Negotiated cash fed cattle trade ranged from a standstill to mostly inactive on light demand through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week’s five-area direct average steer price was $2.19 higher on a live basis at $125.47/cwt. The average steer price in the beef was 5¢ higher at $200.68.
Cattle futures closed mixed Tuesday. Follow-through support prevailed through most of the session.
Live Cattle closed mainly higher, boosted by the cash outlook and the 13,688-contract increase in open interest the previous day.
Live Cattle futures closed an average of 47¢ higher, except for an average of 45¢ lower in the front two contracts.
Choice boxed beef cutout value was 45¢ lower Tuesday afternoon at $347.58/cwt. Select was $2.50 lower at $316.90.
Rising Corn futures prices, as well as likely position squaring and profit taking pressured Feeder Cattle.
Feeder Cattle futures closed an average of 81¢ lower, except for 37¢ higher in spot Aug.
Corn and Soybean futures closed higher Tuesday, supported by crop conditions in the weekly Crop Progress report.
Corn futures closed mostly 6¢ to 9¢ higher.
Soybean futures closed 30¢ to 43¢ higher through Aug ’22 and then mostly 23¢ to 28¢ higher.