Cattle futures, especially Feeder Cattle bounced higher Tuesday, supported by likely month-end and quarter-end position squaring and the quarterly Grain Stocks report (see below).
Toward the close, Live Cattle futures were an average of $1.38 higher. Feeder Cattle futures were an average of $5.08 higher.
Negotiated cash fed cattle trade was inactive on light to moderate demand in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $237/cwt. in the Texas Panhandle, $235-$237 in Kansas, $232-$235 in Nebraska and mostly $232 in the western Corn Belt. Dressed delivered prices were $365.
Choice boxed beef cutout value was 35¢ higher Monday afternoon at $371.03/cwt. Select was $1.64 lower at $347.25.
Corn futures wilted beneath harvest pressure and estimates of more than expected quarterly stocks.
Toward the close and through Jly contracts, Corn futures were 5¢ to 6¢ lower. KC HRW Wheat were mostly 8¢ to 11¢ lower. Soybean futures were 9¢ to 11¢ lower.
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