Queasiness about political intent for the cattle markets and wonderments about resumption of cattle imports from Mexico pressured Cattle futures on Tuesday.
Toward the close, Live Cattle futures were an average of $4.25 lower. Feeder Cattle futures were an average of $8.09 lower.
Negotiated cash fed cattle trade was inactive on light demand in all cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $235-$236/cwt. in the Texas Panhandle, $235-$237 in Kansas, $228-$232 in Nebraska and mostly $230 in the western Corn Belt. Dressed delivered prices were mainly $358-$360.
Choice boxed beef cutout value was $1.67 lower Tuesday afternoon at $377.58/cwt. Select was $1.32 higher at $361.25.
Corn and Soybean futures were lower on Tuesday with pressure likely including farmer selling and profit taking from recent gains.
Toward the close and through Jly contracts,
Corn futures were mostly 2¢ to 3¢ lower. Soybean futures were 12¢ to 14¢ lower. KC HRW Wheat futures were fractionally lower to 4¢ higher.
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Major U.S. financial indices closed lower on Tuesday, led by tech stocks, especially those related to artificial intelligence.
The Dow Jones Industrial Average closed 251 points lower. The S&P 500 closed 80 points lower. The NASDAQ was down 486 points.
Though mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 45¢ to 70¢ lower through the front six contracts.
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U.S. agricultural sentiment improved slightly in October, according to the Purdue University/CME Group Ag Economy Barometer (AEB). The overall index rose 3 points from the previous month to a reading of 129. The Index of Current Conditions fueled the increase, climbing 8 points to 130. The Index of Future Expectations was virtually unchanged at 129.
AEB analysts say producers’ appraisal of current conditions depict a tale of two economies. Livestock producers remain optimistic, partly supported by record-high profitability in the beef sector. However, crop producers report a more pessimistic view of the current situation due to low profit margins across major crop enterprises.
Similarly, Crop producers expect their financial performance to fall well below that of a year ago, while livestock producers anticipate results similar to the previous year. The Farm Financial Performance Index dropped to 78 in October, 10 points lower than in September.
“U.S. farmers are adjusting to ongoing economic pressures in different ways,” says Michael Langemeier, the barometer’s principal investigator and director of Purdue’s Center for Commercial Agriculture. “Livestock producers are seeing strong returns and remain optimistic, while many crop producers are contemplating management changes for 2026 to help cope with tighter margins.”
Policy uncertainty continues to influence producer sentiment. In October, 58% of producers said they expect increased use of tariffs by the U.S. to strengthen the agricultural economy, up from September but still below the 70% reported in April and May. Meanwhile, 16% of respondents said they were uncertain about the impact of tariff policies on the agricultural economy, double that of both April and May. Despite this uncertainty, roughly 70% of producers said they believe the U.S. is headed in the right direction.
The latest Ag Economy Barometer survey took place Oct. 13-17.