Cattle futures took a step lower Tuesday to start the trading week, caught in the broader commodity market downdraft and amid month-end positioning.
Feeder Cattle futures closed an average of $1.20 lower.
Live Cattle futures closed an average of $1.31 lower, from 20¢ lower at the back to $2.02 lower toward the front.
Corn futures closed 15¢ to 23¢ lower through old-crop contracts, and then mostly 7¢ lower.
Soybean futures closed 30¢ to 49¢ lower through Sep ‘23 and then 23¢ to 24¢ lower.
Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Live prices last week were $137/cwt. in the Southern Plains, $140 in Nebraska and $140-$142 in the western Corn Belt. Dressed prices were $223-$224 in Nebraska and $222-$227 in the western Corn Belt.
Choice Boxed beef cutout value was $2.12 higher Tuesday afternoon at $267.54/cwt. Select was $2.15 higher at $248.65.
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