Feeder Cattle Close Down More Than $5

October feeder cattle ended the day down $5.18 at $349.13 per hundredweight (cwt). December live cattle closed down $2.48 at $232.68 per cwt. December lean hogs were down 58¢ at $87.65 per cwt.

“Cattle futures again led the livestock complex lower today as additional weakness was noted in cash trade,” said Karl Setzer, partner at Consus Ag Consulting. “… Packer margins are deteriorating, and retail demand is becoming less certain, and neither side wants to see negative margins. This weighed heavily on boxed beef today, and this is what has been supporting cattle futures. Cattle inventory remains light, but as demand slips, so does the concern over tight numbers. Hogs were also pressured today, but pork demand is not being impacted as much by high costs, and losses were limited.”

December corn ended the day down 2¾¢ at $4.26¾ per bushel.

November soybeans closed down 6¢ at $10.43¾ per bushel. 

December CBOT wheat closed down 5¾¢ at $5.28¼ per bushel. December KC wheat was down 7¼¢ at $5.16¼ per bushel. December Minneapolis wheat was down 2½¢ at $5.74.

Ahead of 2:30 p.m. CT, November crude oil was down 66¢ at $63.50 per barrel.

The S&P 500 Index was down 4.38 points, and the Dow Jones Industrial Average was up 247.51 points. 

Published: 2:40 p.m. CT

Feeder Cattle Down More Than $5: 9:49 a.m. CT

As of 9:21 a.m. CT, December live cattle were down $2.85 at $232.30 per hundredweight (cwt). October feeder cattle were down $5.65 at $348.65 per cwt. December lean hogs were down 58¢ at $87.65 per cwt.

Ahead of 9:30 a.m. CT, December corn was up 1¼¢ at $4.30¾ per bushel.

November soybeans were up 1½¢ at $10.51¼ per bushel.

December CBOT wheat was down a penny at $5.33 per bushel. December KC wheat was down 2¼¢ at $5.21¼ per bushel. December Minneapolis wheat was down 2¼¢ at $5.74¼.

“I am watching the U.S. dollar ahead of the widely anticipated Federal Reserve rate cut,” said Cole Raisbeck, commodities broker with Kluis Commodity Advisors. “A weaker dollar could make U.S. commodities more competitive for foreign buyers, potentially boosting already strong corn exports and supporting soybean exports amid China’s absence.”

Naomi Blohm, senior market advisor with Total Farm Marketing, said it is “widely expected” the Fed will announce a 0.25 percentage point cut to the federal funds rate later today, which influences interest rates throughout the economy.

As of 9:20 a.m. CT, the U.S. Dollar Index December contract was up to 96.31.

November crude oil was down 3¢ at $64.13 per barrel.

Published: 9:49 a.m. CT