Cattle futures firmed Tuesday, helped along by recently higher cash fed cattle prices.
Feeder Cattle futures closed an average of 98¢ higher.
Live Cattle futures closed an average of 43¢ higher.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, FOB live prices were $183/cwt. in the Southern Plains and $185 in the north. Dressed delivered prices were $290-$292.
Choice boxed beef cutout value was 47¢ higher Tuesday afternoon at $305.14/cwt. Select was $1.43 higher at $278.63/cwt.
Corn futures closed mostly 1¢ lower.
KC HRW Wheat closed 2¢ to 3¢ lower.
Soybean futures closed 7¢ to 10¢ higher through Sep ‘24 and then 3¢ to 6¢ higher.
******************************
Major U.S. financial indices faltered Tuesday with pressure from higher yield rates tied to heftier monthly U.S. retail and food service sales than expected.
The Dow Jones Industrial Average closed 13 points higher. The S&P 500 closed fractionally lower. The NASDAQ was down 34 points.
West Texas Intermediate Crude Oil futures (CME) closed unchanged to 39¢ higher through the front six contracts.
Recent negotiated cash fed cattle prices reflect the push and pull of tight supplies while packers attempt to slow production and build live cattle inventory.
******************************
Recent negotiated cash fed cattle prices reflect the push and pull of tight supplies while packers attempt to slow production and build live cattle inventory.
The ability to hold par on finished cattle prices during the fall lull bodes well for cattle feeders as finished cattle prices moving toward end-of-the-year holidays are expected to be supported as are wholesale beef prices, says Andrew P. Griffith, agricultural economist at the University of Tennessee says, in his weekly market comments. “The market may not experience as large a typical seasonal price increase this year as in previous years, but the failure to achieve the same percentage increase is because prices have remained strong moving from summer into the fall period.”