Cattle futures were mostly able to hold the previous session’s gains on Tuesday after early pressure tied to declining outside markets.
Toward the close, Live Cattle futures were an average of 64¢ higher. Feeder Cattle futures were narrowly mixed, from unchanged to an average of 72¢ lower in three contracts (2¢ to $1.97 lower) and then an average of 26¢ higher.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $244/cwt. in the Southern Plains, $239-$243 in Nebraska and mainly $243 in the western Corn Belt. Dressed delivered prices were mainly $383 in Nebraska and $382-$383 on a light test in the western Corn Belt.
Choice boxed beef cutout value was $6.71 higher Tuesday afternoon at $388.05/cwt. Select was 37¢ higher at $378.58.
Grain and Soybean futures trended higher Tuesday, as traders digested the U.S.-Israel attack on Iran.
Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures were 3¢ to 5¢ higher. Corn futures were fractionally higher to 1¢ higher. Soybean futures were 4¢ to 7¢ higher.
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