Cattle futures were lower Monday with likely technical pressure and uncertainty ahead of the election.
Toward the close, Live Cattle futures were an average of 75¢ lower. Feeder Cattle futures were an average of 94¢ lower.
Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $190/cwt. with dressed delivered prices at $296-$298 in Nebraska and $298 in the western Corn Belt.
The five-area direct weighted average FOB live steer price last week was 23¢ lower at $189.82. The weighted average dressed delivered steer price was $1.93 lower at $296.97.
Choice boxed beef cutout value was 34¢ higher Monday afternoon at $316.91/cwt. Select was $2.13 higher at $287.16.
Grain and Soybean futures were stronger Monday bolstered by positive export sales.
Toward the close and through Sep ’25 contracts, Corn futures were fractionally mixed to 1¢ higher. Kansas City Wheat futures were fractionally higher to 4¢ higher. Soybean futures were 2¢ to 4¢ higher.
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Major U.S. financial indices gave back a lion’s share of previous-session gains as investors pulled their horns in ahead of Tuesday’s election.
The Dow Jones Industrial Average closed 257 points lower. The S&P 500 closed 16 points lower. The NASDAQ was down 59 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $1.78 to $2.14 higher through the front six contracts.
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Heavy rains in Oklahoma over the weekend revived hopes for late-season winter wheat grazing, according to Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments.
Based on the latest weekly Crop Progress report for the week ending Nov. 3, winter wheat planting was 12% less year over year in Oklahoma at 72%, which was 16% less than the five-year average. Emergence of 47% was 20% less than a year earlier and 26% less than average.
Nationwide, winter wheat planting of 87% lagged last year by 1% and the average by 2%. Emergence of 66% was 6% less than the same time last year and 5% less than the average. In terms of condition, 41% of the winter wheat crop was ranked as Good (35%) or Very Good (6%) versus 50% a year earlier. On the other side of the scale, 23% was rated as Poor (15%) or Very Poor (8%), compared to 17% a year earlier.
Corn and soybean harvest remained ahead of schedule with 91% of Corn harvested and 94% of soybeans in the bin.