Cattle futures gained Tuesday, supported by positive outside markets and firmer wholesale beef values.
Before settlement, Live Cattle futures were an average of $1.43 higher. Feeder Cattle futures were an average of $2.59 higher.
Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $186/cwt. in the Texas Panhandle, $185-$187 in Kansas, mostly $193 in Nebraska and $190-$193 in the western Corn Belt. Dressed delivered prices were $305.
Choice boxed beef cutout value was $1.10 higher Tuesday afternoon at $316.93/cwt. Select was 44¢ higher at $300.61/cwt.
Turning to the grain complex, Corn and Soybean futures were lower Tuesday, pressured by favorable weather and the outlook for high yields, in tandem with anemic export demand.
Toward the close on Tuesday, through Jly ’25 contracts, Corn futures were 4¢ to 5¢ lower. Soybean futures were 20¢ to 23¢ lower. Kansas City Wheat futures were mostly 1¢ lower.
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Major U.S. financial indices bounced higher Tuesday, supported by less wholesale price inflation than expected.
The Dow Jones Industrial Average closed 408 points higher. The S&P 500 closed 90 points higher. The NASDAQ was up 407 points.
Toward the close, West Texas Intermediate Crude Oil futures on the CME were 27¢ to 43¢ higher through the front six contracts.