Market bears had their way on Tuesday, with continued follow-through pressure in Cattle futures, skittishness over heavy supplies and sliding fed cattle prices.
Negotiated fed cattle trade was at significantly lower prices on Tuesday. Early live trade in Nebraska was mostly $7 lower than last week at $115/cwt., with a few up to $117; that was on light to moderate trade and light demand. Early dressed purchases in the western Corn belt traded at mostly $184, which was $4-$9 lower than last week. Live sales in the western Corn Belt so far this week are at mostly $121-$122, in the middle of the previous week’s trading range.
Live Cattle futures closed an average of $1.25 lower (87¢ to $1.65 lower in spot Jun). That’s an average of $3.25 lower in the last two sessions.
Feeder Cattle futures closed an average of $1.84 lower ($1.60-$2.02 lower). That’s an average of $4.50 lower over the last two days.
Choice boxed beef cutout value was 48¢ lower Tuesday afternoon at $231.64/cwt. Select was 39¢ higher at $209.51. Select and Choice rib and loin cuts sold steady to firm, while chuck and round cuts traded steady to weak, according to the Agricultural Marketing Service. Beef trimmings sold sharply lower on light demand and offerings.
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