Cattle futures mostly extended gains Monday, supported by recently stronger wholesale beef values.
Toward the close, Live Cattle futures were an average of 78¢ higher with the strongest support at the back half of the board. Feeder Cattle futures were an average of $1.69 higher across a broad range, except for an average of 49¢ lower in two contracts.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $1 higher in the Southern Plains at $186/cwt., steady in Nebraska at $187 and mostly steady to $2 higher in the western Corn Belt at $187-$188. Dressed delivered prices were $2 higher in Nebraska at $296 and $2-$4 higher in the western Corn Belt at $296.
Choice boxed beef cutout value was $3.35 higher Monday afternoon at $305.93/cwt. Select was $1.72 higher at $289.33.
Corn and wheat futures added apparent risk premium Monday. Toward the close and through Sep ’25 contracts, Corn futures were 1¢ to 2¢ higher. Kansas City Wheat futures were 5¢ to 6¢ higher. Soybean futures were fractionally lower to 3¢ lower.
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Major U.S. financial indices basically gave back the previous session’s strong gains Monday, under pressure from spiking oil prices and bond yield rates.
The Dow Jones Industrial Average closed 398 points lower. The S&P 500 closed 55 points lower. The NASDAQ was down 213 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME closed $2.72 to $2.91 higher through the front six contracts.
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Approximately half of the winter wheat crop was planted as of October. 6, according to the latest USDA Crop Progress report with 51% in the ground, which was 1% behind last year and the five-year average.
However, planting is running well behind in key states like Oklahoma.
“Opportunities for wheat grazing are slipping aways quickly,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. “At the end of September, wheat planting in Oklahoma was 22%, compared to a 32% average for the previous five years. Some wheat has been dusted into dry soil to await moisture. Some wheat is up but stands are small and not growing much due to the lack of moisture.” The latest Crop Progress reports pegs Oklahoma planting at 32% versus 43% a year earlier and 46% for average.
As for other crops, 30% of corn was harvested, which was 1% less than a year earlier but 3% more than average. Sixty-four percent was rated as Good (49%) or Excellent (15%) compared to 53% at the same time last year.
Similarly, 47% of soybeans were harvested, which was 10% more than a year earlier and 13% more than average. Sixty-three percent were rated as Good (51%) or Excellent (12%) versus 51% at the same time last year.