Cattle futures were narrowly mixed Monday, with Live Cattle edging lower and Feeder Cattle mostly eking out gains.
Heading into the close, Live Cattle futures were an average of 21¢ lower. Feeder Cattle futures were an average of 30¢ higher, except for unchanged and 32¢ lower in two contracts.
Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
For the week, Live FOB prices were steady to $1 higher in the Texas Panhandle at $181/cwt., steady to $1 lower in Kansas at $180-$181, mostly steady in Nebraska at $181-$182 and steady to $2 higher in the western Corn Belt at $182-$183.
Dressed delivered prices were steady to $6 higher in Nebraska at $288-$294 and steady to $8 higher in the western Corn Belt at $288-$294.
The five-area direct weighted average FOB live steer price last week was 93¢ higher at $182.11/cwt. The weighted average dressed delivered price was $3.07 higher at $290.61.
Grain futures were lower Monday amid the improved international weather outlook and potential profit taking.
Toward the close and through Jly ’25 contracts, Corn futures were 1¢ to 3¢ lower. Kansas City Wheat futures were 18¢ to 19¢ lower. Soybean futures were 1¢ lower.
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Major U.S. financial indices were mixed Monday, ahead of this week’s Fed decision regarding interest rates.
The Dow Jones Industrial Average closed 228 points higher. The S&P 500 closed 7 points higher. The NASDAQ was down 91 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $1.36 to $1.85 higher through the front six contracts.
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Resurgent drought in parts of the Southern Plains is reducing wheat pasture prospects and related calf demand.
In Oklahoma, for instance, Derrell Peel, Extension livestock marketing specialist at Oklahoma State University says very little wheat has been planted, or it has been dusted in hoping for rain.
“The start of winter grazing will be pushed back, and stocking rates will likely be reduced due to less available forage through the winter,” Peel explains in his weekly market comments. “The lack of wheat stocker demand and the beginning of the fall run of calves is putting pressure on cattle auction prices.”