Cattle futures continued lower Tuesday on wonderment about expected reduced tariffs on beef imports.
Toward the close, Live Cattle futures were an average of $2.45 lower. Feeder Cattle futures were an average of $5.94 lower.
Negotiated cash fed cattle trade was mostly inactive on moderate demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $256/cwt. in the Texas Panhandle, $255-$260 in Kansas and mostly $260 in the North. Dressed delivered prices were mainly $402 in Nebraska and $400-$405 in the western Corn Belt.
Choice boxed beef cutout value was 49¢ lower Monday afternoon at $390.73/cwt. Select was 22¢ lower at $391.27.
Grain and Soybean futures were higher Tuesday, buoyed by the World Agricultural Supply and Demand Estimates (see below).
Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 45¢ higher. Corn futures were mostly 3¢ to 6¢ higher. Soybean futures were 9¢ to 13¢ higher through near Nov.
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