Feeder Cattle futures gave back the previous session’s gains and then some Tuesday, pressured by higher Corn futures.
Feeder Cattle futures closed an average of $1.80 lower Tuesday (35¢ lower at the back to $2.27 lower toward the front), giving back the previous session’s gains and then some. Much of the pressure came from Corn futures bouncing 12¢ to 13¢ higher through Jly ‘23 and then mostly 8¢ to 9¢ higher, supported by bleaker condition ratings than expected. Soybean futures closed 15¢ to 17¢ higher through Jly ‘23. and then mostly 7¢ to 9¢ higher.
Live Cattle futures closed an average of 12¢ lower, except for 27¢ higher in three contracts with firmness from growing optimism for higher cash fed cattle prices this week.
Negotiated cash fed cattle trade ranged from limited on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Live prices last week were $142/cwt. in the Southern Plains, $143 in Nebraska and $143-$145 in the western Corn Belt. Dressed prices were $226-$227 in Nebraska and $226 in the western Corn Belt.
Choice Boxed beef cutout value was 81¢ lower Tuesday afternoon at $251.64/cwt. Select was $1.34 higher at $227.23/cwt.
Major U.S. financial indices closed lower Tuesday with traders fretting over the Fed’s interest rate decision Wednesday.
The Dow Jones Industrial Average closed 313 points lower. The S&P 500 closed 43 points lower. The NASDAQ was down 109 points.
CME WTI Crude Oil futures closed $1.28 to $1.42 lower through the front six contracts.