattle trade was mostly inactive on very light demand through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $185/cwt., in all regions. Dressed delivered prices were $290 in Nebraska and $290-$300 in the western Corn Belt.
Choice boxed beef cutout value was $1.51 higher Tuesday afternoon at $308.79/cwt. Select was $3.54 lower at $271.91.
Grain and Soybean futures closed higher Friday as traders appeared to apply more risk premium based on Russia’s war with Ukraine.
Toward the close and through Sep ’25 contracts, Corn futures were 1¢ to 2¢ lower. Kansas City Wheat futures were 2¢ higher. Soybean futures were 7¢ to 11¢ lower.
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Major U.S. financial indices closed mixed again Tuesday with tech stocks leading gains once again.
The Dow Jones Industrial Average closed 120 points lower. The S&P 500 closed 23 points higher. The NASDAQ was up 195 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME was marginally higher through the front six contracts.
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Analysts with the Livestock Marketing Information Center (LMIC) provide regional price perspective for steers weighing 700-800 lbs., in the latest Livestock Monitor.
“The Billings, MT weekly auction data reported last week’s feeder steer price at $264/cwt., which is slightly better than where prices were a few months ago. Prices have been ranging from about $250 to $280 since the start of the year,” LMIC analysts say.
In South Dakota, they explain last week’s feeder steer price was $265/cwt. with prices ranging from about $250 to $280 since July.
“Feeder cattle prices in Nebraska peaked at $295 in mid-July; since then prices have been ranging from $260 to $274, and last week were $267,” according to LMIC analysts.
In the Kansas and Oklahoma, they explain feeder steer prices ranged from about $246 to $270 since March, and last week’s price was $257.
For further perspective, and for steers weighing 600-700 lbs., average prices last week were $31.52 higher year over year in the North Central Region at $290.17/cwt., $27.17 higher in the South Central region at $266.56 and $28.64 higher in the Southeast at $252.41, according to USDA’s National Weekly Feeder and Stocker Cattle Summary.