Negotiated cash fed cattle trade wobbled from the blocks on Tuesday with live prices $1 lower than last week in the Texas Panhandle at $124/cwt. That was on slow trade and light to moderate demand. Perhaps today’s weekly Fed Cattle Exchange auction will provide more clarity to the price trend.
Cattle futures closed mostly narrowly mixed on Tuesday with apparent profit taking on the one side, and settling in for potentially higher cash trade on the other.
Except for 70¢ lower in spot Dec and 52¢ higher in the back contract, Live Cattle futures closed 27¢ lower to 17¢ higher.
Feeder Cattle futures closed an average of 56¢ lower (for 5¢ to 82¢ lower).
Choice boxed beef cutout value was $2.07 higher Tuesday afternoon at $212.64/cwt. Select was $2.99 higher at $197.76.
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