Corn futures rallied Tuesday, apparently fueled by more negative crop conditions (see below). They closed 5¢ to 7¢ higher through Jly ‘23 and then 2¢ to 3¢ higher. Soybean futures closed mostly 22¢ to 28¢ higher through Aug ‘23, except for sharply higher in the two front contracts, and then 15¢ to 19¢ higher.
Higher grain Futures and oversold conditions pressured Feeder Cattle futures an average of $1.73 lower (90¢ lower at the back to $3.15 lower toward the front). Live Cattle futures closed an average of 47¢ lower (25¢ to $1.05 lower).
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Tuesday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, live prices were $135-$136/cwt. in the Texas Panhandle, $136 in Kansas, $140-$143 in Nebraska and $141-$147 in the western Corn Belt. Dressed prices were $227 in Nebraska and $225-$232 in the western Corn Belt.
Choice Boxed beef cutout value was $1.51 lower Tuesday afternoon at $264.73/cwt. Select was $1.16 lower at $237.70/cwt.
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