Cattle futures were mostly higher Tuesday supported by stronger early-week wholesale beef values and perhaps some lift on news that Cargill’s packing facility at Ft. Morgan, Colo., will resume operations.
Toward the close, Live Cattle futures were an average of 72¢ higher. Feeder Cattle futures were an average of 80¢ higher, except for 27¢ lower in the front contract.
Negotiated cash fed cattle trade ranged from limited on light demand in Nebraska to mostly inactive on light demand in the western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service.
Although too few transactions to trend, there were some early dressed trades in Nebraska at $359/cwt.
Last week, FOB live prices were $228 in Kansas, $225-$230 in Nebraska and $228-$230 in the western Corn Belt. Dressed delivered prices were $362-$368.
Choice boxed beef cutout value was $11.58 higher Tuesday afternoon at $391.15/cwt. Select was $2.03 higher at $366.29.
Grain and Soybean futures were mixed to lower Tuesday with likely profit taking.
Toward the close and through the front four contracts, Corn futures were 1¢ to 2¢ lower. Soybean futures were 1¢ lower to 1¢ higher. Kansas City HRW Wheat were 10¢ to 16¢ lower.
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