Sharply lower outside markets pressured by higher inflation than expected compounded the previous day’s lower corn yield estimates, weighing on Cattle futures.
Feeder Cattle futures closed an average of $1.88 lower ($1.10 to $2.60 lower).
Live Cattle futures closed an average of 77¢ lower.
That was with Corn futures retreating on the same macroeconomic news.
Corn futures closed 1¢ to 3¢ lower through Sep ‘23, then mostly fractionally higher.
Soybean futures closed mostly 3¢ to 9¢ lower through Jly ‘23 and then mostly 1¢ higher.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $141/cwt. in the Southern Plains, $142-$143 in Nebraska and $143-$146 in the western Corn Belt. Dressed prices were $226 in Nebraska and $225-$230 in the western Corn Belt.
Choice Boxed beef cutout value was $2.28 lower through Tuesday afternoon at $256.66/cwt. Select was $2.18 lower at $233.58/cwt.
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