Cattle futures trended lower Tuesday with likely profit taking.
Toward the close, Live Cattle futures were an average of 97¢ lower. Feeder Cattle futures were an average of $1.06 lower.
Negotiated cash fed cattle trade was mostly 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 $258-$260/cwt. in the Southern Plains and mostly $260 in the North. Dressed delivered prices were mostly $408 in Nebraska at $405 in the western Corn Belt on a light test.
Choice boxed beef cutout value was $4.25 higher Tuesday afternoon at $400.31/cwt., the highest level since March. Select was $5.47 higher at $381.06.
Positive growing conditions and crop progress continued to challenge grain and Soybean futures Tuesday.
Toward the close, and through near Mar contracts, Corn futures were 1¢ to 2¢ lower. Soybean futures were 1¢ lower to 1¢ higher. Kansas City HRW Wheat futures were 12¢ to 14¢ lower with likely added harvest pressure.
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