Cattle futures mainly extended gains Tuesday with hopes the near bottom has been carved, supported by ongoing relative demand strength.
Heading into the close, Live Cattle futures were an average of $1.35 higher. Feeder Cattle futures were an average of 55¢ higher, except for an average of 25¢ lower in the front two contracts.
Negotiated cash fed cattle trade was at a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $183/cwt. in the Texas Panhandle, $183-$184 in Kansas, $184 in Nebraska and $184-$188 in the western Corn Belt. Dressed delivered prices were $293-$295.
Choice boxed beef cutout value was $3.93 lower Tuesday afternoon, at $311.97/cwt. Select was 6¢ higher at $300.25.
Grain futures were higher Tuesday, with apparent recent producer selling and the cheaper U.S. dollar providing support.
Toward the close and through Jly ’25 contracts, Corn futures were 4¢ to 6¢ higher. Kansas City Wheat futures were 7¢ to 12¢ higher. Soybean futures were 6¢ to 9¢ higher.
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