Daily Market Highlights

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $2 higher in the Southern Plains at $185/cwt., $1.50-$2.00 higher in Nebraska at $185-$186 and $2 higher in the western Corn Belt at $185-$186. Dressed delivered prices were $2-$8 higher in Nebraska at $292-$300 and $2 higher in the western Corn Belt at $292.

Choice boxed beef cutout value was $1.84 higher Monday afternoon at $308.88/cwt. Select was $1.45 higher at $298.88/cwt.

Cattle futures drifted mainly lower Monday.

Live Cattle futures closed an average of 27¢ lower, except for an average of 16¢ higher in the back two contracts.

Feeder Cattle futures closed an average of 85¢ lower (12¢ to $1.37 lower), except for an average of 36¢ higher in the last two contracts.

Corn futures closed fractionally higher to 2¢ higher.

KC HRW Wheat futures closed 9¢ to 13¢ higher.

Soybean futures closed mostly fractionally lower to 5¢ lower.

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Major U.S. financial indices settled narrowly mixed Monday as investors apparently waited for direction from Tuesday’s Consumer Price Index.

The Dow Jones Industrial Average closed 46 points higher. The S&P 500 closed 5 points lower. The NASDAQ was down 65 points.

West Texas Intermediate Crude Oil futures (CME) closed 8¢ lower to 26¢ higher through the front six contracts.

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Nationwide last week, feeder steers and heifers sold $2-$4 higher, according to the Agricultural Marketing Service. Compared to a year earlier, the regional weighted average feeder steer price (600-700 lbs.) was 65.67/cwt. higher in the Southeast to $79.09 higher in the North Central region, according to USDA’s National Weekly Feeder and Stocker Cattle Summary.

Total trade at auction, video-internet and via direct trade last week was 306,200 head compared to about 280,000 head the previous week and about 260,000 the same week last year. Year-to-date auction receipts are higher year over year.

“Feeder cattle supplies are the tightest they have been in a decade and are expected to tighten further this year,” says Josh Maples, Extension livestock economist at Mississippi State University, in the latest Cattle Market Notes Weekly. “Higher levels of cow-culling and lower retention of heifers as beef cow replacements in recent years have likely set the stage for a smaller calf crop in 2024.” He explains the estimated number of calves produced in 2023 was 33.6 million head, which was similar to the 2014 level and down more than 3 million head since 2018.

Negotiated cash fed cattle trade was slow on light demand in all major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were $2 higher in the Southern Plains at $185/cwt., $1.50-$2.00 higher in Nebraska at $185-$186 and $2 higher in the western Corn Belt at $185-$186. Dressed delivered prices were $2-$8 higher in Nebraska at $292-$300 and $2 higher in the western Corn Belt at $292.

Estimated total cattle slaughter last week of 583,000 head was 16,000 head fewer than the previous week and 48,000 head fewer than the same week last year. Year-to-date estimated cattle slaughter of 5.9 million head was 349,000 head fewer (-5.5%) than the same time last year. Year-to-date estimated beef production of 4.9 billion pounds was 231.3 million pounds less (-4.5%).

Choice boxed beef cutout value was 43¢ higher Friday afternoon at $307.04/cwt. Select was $1.17 higher at $297.43/cwt.

Cattle futures closed lower Friday despite the week’s higher cash trade and the supportive outlook in the monthly World Agricultural Supply and Demand Estimates (see below).

Live Cattle futures closed an average of 83¢ lower.

Feeder Cattle futures closed an average of $1.33 lower (62¢ to $2.20 lower).

Grain and Soybean futures closed higher with likely short covering despite neutral to bearish World Agricultural Supply and Demand Estimates.

Corn futures closed 2¢ to 3¢ higher.

KC HRW Wheat futures closed 10¢ to 14¢ higher.

Soybean futures closed 16¢ to 19¢ higher.

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Major U.S. financial indices closed lower Friday, led by tech stocks and with mixed economic data.

Total non-farm payroll employment rose by 275,000 in February, according to the U.S. Bureau of Labor Statistics, which was more than expected. However, the unemployment rate increased to 3.9%.

In February, average hourly earnings for all employees on private non-farm payrolls increased 5¢ to $34.57.

The Dow Jones Industrial Average closed 68 points lower. The S&P 500 closed 33 points lower. The NASDAQ was down 188 points.

West Texas Intermediate Crude Oil futures (CME) closed 61¢ to 92¢ lower through the front six contracts.

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USDA’s Economic Research Service (ERS) increased the forecast weighted average five-area direct fed cattle price for the remainder of this year, in the March World Agricultural Supply and Demand Estimates.

Compared to the previous month, ERS increased projected prices $3 in the first quarter to $179/cwt., $3 in the second quarter to $183, $2 in the third quarter to $182 and $2 in the fourth quarter to $186. ERS increased the forecast annual average price $3 to $183. Prices were forecast higher on recent prices and firm demand for fed cattle.

Beef production was projected 140 million pounds more than the previous month at 26.3 billion pounds. If so, it would be 638 million pounds less (-2.4%) than last year. Forecast production was raised with higher expected slaughter for the remainder of the year offsetting lower expected production in the first quarter.

Cattle futures closed higher Thursday, buoyed by stronger cash fed cattle prices.

Live Cattle futures closed an average of $1.11 higher.

Feeder Cattle futures closed an average of 84¢ higher (42¢ to $1.12 higher), except for unchanged in spot Mar.

Negotiated cash fed cattle trade in the Southern Plains through Thursday afternoon ranged from a standstill in the Texas Panhandle to slow on light to moderate demand in Kansas, according to the Agricultural Marketing Service. Although too few to trend, there were some early FOB live sales in Kansas at $186/cwt. Prices in the Southern Plains last week were $183.

Trade in the North ranged from slow on light to moderate demand in Nebraska to moderate on moderate demand in the western Corn Belt. FOB live prices were $1.50 to $2.00 higher in Nebraska at $185-$186 and $2 higher in the western Corn belt at $185-$186. Dressed delivered prices in both regions were $290 last week.

Choice boxed beef cutout value was $1.70 higher through Thursday afternoon at $306.61/cwt. Select was $1.17 higher at $296.26/cwt.

Grain and Soybean futures closed higher Thursday with apparent technical support and perhaps positioning ahead of Friday’s monthly World Agricultural Supply and Demand Estimates.

Corn futures closed 7¢ to 9¢ higher through May ’25 and then mostly 4¢ to 6¢ higher.

KC HRW Wheat futures closed 10¢ to 18¢ higher.

Soybean futures closed 11¢ to 18¢ higher through Jan ’25 and then 6¢ to 7¢ higher.

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Major U.S. financial indices closed strongly higher Thursday, led by tech stocks and investor optimism about tamer inflation.

The Dow Jones Industrial Average closed 130 points higher. The S&P 500 closed 52 points higher. The NASDAQ was up 241 points.

West Texas Intermediate Crude Oil futures (CME) closed 20¢ lower to 11¢ higher through the front six contracts.

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The number of farms in the United States has fallen below 2 million for the first time since before the Civil War, according to the recently released 2022 Census of Agriculture, which USDA conducts every five years.

In 2022, there were 1,900,487 farms in the country, a 7% decline from the level reported in the 2017 Census. A farm is defined as an establishment that produced and sold, or would have sold in normal conditions, at least $1,000 in agricultural production in a year.

Total U.S. land in farms declined 2.2% to 880 million acres in 2022. Declining acres, combined with the higher proportional decline in the number of farms, meant that the average farm size increased by 5% to 463 acres per farm.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $183/cwt. in the Southern Plains, $183-$184.50 in Nebraska and $183-$184 in the western Corn Belt. Dressed delivered prices were $290.

Cattle futures weakened Wednesday, as traders appeared to be waiting for cash direction.

Live Cattle futures closed an average of 46¢ lower (22¢ to $1.07 lower).

Feeder Cattle futures closed an average of 91¢ lower (70¢ to $1.30 lower).

Choice boxed beef cutout value was 12¢ higher Wednesday afternoon at $304.91/cwt. Select was 22¢ higher at $295.09/cwt.

Grain and Soybean futures were mixed Wednesday. Keep in mind the monthly World Agricultural Supply and Demand Estimates are scheduled for release this Friday.

Corn futures closed fractionally higher to 2¢ higher.

KC HRW Wheat futures closed 10¢ to 15¢ lower though Dec ’24 and then 6¢ to 7¢ lower, struggling for demand.

Soybean futures closed mostly 1¢ to 2¢ lower.

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Major U.S. financial indices edged higher Wednesday, helped by inflation comments from Federal Reserve Chair, Jerome Powell.

In his Semiannual Monetary Policy Report to the Congress, Powell explained, “We believe that our policy rate is likely at its peak for this tightening cycle. If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year. But the economic outlook is uncertain, and ongoing progress toward our 2% inflation objective is not assured.”

The Dow Jones Industrial Average closed 75 points higher. The S&P 500 closed 26 points higher. The NASDAQ was up 91 points.

West Texas Intermediate Crude Oil futures (CME) closed 70¢ to $1.00 higher through the front six contracts.

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U.S. agricultural producer sentiment rose in February despite producers’ ongoing concerns about their operations’ financial performance in the year ahead, according to the latest Purdue University/CME Group Ag Economy Barometer.

The February barometer reading of 111 was 5 points higher month to month, buoyed by a 7-point increase 1n the Futures Expectations index. The Current Conditions Index was unchanged.

“Weak crop prices continue to weigh heavily on financial expectations, with mid-February Eastern Corn Belt cash prices for corn and soybeans declining by 7% and 8%, respectively, compared to two months earlier,” explains James Mintert, the barometer’s principal investigator and director of Purdue University’s Center for Commercial Agriculture.

More specifically, 34% of respondents cited higher input costs as their primary concern for their operation this year, followed by 28% who said it was lower crop and livestock prices.

Each February, the barometer survey asks producers about growth plans for their operation in the next five years. This year, 40% of respondents expressed no plans for growth, with 14% saying they plan to exit or retire. Just over 3 out of 10 respondents anticipate their farm’s annual growth rate to exceed 5%. Responses to this question, which have been consistent in recent years, point to further consolidation among farm operations.

The latest Ag Economy Barometer survey was conducted from February 12-16.

Cattle futures moved ahead Tuesday, mostly erasing losses from the previous session.

Live Cattle futures closed an average of 81¢ higher (52¢ to $1.32 higher).

Feeder Cattle futures closed an average of $1.12 higher (75¢ to $1.50 higher).

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $183/cwt. in the Southern Plains, $183-$184.50 in Nebraska and $183-$184 in the western Corn Belt. Dressed delivered prices were $290.

Choice boxed beef cutout value was $1.51 lower Tuesday afternoon at $304.79/cwt. Select was 30¢ lower at $294.87/cwt.

Grain and Soybean futures softened Tuesday with likely pressure from profit taking and producer selling.

Corn futures closed mostly 3¢ to 4¢ lower.

KC HRW Wheat futures closed mostly 6¢ to 11¢ lower.

Soybean futures closed 1¢ to 6¢ lower.

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Major U.S. financial indices closed sharply lower Tuesday, led by tech stocks.

The Dow Jones Industrial Average closed 404 points lower. The S&P 500 closed 52 points lower. The NASDAQ was down 267 points.

West Texas Intermediate Crude Oil futures (CME) 59¢ to 79¢ lower through the front six contracts.

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Tighter supplies continue boosting cull cow and cow beef prices.

“Southern Plains auction prices for 85-90% lean cows jumped from $85/cwt. to $105 over the last two weeks. National average cutter quality cows hovered around $100,” says David Anderson Extension livestock economist with Texas A&M AgriLife Extension Service, in the latest issue of In the Cattle Markets from the Livestock Marketing Information Center.

Besides cull cow prices tending to increase until May-June, as cow slaughter declines seasonally Anderson explains beef and dairy cow slaughter remains less year over year.

“Since the first of the year, cow beef production has been about 14% lower than the same period last year. Heavier weights are boosting pounds of production, partially offsetting fewer animals slaughtered,” Anderson says. “The boxed cow beef cutout hit $240/cwt. at the end of February, up from about $205 at the beginning of the year and $32 higher than the same week in 2023.”

Moreover, Anderson says the approaching grilling season should further support prices.

Cattle futures took a breather Monday as traders appeared to await further cash direction.

Live Cattle futures closed an average of 80¢ lower (32¢ to $1.77 lower).

Feeder Cattle futures closed an average of $1.47 lower (80¢ to $2.40 lower).

Negotiated cash fed cattle trade was at a standstill through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $183/cwt. in the Southern Plains, $183-$184.50 in Nebraska and $183-$184 in the western Corn Belt. Dressed delivered prices were $290.

The five-area direct weighted average FOB live steer price last week was 35¢ higher at $183.30/cwt. The average dressed delivered price was $1.25 lower at $290.36.

Choice boxed beef cutout value was $1.02 higher Monday afternoon at $306.30/cwt. Select was 57¢ lower at $295.17/cwt.

Corn futures closed mostly 3¢ to 5¢ higher.

KC HRW Wheat futures closed mostly 7¢ to 10¢ higher.

Soybean futures closed mostly 4¢ to 6¢ higher.

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Major U.S. financial indices closed lower Monday.

The Dow Jones Industrial Average closed 97 points lower. The S&P 500 closed 6 points lower. The NASDAQ was down 67 points.

West Texas Intermediate Crude Oil futures (CME) closed 35¢ to $1.23 lower through the front six contracts.

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Although the total cattle on feed inventory has been above year-ago levels since last fall, Kenny Burdine, Extension livestock economist at the University of Kentucky notes it has been decreasing since December is now close to the same year over year.

“The surprisingly high cattle on feed levels have largely been the result of high placement levels in September and October due to dry weather in some parts of the U.S. and high levels of live cattle imports,” Burdine explains, in the latest issue of Cattle Market Notes Weekly. “In addition to high placements levels last fall, increasing harvest weights in late 2023 also pointed to longer cattle feeding times.”

As mentioned recently in Cattle Current, although more than expected feedlot placements in January were 7% less than the same time a year earlier, according to USDA’s most recent Cattle on Feed Report.

“Cattle on feed numbers tend to decrease seasonally through spring and summer,” Burdine says. “That decrease is likely to be ever greater in 2024 as tighter feeder cattle supplies reach feedlots.”

Negotiated cash fed cattle trade ranged from slow on light demand to mostly inactive on light demand through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, FOB live prices were steady to $1 higher in the Southern Plains at $183/cwt., steady to $1.50 higher in Nebraska at $183-$184.50 and steady to $1 higher in the western Corn Belt at $183-$184. Dressed delivered prices were $2 lower in Nebraska at $290 and steady to $2 lower in the western Corn Belt at $290.

Choice boxed beef cutout value was $1.08 higher Friday afternoon at $305.28/cwt., the highest level since October. Choice was $4.67 higher week to week on Friday. Select was $1.56 higher at $295.74/cwt., up $9.43 week to week.

Total estimated cattle slaughter last week of 599,000 head was 6,000 head more than the previous week but 27,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 5.4 million head was 298,000 head less (-5.3%) than the same period last year. Year-to-date estimated beef production of 4.5 billion pounds was 194.2 million pounds less (-4.2%).

Cattle futures rebounded Friday, supported by higher wholesale beef prices and strong fundamentals.

Live Cattle futures closed an average of $1.90 higher ($1.30 to $3,10 higher), except for 30¢ higher in newly minted away-Aug. They were narrowly mixed week to week.

Feeder Cattle futures closed an average of $3.35 higher ($2.77 to $4.27 higher). They were an average of $1.40 lower week to week. Besides higher Corn futures and technical correction, some of the mid-week pressure may have stemmed from concerns about the massive Texas wildfires pushing more cattle to market.

Corn futures closed 3¢ to 5¢ lower through Dec ’14 and then 1¢ to 2¢ lower. Week to week on Friday, Corn futures closed an average of 10’5¢ higher through the front six contracts.

KC HRW Wheat futures closed mostly 14¢ to 22¢ lower.

Soybean futures closed 8¢ to 14¢ higher through Aug ’24 and then mostly 6¢ to 7¢ higher.

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Major U.S. financial indices closed higher Friday, led by tech stocks.

The Dow Jones Industrial Average closed 90 points higher. The S&P 500 closed 40 points higher. The NASDAQ was up 183 points.

West Texas Intermediate Crude Oil futures (CME) closed $1.23 to $1.71 higher through the front six contracts.

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U.S. beef exports for fiscal year 2024 were projected $700 million higher than the previous quarterly forecast, in February’s Outlook for U.S. Agricultural Trade from USDA’s Economic Research Service (ERS) and Foreign Agricultural Service (FAS). The increase was based on tight domestic supplies and rising unit values.

U.S. agricultural exports were projected $1.0 billion higher at $170.5 billion. Exports of livestock and dairy, as well as grains and feeds, led the increase, offsetting reductions in oilseeds and products.

China was forecast to remain the largest market for U.S. agricultural exports at $28.7 billion. The figure is $800 million less than the previous forecast, largely due to strong South American competition for soybeans and corn.

“Global economic activity continues to moderate in response to ongoing tight monetary policies and weak global trade growth,” according to ERS and FAS analysts. “However, most of the global economy remains resilient due to gradual disinflation and steady growth. As a result, the global economy is expected to avoid a significant economic slowdown in calendar year (CY) 2024.”

For CY 2024, global real Gross Domestic Product (GDP) growth was forecast at 3.1%. Projected real GDP growth for the United States was forecast at 2.1% for CY 2024.

Cattle futures continued a downward correction Thursday.

Live Cattle futures closed an average of 60¢ lower.

Feeder Cattle futures closed an average of 93¢ lower (37¢ to $1.85 lower).

Negotiated cash fed cattle trade ranged from slow on light demand to moderate on moderate demand through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, FOB live prices are steady to $1 higher in the Southern Plains at $183/cwt., steady in Nebraska at $183 and steady to $1 higher in the western Corn Belt at $183-$184. Dressed delivered prices are $2 lower in Nebraska at $290 and steady to $2 lower in the western Corn Belt at $290.

Choice boxed beef cutout value was $1.17 higher Thursday afternoon at $304.20/cwt. Select was $1.24 higher at $294.18/cwt.

Corn futures closed mostly fractionally higher to 2¢ higher.

KC HRW Wheat futures closed 2¢ to 7¢ higher.

Soybean futures closed 1¢ to 5¢ lower.

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Major U.S. financial indices closed higher Thursday, buoyed by tech stocks and a friendly inflation reading. The Consumer Price Expenditures Index was in line with expectations, increasing 0.4% month to month, excluding food and energy.

The Dow Jones Industrial Average closed 47 points higher. The S&P 500 closed 26 points higher. The NASDAQ was up 144 points.

West Texas Intermediate Crude Oil futures (CME) closed 28¢ to 40¢ lower through the front six contracts.

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Creighton University’s overall Rural Mainstreet Index (RMI) sank below growth neutral for the sixth consecutive month in February. The index is based on a survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy.

Specifically, the February index declined month to month from 48.1 to 46.2. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.

“Higher interest rates, weaker agriculture commodity prices and a credit squeeze are having a significant and negative impact on Rural Mainstreet businesses and on Rural Mainstreet farmers,” says Ernie Goss, Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business.

Almost three-fourths of bank CEOs named low farm commodity prices as the biggest risk for farms in 2024.

“Commodity prices that are $1.50 to $2.00 per bushel (corn) less than break-even are obviously not sustainable,” says Jeff Bonnett, CEO of Havana National Bank in Havana, Ill.

First today, a special prayer for all of those being affected by wildfires in the Texas Panhandle and in Oklahoma. So far, one of five active fires has burned more than 850,000 acres, according to the Texas Department of Agriculture. On Tuesday, the Texas governor issued a disaster declaration in 60 counties. If you’re wondering how to help, the Texas Cattle Feeders Association always does an amazing job tracking needs and opportunities.

Now, for your market update…

Cattle futures softened Wednesday with pressure including likely profit taking and month-end positioning.

Live Cattle futures closed an average of $1.13 lower (80¢ to $1.60 lower).

Feeder Cattle futures closed an average of $2.80 lower ($2.12 to $3.85 lower).

Negotiated cash fed cattle trade was slow on light demand in the Southern Plains, through Wednesday afternoon, according to the Agricultural Marketing Service. FOB live prices were steady in the Texas Panhandle at $183/cwt. and steady to $1 higher in Kansas at $183.

Elsewhere, trade ranged from mostly inactive on light demand to a standstill with too few transactions to trend.

Last week, FOB live prices were $183 in Nebraska and $182-$183 in the western Corn Belt. Dressed delivered prices were $292 in Nebraska and $290-$292 in the western Corn Belt.

Slower beef packer production continued to support wholesale beef values. Choice boxed beef cutout value was $1.29 higher Wednesday afternoon at $303.03/cwt. Select was $2.54 higher at $292.94/cwt.

Turning to row crops, Corn and Soybean futures received some support from chatter about bearish weather in South America.

Corn futures closed 1¢ to 5¢ higher, with most of the support in the front contracts.

Soybean futures closed mostly 3¢ to 4¢ higher.

KC HRW Wheat futures closed 4¢ to 6¢ lower, except for 2¢ higher in spot Mar.

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Major U.S. financial indices edged lower Wednesday.

The Dow Jones Industrial Average closed 23 points lower. The S&P 500 closed 8 points lower. The NASDAQ was down 87 points.

West Texas Intermediate Crude Oil futures (CME) closed 33¢ to 43¢ lower through the front six contracts.

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Global beef demand is likely to remain steady this year despite economic challenges and consumer shifts toward lower-priced proteins, according to the recent Rabobank Global Beef Quarterly.

“While there was some channel shifting and movement to lower-priced options for beef, overall demand held up relatively well in 2023, supporting consumption levels,” says Angus Gidley-Baird, Rabobank senior analyst, animal protein.

Across most markets, beef retail prices have risen since 2019, and the impact of inflation in 2022 and 2023 added to the cost of living, pressuring consumers’ budgets and changing spending patterns, according to the report. With consumers trending toward cheaper options in 2023, foodservice and retail companies began promoting value-based propositions more frequently, some of which outperformed.

Still, Rabobank expects GDP growth rates to slow and unemployment rates to rise in many countries this year. Rising unemployment suggests that upward pressure on wages should ease, and if inflation remains high, real wages should decline, putting more pressure on household income. Rabobank forecasts 2024 GDP growth in the U.S. at less than 1%.

“With limited or negative real wage growth expected in 2024, coupled with the higher cost environment, we believe global beef consumption will at best remain steady and possibly decline through 2024, with some notable regional variations,” according to Gidley-Baird.

On the other side of the scale, Rabobank maintains a neutral outlook for global beef production, with increases in Australia and Brazil offsetting declines in Europe and the US.

Trade flows are also shifting. For instance, according to the report,

due to its reasonable economic outlook and lower domestic supplies, the U.S. is likely to lead the beef price-setting market and to draw increased volumes from Australia, New Zealand, Brazil, Canada, and Mexico, according to the report.

“Value will become the predominant theme across most markets in order to retain consumers faced with balancing the tighter economic conditions,” Gidley-Baird says.

Cattle futures basically paddled in place Tuesday, awaiting the week’s cash direction.

Live Cattle futures closed an average of 33¢ lower.

Feeder Cattle futures closed narrowly mixed, from an average of 14¢ lower in three contracts to an average of 16¢ higher.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill, with too few transactions to trend, through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $183 in the Texas Panhandle, $182-$183 in Kansas, $183 in Nebraska and $182-$184 in the western Corn Belt. Dressed delivered prices were $292 in Nebraska and $290-$292  in the western Corn Belt.

Choice boxed beef cutout value was 5¢ lower Tuesday afternoon at $301.74/cwt. Select was $2.41 higher at $290.40/cwt.

Corn futures closed fractionally higher to 3¢ higher.

KC HRW Wheat futures closed mostly 8¢ to 9¢ higher.

Soybean futures closed 2¢ to 4¢ higher through near Aug and then mostly unchanged to fractionally lower.

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Major U.S. financial indices closed narrowly mixed on Tuesday.

The Dow Jones Industrial Average closed 96 points lower. The S&P 500 closed 8 points higher. The NASDAQ was up 59 points.

West Texas Intermediate Crude Oil futures (CME) closed 81¢ to $1.29 higher through the front six contracts.

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Beef in cold storage continues to decline, according to USDA’s most recent Cold Storage report.

Total pounds of beef in freezers Jan. 31 were 1% less than the previous month and 11% less than the same time a year earlier.

Frozen pork supplies were up 10% from the prior month but down 10% from the previous year.

Total red meat supplies in freezers were 4% more than the previous month but 11% less than last year.

Total frozen poultry supplies were 1% more than the previous month but 4% less than a year earlier. Chicken supplies were down and turkey supplies were up.