Negotiated cash fed cattle trade was mostly inactive on very light demand in the western Corn Belt through Monday afternoon. Elsewhere, it was at a standstill, according to the Agricultural Marketing Service.
Last week, live prices were at $120/cwt. in the Texas Panhandle, $120-$121 in Kansas, $122-$126 in Nebraska, $122-$123 in Colorado and at $122-$124 in the western Corn Belt. Dressed prices were at $196 in Nebraska and at $194-$196 in the western Corn Belt.
Cattle futures finally found some traction Tuesday, even in the face of surging Corn futures. Besides being oversold, the need for fed cattle prices to rise with long-term higher feed costs could have something to do with the transition.
Live Cattle futures closed an average of $1.04 higher (22¢ to $1.60 higher).
Feeder Cattle futures closed an average of $1.30 higher (30¢ to $1.75 higher), except for 15¢ lower in spot Apr.
Choice boxed beef cutout value was $2.09 higher Tuesday afternoon at $278.26/cwt. Select was $1.34 higher at $270.47.
Grain futures surged higher again Tuesday, helped along by a building weather premium based on dryness in Brazil and in the U.S. Northern Plains.
Although this week’s cold snap likely will stall planting in some parts of the U.S., corn planting was on par with the five-year average of 8%, as of Apr. 18, according to the most recent USDA Crop Progress report. Soybean planting was 1% ahead of average at 3%.
Corn futures closed 8¢ to 14¢ higher through Jly ‘22, and then mostly 5¢ higher.
Soybean futures closed 19¢ to 22¢ higher through the front three contracts, 15¢ higher through the next five and then mostly 10¢ to 13¢ higher.