Torrington, WY October 31, 2023 — On today’s Daybreak Market Report from the Western Ag Network, Land Nordlund says that live cattle futures posted strong gains.

“Live cattle futures posted the strongest gains early in the session with most contracts holding triple digit gains throughout much of the day,” said Nordlund. “The ability to aggressively return to the market following the weekend seemed to have turned the page from the sharp losses seen early last week.”

“December live cattle up a $1 and some change at $183.25 – February up a $1 at $183.97.”

“The 5-area weekly cash cattle average price moved to $184.02 per 100-weight just last week. We expect that cash cattle call throughout the week to be steady to possibly $2 higher with that enthusiasm we are seeing in the futures market.”

“The futures trade was also higher in the feeder cattle. January up $1.17 at $236.87 – March up $0.80 at $239.37.”

Wheat

“Yesterday, December Kansas City Wheat ended the day $0.02 higher at $6.45 – a small bounce from Friday’s new low, but in the overnight session pressure came back into the complex. Last week’s news cycle weighed heavy on wheat prices as rumor that Ukraine was closing the Black Sea Corridor were false, and Russia’s government actually increased it’s wheat crop estimate to 3.42 billion bushels – much higher than the USDA’s estimate out a few weeks back.”””Prices are also softer with the March Spring Wheat in Minneapolis – lower at $7.32. May also lower at $7.45. Chicago March wheat down by $0.03 at $5.91 – May lower at $6.08. Corn in March lower at $4.92.””Prices are also softer with the March Spring Wheat in Minneapolis – lower at $7.32. May also lower at $7.45. Chicago March wheat down by $0.03 at $5.91 – May lower at $6.08. Corn in March lower at $4.92.”