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 $7-$8 higher in the Texas Panhandle at $245-$246/cwt., mostly $8 higher in Kansas at mainly $246 and $10 higher in the North at $245. Dressed delivered prices were mostly $13 higher at mainly $385.
Choice boxed beef cutout value was $5.30 lower Tuesday afternoon at $382.74/cwt. Select was $2.04 lower at $386.33.
Cattle futures pulled back Tuesday with pressure from iffy outside markets, declining wholesale beef values and likely profit taking.
Toward the close, Live Cattle futures were an average of $1.14 lower. Feeder Cattle futures were an average of $3.88 lower.
Corn and Soybeans trended lower Tuesday on increased risk aversion based on President Trump’s escalating threats against Iran.
Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 1¢ lower. Corn futures were 5¢ lower. Soybean futures were 7¢ to 9¢ lower.
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