Cattle futures crawled higher Tuesday, supported by last week’s stronger negotiated cash fed cattle prices and optimism about further gains this week. Keep in mind that the monthly Cattle on Feed report is due out Friday.
Toward the close, Live Cattle futures were an average of $1.39 higher. Feeder Cattle futures were an average of $2.21 higher, except for 70¢ lower in the back contract.
Negotiated cash fed cattle trade was mostly inactive on light demand in the North through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $225-$227/cwt. in Nebraska and mainly $224 in the western Cron Belt. Dressed delivered prices were $350-$355 in Nebraska and mainly $350 in the western Corn Belt.
The Texas Cattle Feeder Association reported its members trading fed steers at $228.50 and fed heifers at $226.
Choice boxed beef cutout value was $1.72 higher Tuesday afternoon at $373.30/cwt. Select was $1.63 higher at $361.54.
Grain and Soybean futures were lower again Monday with continued harvest pressure and positive South American weather.
Through late afternoon, and through the front four contracts, Corn futures were 4¢ to 5¢ lower. Kansas City HRW Wheat futures were 7¢ to 9¢ lower. Soybean futures were 5¢ to 6¢ lower.
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Major U.S. financial indices were mixed on Tuesday but buoyed by strong earnings reports and weaker oil prices.
The Dow Jones Industrial Average closed 529 points higher. The S&P 500 closed 21 points higher. The NASDAQ was down 6 points.
Through mid-afternoon, West Texas Intermediate crude oil futures (CME) were 27¢ to $2.57 lower through the front six contracts.