Lower Corn futures helped Feeder Cattle extend gains Tuesday. They closed an average of $2.56 higher ($1.05 higher in spot May to $3.17 higher at the back).
Live Cattle futures closed an average of 23¢ higher, except for an average of 14¢ lower in the front two contracts and unchanged at the back.
Corn futures closed 12¢ to 14¢ lower through Jly ‘23 and then mostly 2¢ lower, pressured by resurgent planting progress.
Soybean futures closed mostly unchanged to 3¢ lower, except for fractionally higher to 6¢ higher in the front three contracts.
Negotiated cash fed cattle trade in the Southern Plains was $1 lower through Tuesday afternoon at $137/cwt., according to the Agricultural marketing Service. That was on moderate trade and demand in the Texas Panhandle and slow trade on moderate demand in Kansas.
Elsewhere, trade was limited on light demand with too few transactions to trend.
Last week, live prices were $140-$142 in the Northern Plains and $142 in the western Corn Belt. Dressed prices were $226 in Nebraska and $223-$227 in the western Corn Belt.
Choice Boxed beef cutout value was 63¢ lower Tuesday afternoon at $263.65/cwt. Select was $1.12 higher at $245.35.
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