Cattle futures softened Tuesday, following the previous session’s strong gains, apparently pressured mostly by the lower outside markets.
Live Cattle futures closed an average of 48¢ lower (2¢ to 92¢ lower).
Feeder Cattle futures closed an average of 75¢ lower.
Wholesale beef values were higher on Choice and lower on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.00 higher Tuesday afternoon at $210.28/cwt. Select was 80¢ lower at $196.86.
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Major U.S. financial indices closed lower again Tuesday, pressured by quarterly earnings reports from the likes of Caterpillar and 3M.
The Dow Jones Industrial Average closed 125 points lower. The S&P 500 closed 15 points lower. The NASDAQ was down 31 points.
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Total pounds of beef in freezers Sept. 30 were 1% more than the previous month and 3% more than the same time a year earlier, according to the latest USDA Cold Storage report. That appears to be a demand win, given the significant production increase through the summer.
Frozen pork supplies were 1% more than the previous month but 5% less than the same time a year earlier.
Total red meat supplies in freezers were up 1% from the previous month but down 1% from last year.
Total frozen poultry supplies were down slightly from the previous month but up 10% from a year ago.