Cattle markets on Tuesday continued to retrace some of last week’s steep losses.
Although negotiated cash fed cattle trade remained undeveloped through Tuesday afternoon, prices for the week were looking higher. Through Monday, though a light test, the 5-area direct steer price average was $109/cwt. on a live basis. Chatter also continued that less negotiated trade the last couple of weeks mean packers need to renew inventory.
Oversold conditions and continued erosion in Corn futures helped Cattle futures close higher.
Live Cattle futures closed an average of $1.49 higher through the front three contracts, and then an average of 42¢ higher.
Feeder Cattle futures closed an average of 64¢ higher, except for 12¢ lower in the back contract.
Wholesale beef values were higher on Choice and firm on Select with moderate to fairly good demand and light offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $2.57 higher Tuesday afternoon at $241.70/cwt. Select was 25¢ lower at $214.27.
Despite softer week-to-week corn condition, Corn futures closed 4¢ to 5¢ lower through Jul ’20 and then fractionally mixed to 2¢ lower.
Soybean futures closed mostly fractionally mixed to 1¢ higher.