Despite sharply lower outside markets, Cattle futures renewed gains on Tuesday, buoyed, in part, by notions that last week’s anemic trade volume of fed cattle means packers must step up to the plate this week. Moreover, all indications suggest cattle feeders remain plumb current in marketing.
Except for 22¢ higher and 37¢ higher on either end of the board, Live Cattle futures closed an average of 77¢ higher.
Feeder Cattle futures closed an average of $1.08 higher; an average of 79¢ higher across the front half and then an average of $1.37 higher.
Boxed beef cutout values were lower on light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.01 lower in the afternoon at $219.70/cwt. Select was $1.90 lower at $202.30.
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Android | RSS | More