Cash fed cattle trade wobbled out of the blocks on Tuesday with a decidedly lower tone, as expected. Although too few to trend, there were some early live sales in the Southern Plains at $117-$118/cwt. and a few dressed trades in the western Corn Belt at $188-$192. That’s about $3 lower on a live basis and $2-$3 lower in the beef for those regions.
Early two-side trading in Cattle futures gave way to the bears on Tuesday, amid light volume and uncertainty about how much lower cash fed cattle will trade this week.
Live Cattle futures closed an average of 55¢ lower across a broad range (12¢ to $1.32 lower). Near Jun and Aug closed below $100 at a contract low for Aug and within spitting distance of the low for Jun, which was established early on in March of last year.
Except for an average of 30¢ lower in the back two contracts, Feeder Cattle futures closed an average of $1.36 lower.
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Android | RSS | More