Negotiated cash fed cattle trade jumped out to an early and positive start Tuesday with prices $1 higher in the Southern Plains at $140/cwt. on moderate trade and demand, according to the Agricultural Marketing Service.
Elsewhere, trade ranged from a standstill to mostly inactive on very light demand with too few transactions to trend.
Last week, live prices were at $140-$142 in the Northern Plains and at $142-$143 in the western Corn Belt. Dressed prices were $225-$227 in Nebraska and $226 in the western Corn Belt.
Choice Boxed beef cutout value was $1.15 lower Tuesday afternoon at $269.93/cwt. Select was 25¢ lower at $259.21.
Stronger cash fed cattle prices helped Live Cattle futures close an average of 49¢ higher, except for 15¢ lower in the back two contracts.
Softer front-month Corn futures helped give Feeder Cattle a reprieve, closing an average of 69¢ higher, except for 2¢ land 5¢ lower in two contracts.
Corn futures closed 1¢ to 9¢ lower through new-crop contracts and then 1¢ to 5¢ higher.
Soybean futures closed mixed; fractionally lower to 1¢ higher through Nov ’22 and then mostly 7¢ to 9¢ higher.