Negotiated cash fed cattle trade was undeveloped through Tuesday afternoon, but there were a few live sales reported in Kansas at $124/cwt., but too few to trend. Country trade there last week was at $126.
That might be one reason for softer Cattle futures, especially Feeder Cattle, although Live Cattle got some early support from another run up in Lean Hog futures.
Other than an average of 9¢ higher in four contracts, Live Cattle futures closed an average of 60¢ lower.
Feeder Cattle futures closed an average of $1.20 lower (60¢ to $1.45 lower).
After fractionally mixed in the front four contracts, Corn futures closed mostly 1¢ to 3¢ higher.
Soybean futures closed mostly 4¢ to 6¢ higher.
Wholesale beef values were lower on light to moderate demand and heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.11 lower Tuesday afternoon at $225.73/cwt. Select was 84¢ lower at $218.49.