Cattle futures extended gains Tuesday, boosting optimism that a near-term bottom might have been established.
Toward the close, Live Cattle futures were an average of $2.71 higher. Feeder Cattle futures were an average of $3.38 higher.
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.
FOB live prices last week were $218/cwt. in the South Central region, mostly $216-$218 in Nebraska and $210-$218 in the western Corn Belt. Dressed delivered prices were $330-$340 in Nebraska and mostly $340 in the western Corn Belt.
Choice boxed beef cutout value was 24¢ higher Tuesday afternoon at $362.98/cwt. Select was $2.11 lower at $351.62.
Grain and Soybean futures were higher Tuesday, supported by lower ending stocks in the World Agricultural Supply and Demand Estimates (see below).
Through late afternoon, and through the front four contracts, Corn futures were 8¢ higher on lower USDA yield estimates. Soybean futures were 37¢ to 43¢ higher. Kansas City HRW Wheat futures were 1¢ to 2¢ higher.
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