The grain complex roared ahead Tuesday, fueled by mounting concerns about yields based on recent crop ratings and private-company assessments (see Crop Progress below).
Corn futures closed 22¢ to 26¢ higher through Jly ‘23 and then mostly 13¢ to 16¢ higher.
Soybean futures closed mostly 17¢ to 25¢ higher.
Feeder Cattle futures sagged beneath the weight of sharply higher grain futures, closing an average of $1.71 lower (50¢ to $2.25 lower).
Live Cattle futures edged an average of 26¢ higher, except for unchanged in two contracts, supported by recently stronger cash prices and the aggressive packing pace.
Choice Boxed beef cutout value was $1.72 lower Tuesday afternoon at $262.80/cwt. Select was 44¢ higher at $238.80/cwt.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to slow on light demand through Tuesday afternoon, according to the Agricultural Marketing Service.
There were some live sales in the Southern Plains steady to $1 higher at $142/cwt. There were a few live trades in the western Corn Belt at $148 but too few to trend.
Last week, live prices were $146.00-$148.50 in Nebraska and $148-$150 in the western Corn Belt. Dressed prices were $234.