Queasiness about political intent for the cattle markets and wonderments about resumption of cattle imports from Mexico pressured Cattle futures on Tuesday.
Toward the close, Live Cattle futures were an average of $4.25 lower. Feeder Cattle futures were an average of $8.09 lower.
Negotiated cash fed cattle trade was inactive on light demand in all cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $235-$236/cwt. in the Texas Panhandle, $235-$237 in Kansas, $228-$232 in Nebraska and mostly $230 in the western Corn Belt. Dressed delivered prices were mainly $358-$360.
Choice boxed beef cutout value was $1.67 lower Tuesday afternoon at $377.58/cwt. Select was $1.32 higher at $361.25.
Corn and Soybean futures were lower on Tuesday with pressure likely including farmer selling and profit taking from recent gains.
Toward the close and through Jly contracts,
Corn futures were mostly 2¢ to 3¢ lower. Soybean futures were 12¢ to 14¢ lower. KC HRW Wheat futures were fractionally lower to 4¢ higher.
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