Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Live prices last week were at $124/cwt. in the Texas Panhandle at $122-$124 in Kansas, at $122 in Nebraska and at mostly $122 in the western Corn Belt. Dressed prices were $196 in Nebraska and $192-$197 in the western Corn Belt.
Estimated total cattle slaughter last week of 637,000 head was 4,000 head fewer than the previous week and 27,000 head fewer than the same time last year.
Cattle futures plowed higher Monday, buoyed in part by extremely oversold conditions.
Live Cattle futures closed an average of $1.64 higher (75¢ higher at the back to $2.85 higher toward the front).
Feeder Cattle futures closed an average of $1.30 higher Monday (32¢ higher toward the back to $2.25 higher in spot Oct) except for $2.00 lower in Sep.
Choice boxed beef cutout value was $3.18 lower Monday afternoon at $289.18/cwt. Select was 32¢ higher at $265.16.
Corn futures closed fractionally lower to 2¢ higher across most of the board.
Soybean futures closed 6¢ to 10¢ lower through Jly ’22 and then mostly fractionally lower to 3¢ lower.
Major U.S. financial indices closed mostly sharply lower Monday, led by tech stocks as investors seemed to grow squeamish about the impact of rising bond yield rates on high-value shares.
The Dow Jones Industrial Average closed 323 points lower. The S&P 500 closed 56 points lower. The NASDAQ was down 311 points.
Forty-seven percent of the winter wheat crop was in the ground as of Oct. 3, according to USDA’s latest Crop Progress report. That was 3% less than the same time last year but 1% more than the 5-year average. Emergence was at 19% compared to 22% last year and 20% for average.
Derrell Peel, Extension livestock marketing specialist at Oklahoma State University provides a regional perspective in his weekly market comments, based on the previous week’s data.
“Although the numbers are about average, general indications are that wheat pasture prospects are limited at this time,” Peel says. “Some producers have “dusted in” wheat into dry soil, which will germinate quickly with the recent rains. Pockets of heavy rain may have crusted over fields with un-germinated or very small wheat and may require replanting.” That’s similar to the prognosis I heard from producers in western Kansas last week.