Cattle futures were mixed Tuesday.
Toward the close, Live Cattle futures were an average of 71¢ lower (7¢ to $1.20 lower), except for 37¢ higher in away Jun with likely profit taking ahead of this week’s cash trade.
Feeder Cattle futures were an average of $1.01 higher, fueled by strong cash demand in the country.
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 $197/cwt. in the Southern Plains and $200-$202 in the North. Dressed delivered prices were $315-$317 in Nebraska and $315-$320 in the western Corn Belt.
Choice boxed beef cutout value was $3.62 higher Tuesday afternoon at $321.20/cwt. Select was 9¢ lower at $306.86.
Grain and Soybean futures were mixed Tuesday amid continued tariff confusion and little impetus in the monthly World Agricultural Supply and Demand Estimates.
Toward the close and through Sep ’25 contracts, Corn futures were 2¢ lower to 1¢ higher. Kansas City Wheat futures mostly 5¢ to 7¢ lower. Soybean futures were 3¢ lower to 2¢ higher.
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Major U.S. financial indices continued to plumb lower Tuesday with follow-through pressure and more on-again, off-again tariff confusion.
The Dow Jones Industrial Average closed 478 points lower. The S&P 500 closed 42 points lower. The NASDAQ was down 32 points.
Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were 46¢ to 53¢ higher through the front six contracts.
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USDA’s Economic Research Service lowered expectations for the five-area direct weighted fed steer price in the first half of this year, compared to the previous month’s forecast, but left them unchanged for the second half, in the monthly World Agricultural Supply and Demand Estimates.
Specifically, prices were projected $3 lower in the first quarter at $202/cwt. and $2 lower in the second quarter at $198, based on recent prices. Prices were forecast at $198 in the third quarter and at $200 in the fourth quarter for an annual average price of $200, which was $1 lower than the previous month’s outlook.
Forecast beef production increased by 120 million pounds (0.5%) to 26.7 billion pounds with heavier dressed weights more than offsetting lower slaughter. This year’s projected beef production would be 303 million pounds less (-1.1%) than last year.