Live Cattle futures closed higher Monday, supported by apparent front-end currentness.
They were up an average of 59¢ higher, except for down 33¢ and unchanged in the back two contracts.
Strength in Live Cattle and softer Corn futures helped Feeder Cattle close an average of 53¢ higher (30¢ to 70¢ higher).
Corn futures closed mixed, down 2¢ to 5¢ through May ’24, then mostly 1¢ to 2¢ higher.
Soybean futures closed 8¢ to 12¢ lower.
Choice Boxed beef cutout value was 80¢ higher Monday afternoon at $264.55/cwt. Select was $4.02 higher at $235.92/cwt.
There was no afternoon cash fed cattle report from AMS.
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Major U.S. financial indices closed higher for a second day ahead of Tuesday’s midterm elections.
The Dow Jones Industrial Average closed 424 points higher. The S&P 500 closed 36 points higher. The NASDAQ was up 89 points.
West Texas Intermediate Crude Oil futures (CME) closed closed 28¢ to 82¢ lower through the front six contracts.
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Drought continues to impact about 63% of the United States (D1-D4), according to the latest U.S. Drought Monitor.
74% of winter wheat production was in areas experiencing drought, as was 68% of hay acreage. Approximately 76% of the nation’s cattle inventory was in drought areas.
According to the latest Crop Progress report, 30% of winter wheat was in Good or Excellent condition, compared to 45% a year earlier. 34% was Poor or Very Poor versus 22% the prior year.
As for crops, 87% of corn was harvested as of Nov. 6. 94% of soybeans were in the bin.