Cattle futures continued to unravel Tuesday with follow-through pressure and another significant step lower in negotiated cash fed cattle prices.
Toward the close, Live Cattle futures were an average of $1.76 lower. Feeder Cattle futures were an average of $4.73 lower, except for 22¢ higher in spot Aug.
Negotiated cash fed cattle trade was moderate on moderate demand in Nebraska through Tuesday afternoon, according to the Agricultural Marketing Service. FOB live prices were $7-$8 lower at $218/cwt. and dressed delivered trades were $10-$11 lower at $345.
Trade was light on moderate demand in the western Corn Belt, where FOB live prices were $7 lower at $218. Dressed delivered prices there last week were mostly $355.
Choice boxed beef cutout value was $2.84 higher Tuesday afternoon at $388.53/cwt. Select was $3.96 higher at $368.98.
Grain and Soybean were higher on Tuesday.
Toward the close and through the front four contracts, Corn futures were 8¢ to 10¢ higher, buoyed by estimated yield declines and eroding crop conditions.
Soybean futures were 13¢ to 15¢ higher, rebounding from the previous day’s decline.
Kansas City HRW Wheat were 5¢ higher.
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