Cattle Current Daily—Oct. 9, 2024

Cattle Current Daily—Oct. 9, 2024

Cattle futures were higher Tuesday, supported again by recently stronger Choice wholesale beef values.

Toward the close, Live Cattle futures were an average of 54¢ higher. Feeder Cattle futures were an average of $1.51 higher.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday 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 91¢ higher Tuesday afternoon at $306.84/cwt. Select was 72¢ lower at $288.61.

Corn and soybean futures were lower Tuesday with harvest pressure and a more positive planting outlook for South America.

Toward the close and through Sep ’25 contracts, Corn futures were mostly 2¢ to 5¢ lower. Soybean futures were 15¢ to 19¢ lower. Kansas City Wheat futures were fractionally lower.

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Major U.S. financial indices closed higher Tuesday, supported by easing oil prices and stronger tech stocks.

The Dow Jones Industrial Average closed 126 points higher. The S&P 500 closed 55 points higher. The NASDAQ was up 259 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $2.52 to $3.54 lower through the front six contracts.

2024-10-08T19:08:37-06:00

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