More bullish outside markets helped Cattle futures bounce back Monday.
Heading into the close, Live Cattle futures were an average of $1.91 higher. Feeder Cattle futures were an average of $3.87 higher.
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, Live FOB prices were $2-$3 lower in the Texas Panhandle at $180-$181/cwt., $1-$2 lower in Kansas at $181, $3-$4 lower in Nebraska at $180-$181 and steady to $5 lower in the western Corn Belt at $180-$183.
Dressed delivered prices were steady to $4 lower in Nebraska at $288 and $2-$4 lower in the western Corn Belt at $286-$288.
The weighted average five-area direct FOB live steer price last week was $2.63 lower at $181.18/cwt. The weighted average dressed delivered steer price was $2.75 lower at $287.54.
Choice boxed beef cutout value was 89¢ lower Monday afternoon at $308.52/cwt. Select was $2.36 higher at $298.49.
Grain and Soybean futures were mixed Monday with apparent short covering providing support.
Toward the close and through Jly ’25 contracts, Corn futures were fractionally higher to 2¢ higher. Kansas City Wheat futures were 1¢ lower, except for 5¢ higher in spot Sep. Soybean futures were 10¢ to 14¢ higher.
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Major U.S. financial indices closed higher Monday, with investors apparently more bullish about the impact of potential interest rate cuts.
The Dow Jones Industrial Average closed 484 points higher. The S&P 500 closed 62 points higher. The NASDAQ was up 193 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 37¢ to 97¢ higher through the front six contracts.
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Pasture and range conditions continued to lose ground last week with 29% rated Good (23%) or Excellent (6%), according to the USDA Crop Progress report for the week ending Sept 8. That was 4% less than the same time last year. On the other side of the scale, 39% was rated in Poor (24%) or Very Poor (15%) condition, the same as a year earlier.
As for row crops, 5% of corn was in the bin, which was 1% more than the same time last year and 25% more than the five-year average. 64% was in Good (48%) or Excellent (16%), compared to 52% at the same time last year.
Similarly, 65% of soybeans were rated as Good (52%) or Excellent (13%) versus 52% a year earlier.