Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
FOB live prices last week were $178-$179/cwt. in the Texas Panhandle, $179 in Kansas, $185 in Nebraska and $182-$187 in the western Corn Belt. Dressed delivered prices were $292 in Nebraska and $292-$295 in the western Corn Belt.
Choice boxed beef cutout value was $2.68 lower Tuesday afternoon at $314.36/cwt. Select was $2.41 lower at $289.68/cwt.
Cattle futures closed narrowly mixed Tuesday with an apparent consolidation breather.
Feeder Cattle futures closed narrowly mixed. from unchanged to an average of 26¢ lower in two contracts to an average of 17¢ higher.
Live Cattle futures closed narrowly mixed, from an average of 11¢ lower in three contracts to an average of 15¢ higher.
Nearby Corn and Soybean futures gave up the ghost late in the session, presumably fueled in part by more positive weekly crop ratings than expected.
Corn futures closed 9¢ lower through Jly ‘24 and then mostly 5¢ lower.
KC HRW Wheat closed 14¢ to 23¢ lower through Jly ‘24 and then mostly 7¢ to 10¢ lower.
Soybean futures closed 8¢ to 13¢ lower through May ‘24 and then mostly fractionally higher to 2¢ higher.