A surge in wholesale beef prices helped lift Live Cattle futures on Tuesday. They closed an average of $1.27 higher on strong volume (50¢ higher at the back to $2.30 higher near the front).
Feeder Cattle futures closed an average of $2.22 higher ($1.65 higher at the back to $2.87 higher in spot Aug).
Choice boxed beef cutout value was $4.32 higher Tuesday afternoon at $306.10/cwt. Select was $1.87 higher at $279.60/cwt.
Negotiated cash fed cattle trade ranged from inactive on very light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, live FOB prices were $178-$179/cwt. in the Southern Plains $186, in Nebraska, and $185-$186 in the western Corn Belt. Dressed delivered prices were $292-$295.
Corn futures eroded further Tuesday, closing 4¢ to 7¢ lower through Jly ‘24 and then mostly fractionally lower to 2¢ lower.
KC HRW Wheat closed 5¢ to 11¢ lower through Jly ‘24 and then mostly 1¢ higher.
Soybean futures closed mostly 5¢ to 10¢ higher.