Negotiated cash fed cattle prices gained $1 in Kansas at $139/cwt. on active trade and good demand through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few to trend there were also some early trades $2 higher in Nebraska and the western Corn Belt at $142.
Choice Boxed beef cutout value was $1.36 higher Tuesday afternoon at $273.47/cwt. Select was 42¢ higher at $260.71.
Stronger cash trade helped boost Cattle futures.
Live Cattle futures closed an average of 75¢ higher (62¢ to $1.50 higher), also supported by increasing open interest the past couple of days.
Feeder Cattle futures closed an average of 55¢ higher (22¢ to $1.10 higher) except for 15¢ lower and unchanged in the back two contracts.
That was despite another day of higher Corn futures.
As if they needed more help, Corn futures climbed 11¢ to 14¢ higher through Jly ‘23, boosted by President Biden’s announcement that the higher-blend 15% ethanol gas (E15) could be sold through the summer in an effort to curb rising fuel costs. Previously, E15 sales were prohibited during the summer months.
Soybean futures closed 14¢ to 22¢ higher.