Cattle futures weakened Tuesday with technical pressure, lower negotiated cash fed cattle prices and political uncertainty related to the mid-term elections.
Toward the close, Live Cattle futures were an average of $2.06 lower. Feeder Cattle futures were an average of $3.64 lower.
Negotiated cash fed cattle trade was light on light demand in Nebraska through Tuesday afternoon, according to the Agricultural Marketing Service. Early dressed delivered sales were $12 lower at $340/cwt. FOB live prices there last week were mostly $224.
Trade was limited on light demand in the western Corn Belt. Although too few transactions to trend, there were some early live trades at $215. Last week, FOB live prices were mostly $224 and dressed delivered prices were $348-$365.
Trade was mostly inactive on light demand in the South Central region where last week’s FOB live price was mostly $225.
Choice boxed beef cutout value was 19¢ higher Tuesday afternoon at $365.23/cwt. Select was $3.43 higher at $358.37.
Grain futures were lower Tuesday with no reasons for a bounce and wait-and-see approach to the elections.
Through late afternoon, and through the front four contracts, Corn futures were 5¢ to 6¢ lower. Kansas City HRW Wheat futures were 11¢ to 12¢ lower. Soybean futures were 1¢ to 7¢ lower.
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Major U.S. financial indices closed mixed on Tuesday, with support from a reversal higher in chip stocks.
The Dow Jones Industrial Average closed 197 points lower. The S&P 500 closed 27 points higher. The NASDAQ was up 207 points.
Through mid-afternoon, West Texas Intermediate crude oil futures (CME) were 21¢ to 62¢ higher through the front six contracts.