Cattle futures continued to unwind Tuesday with sharply lower Choice wholesale beef values so far this week and last week’s drop in negotiated cash fed cattle prices.
Toward the close, Live Cattle futures were an average of $2.47 lower. Feeder Cattle futures were an average of $5.59 lower.
Negotiated cash fed cattle trade ranged from inactive on light demand in Kansas to limited on light tomoderate demand in the North through Tuesday afternoon, according to the Agricultural Marketing Service.
Although too few transactions to trend, there were some early dressed delivered trades in Nebraska at $380/cwt. and at $385 in the western Corn Belt.
Last week, FOB live prices were mainly $248/cwt. in all regions. Dressed delivered prices were $393 in the western Corn Belt and $390-$393 in Nebraska.
Choice boxed beef cutout value was $1.66 lower Tuesday afternoon at 373.95/cwt. Select was 76¢ lower at $364.41. Choice was $8.73 lower in the last two days.
Corn and Soybean futures were lower Tuesday with improved crop ratings (see below) and a more favorable weather outlook.
Toward the close and through near Mar contracts, Corn futures were mostly 3¢ to 4¢ lower. Soybean futures were mostly 3¢ to 5¢ lower.
Kansas City HRW Wheat futures were 8¢ to 11¢ higher with added premium on Russian export disruptions stemming from the war between the Ukraine and Russia.
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