Cattle futures lost some steam Tuesday but were mostly higher.
Live Cattle futures were narrowly mixed, from an average of 41¢ lower in the front four contracts to an average of 38¢ higher.
Feeder Cattle futures were an average of 64¢ higher, except for 78¢ lower in the front contract.
Negotiated cash fed cattle trade was mostly inactive on light demand through Tuesday afternoon, according to the agricultural Marketing Service.
FOB live prices last week were mostly $235/cwt. Dressed delivered prices were mostly $370.
Choice boxed beef cutout value was 6¢ lower Tuesday afternoon at $371.31/cwt. Select was $1.04 lower at $349.80.
Grain and Soybean futures were lower on Tuesday, pressured by more moisture and positioning ahead of Wednesday’s World Agricultural Supply and Demand Estimates.
Toward the close and through the front four contracts, Corn futures were 1¢ lower. Soybean futures were 10¢ to 11¢ lower. Kansas City HRW Wheat were 12¢ to 14¢ lower.
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Major U.S. financial indices softened Tuesday with higher crude oil prices and defensiveness ahead of the CPI report due on Wednesday.
The Dow Jones Industrial Average closed 183 points lower. The S&P 500 closed 24 points lower. The NASDAQ was down 159 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 2¢ lower to $1.27 higher through the front six contracts.