Cattle Futures Podcast—Oct. 30, 2024

Cattle Futures Podcast—Oct. 30, 2024

Cattle futures ran out of steam Tuesday with technical pressure and lower wholesale beef values.

Toward the close, Live Cattle futures were an average of $1.32 lower. Feeder Cattle futures were an average of $2.76 lower, except for 7¢ higher in spot Oct.

Negotiated cash fed cattle trade ranged from inactive on very light demand to a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $190-$191/cwt. in the Texas Panhandle $190 in Kansas and mostly $190 in the North. Dressed delivered prices were $2 higher in Nebraska at $298 and $2-$4 higher in the western Corn Belt at $298-$300 in a light test.

Choice boxed beef cutout value was $2.89 lower Tuesday afternoon at $320.61/cwt. Select was $2.22 lower at $289.96.

Toward the close and through Sep ’25 contracts, Kansas City Wheat futures were 12¢ to 13¢ higher Tuesday with the bearish crop rating in Monday’s Weekly Crop Progress report indicating, 38% was in Good (33%) or Excellent (5%) condition versus 47% at the same time last year. 23% was rated as Poor (16%) of Very Poor (7%) compared to 18% a year earlier.

Corn futures were fractionally higher to 3¢ higher. Soybean futures were 2¢ to 8¢ lower.

2024-10-29T18:12:52-06:00

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