Cattle futures found some footing Tuesday, led by Feeder Cattle as the CME Feeder Cattle Index continued to rise — up about $5 in the last two days.
Toward the close, Feeder Cattle futures were an average of $1.48 higher. Live Cattle futures were an average of 73¢ higher.
Negotiated cash fed cattle trade was at a standstill in all regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $190/cwt. in the Southern Plains, $190-$192 in Nebraska and $185-$190 in the western Corn Belt. Dressed delivered prices were $290 in Nebraska and $294-$305 in the western Corn Belt.
Choice boxed beef cutout value was $3.68 lower Tuesday afternoon at $309.33/cwt. Select was $1.67 lower at $275.33.
Grain and Soybean futures closed mixed again Tuesday.
Toward the close and through Sep ’25 contracts, Corn futures were fractionally lower to 1¢ lower. Kansas City Wheat futures were 1¢ to 2¢ higher. Soybean futures were 2¢ to 6¢ higher.
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Major U.S. financial indices mainly paddled water at and near record levels Tuesday.
The Dow Jones Industrial Average closed 76 points lower. The S&P 500 closed 2 points higher. The NASDAQ was up 76 points.
Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were $1.50 to $1.88 higher through the front six contracts.
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Agricultural producer sentiment increased month to month in November, according to the Purdue University/CME Group Ag Economy Barometer. The overall index climbed 30 points to a reading of 145, the highest level since May of 2021. The Future Expectations Index jumped 37 points to 161, while the Current Conditions Index increased 18 points to 113.
Increased barometer readings reflect growing optimism about a more favorable regulatory and tax environment for agriculture following the U.S. election, according to barometer analysts.
The percentage of producers expecting their operation’s financial performance to improve over the next year climbed to 33%, up from 19% in October. Optimism about the U.S. agricultural sector also surged, with 34% of producers anticipating good times financially in the next 12 months, more than double October’s 15%.
To gain insight into how farmers’ sentiment might align with potential policy shifts following a change in presidential administrations, barometer surveys included several policy-related questions before and after the 2020 and 2024 elections.
In the wake of the 2024 election, farmers’ views on environmental regulations experienced a sharp reversal. In October, 41% of respondents anticipated a more restrictive regulatory environment over the next five years, while only 10% expected less restrictive regulations. However, the November survey saw a dramatic shift, with just 9% of surveyed farmers expecting stricter regulations and 55% predicting a more favorable, less restrictive regulatory landscape.
Similarly, 55% of respondents expected income tax rates to remain unchanged, compared to just 25% in 2020. Likewise, 57% of respondents in the November survey anticipated estate tax rates to stay the same over the next five years, a large increase from 28% in November 2020.
“While optimism is up, farmers are also expressing concerns about the potential risks to agricultural trade, with many fearing that a trade war could significantly impact U.S. exports,” says James Mintert, the barometer’s principal investigator and director of Purdue University’s Center for Commercial Agriculture.