Live Cattle futures were up and Feeder Cattle futures were mixed Tuesday, following the previous session’s steep decline, tied to USDA’s plans to open the U.S. border to Mexican feeder cattle imports.
Toward the close, Live Cattle futures were an average of $2.29 higher.
Feeder Cattle futures were an average of $3.55 lower, except for an average of $3.51 higher in the front three contracts.
Negotiated cash fed cattle trade was inactive on light demand in all cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $230-$231/cwt. in Kansas and mostly $230 in the North. Dressed delivered prices were $365.
Choice boxed beef cutout value was $2.97 higher Tuesday afternoon at $365.86. Select was $1.64 lower at $343.52.
Grain and Soybean futures were higher Tuesday, likely bolstered by the steep decline in crop conditions illustrated in the weekly report.
Toward the close and through the front four contracts, Soybean futures were 2¢ to 6¢ higher. Kansas City HRW Wheat fractionally lower to 2¢ lower. Corn futures were 5¢ to 7¢ higher.
******************************
Major U.S. financial indices closed mixed Tuesday, supported by lower Crude Oil prices and positive corporate earnings reports, while investors continued to sell chip stocks.
The Dow Jones Industrial Average closed 537 points higher. The S&P 500 closed 15 points higher. The NASDAQ was down 55 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $2.42 to $3.46 lower through the front six contracts.