Cattle futures continued lower Tuesday with month-end and quarter-end positioning.
Toward the close, Live Cattle futures were an average of 96¢ lower, except for 80¢ higher in spot Jun and 2¢ higher at the back. Feeder Cattle futures were an average of $3.29 lower.
Negotiated cash fed cattle trade was inactive on light demand through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $258/cwt. in the Southern Plains, mostly $260 in the western Corn Belt and $258-$260 in Nebraska. Dressed delivered prices were $408.
Choice boxed beef cutout value was $1.72 higher Tuesday afternoon at $393.16/cwt. Select was $2.50 lower at $371.68.
Despite some mixed signals, Grain and Soybean futures were higher Tuesday with support from USDA’s Acreage and Grain Stocks reports (see below).
Toward the close, and through near Mar contracts, Corn futures were mostly 4¢ to 8¢ higher with lower stocks than expected. Soybean futures were 4¢ to 8¢ higher. Kansas City HRW Wheat futures were 8¢ to 9¢ higher.
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