Cattle futures finally found some traction Wednesday on oversold conditions and a promising start to the week’s cash fed cattle trade.
Feeder Cattle futures closed an average of $1.37 higher.
Live Cattle futures closed an average of $1.39 higher (85¢ to $1.97 higher).
Negotiated cash fed cattle trade and demand were moderate in the Southern Plains through Wednesday afternoon, with FOB live prices mostly $1 higher at mainly $183/cwt., according to the Agricultural Marketing Service.
Elsewhere, trade was limited on light demand, with too few transactions to trend.
Last week, FOB live prices were $183-$184 in Nebraska and the western Corn Belt. Dressed delivered prices were $288-$290.
Choice boxed beef cutout value was 78¢ lower Wednesday afternoon at $300.28/cwt. Select was 85¢ lower at $275.30/cwt.
Grain futures had a wait-and-see feel ahead of Thursday’s World Agricultural Supply and Demand Estimates.
Corn futures closed mostly 2¢ to 3¢ higher.
Soybean futures closed 12¢ to 19¢ lower through Aug ‘24 and then 8¢ to 10¢ lower.
KC HRW Wheat closed 4¢ to 5¢ lower.
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Major U.S. financial indices gained Wednesday, as traders awaited more inflation data this week.
The Dow Jones Industrial Average closed 65 points higher. The S&P 500 closed 18 points higher. The NASDAQ was up 96 points.
West Texas Intermediate Crude Oil futures (CME) closed 93¢ to $2.48 lower through the front six contracts.
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National pasture and range conditions continue ahead of last year, according to the most recent Crop Progress report from USDA’s National Agricultural Statistics Service.
For the week ending Oct. 8, 35% of pasture and range was rated as Good (30%) or Excellent (5%), which was the same as the previous week and 12% more than a year earlier. 36% was rated as Poor (21%) or Very Poor (15%), which was 1% more than a week earlier but 10% less than a year earlier.
57% of winter wheat was planted, which was 4% less than last year but the same as the average. 29% was emerged, compared to 24% a week earlier and 30% a year earlier.