Negotiated cash fed cattle trade was limited on light demand in Nebraska and the Western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. In the Western Corn Belt, a few live sales traded at $125/cwt.
Trade was mostly inactive on light demand in the Southern Plains.
Surging wholesale beef prices helped lift Live Cattle.
Choice boxed beef cutout value was $4.84 higher Tuesday afternoon at $285.84/cwt. Select was $4.11 higher at $267.49/cwt.
Live Cattle futures closed an average of 50¢ higher, (25¢ higher at the back to $1.12 at the front), except for 10¢ lower in the back contract.
Feeder Cattle futures were buoyed by lower Corn futures.
Feeder Cattle futures closed an average of 59¢ higher, except for an average of 17¢ lower in the back two contracts.
Grain futures trended lower with the weekly Crop Progress report (see below), profit taking and the lack of follow-through for Wheat.
Corn futures closed 6¢ to 8¢ lower through new-crop six contracts, then mostly unchanged to fractionally lower.
Soybean futures closed 22¢ to 33¢ lower through Aug ’22 and then mostly 15¢ to 16¢ lower.