Cattle futures gained more ground Tuesday, buoyed by continued strength in Lean Hog futures and firm wholesale beef prices. Feeder Cattle likely received some benefit from lower grain futures.
Live Cattle futures closed an average of 68¢ higher (20¢ to $1 higher).
Except for unchanged and 17¢ higher in the front two contracts, Feeder Cattle futures closed an average of 94¢ higher .
Corn futures closed mostly 1¢ to 3¢ lower.
Soybean futures closed mostly 8¢ to 10¢ lower.
Wholesale beef values were higher on Choice and steady on Select with moderate to fairly good demand and moderate to heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.07 higher Tuesday afternoon at $232.05/cwt. Select was 7¢ lower at $221.15.