Cattle futures closed higher Tuesday, supported by last week’s stronger cash fed cattle prices.
Toward the close, Live Cattle futures were $1.96 higher. Feeder Cattle futures were an average of $4.01 higher.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mostly $3 higher in the Southern Plains at mainly $248/cwt., mostly $5 higher in Nebraska at mainly $345 and $3-$4 higher in the western Corn Belt at mostly $244-$245. Dressed delivered prices were $4 higher in Nebraska at $282 and $2-$4 higher at $380-$382 in the western Corn Belt on a light test.
Choice boxed beef cutout value was $3.01 lower Tuesday afternoon at $364.76/cwt. Select was $1.01 lower at $360.22.
Grain futures were lower Tuesday on resistance.
Toward the close, through near Sep contracts, Corn futures were 5¢ to 6¢ lower. KC HRW Wheat futures were 3¢ lower.
Soybean futures, however, were 1¢ to 4¢ higher on resilient demand.
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Major U.S. financial indices closed little changed but to the plus side on Tuesday.
The Dow Jones Industrial Average closed 32 points higher. The S&P 500 closed 7 points higher. The NASDAQ was up 31 points.Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 46¢ to 64¢ lower through the front six contracts.
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USDA’s Economic Research Service (ERS) increased expected feeder steer prices for this year in the February Livestock, Dairy and Poultry Outlook. For Medium and Large #1 steers weighing 750-800 lbs. and trading at Oklahoma City, the ERS increased prices $11 in the first quarter to $363/cwt., $8 in the second quarter to $363, $4 in the third quarter to $363 and $6 in the fourth quarter to $368. The annual average price increased $7.25 to $364.25.
ERS analysts explain the weighted-average price for feeder steers of that weight and class selling at Oklahoma National Stockyards was $360.04/cwt. in January, which was $15.50 more month to month. Prices the first week of February were $94 more year over year at $364.51.
“Despite higher-than-expected supplies of cattle available for placement in 2026, based on the January Cattle report, supplies overall remain very tight,” ERS analysts say.