Cattle future closed lower Tuesday, amid retrenching and a risk-off atmosphere in commodities and equites tied to growing concerns about recession.
Feeder Cattle futures closed an average of 59¢ lower (10¢ to $1.00 lower).
Live Cattle futures closed an average of 73¢ lower (17¢ lower to $1.00 lower toward the front).
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, live prices were $2-$4 higher in the Texas Panhandle at $165-$167/cwt., $4 higher in Kansas at $167, $4-$7 higher in Nebraska at $168-$172 and $4-$6 higher in the western Corn Belt at $170. Dressed prices were $5-$7 higher at $270-$272.
Wholesale beef prices extended gains Tuesday. Choice boxed beef cutout value was $2.85 higher Tuesday afternoon at $287.94/cwt. Select was $3.77 higher at $277.95/cwt.
Corn futures closed 3¢ to 9¢ lower.
KC HRW Wheat closed 1¢ to 3¢ lower.
Soybean futures closed mostly 8¢ to 12¢ lower.
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