Cattle futures closed mostly narrowly lower on Tuesday, awaiting cash direction. Early indications are cash fed cattle have some room to grow this week.
Live Cattle futures closed an average of 35¢ lower.
Except for an average of 14¢ higher in two mid-board contracts, Feeder Cattle futures closed an average of 22¢ lower.
Choice boxed beef cutout value was 42¢ lower Tuesday afternoon at $204.24/cwt. Select was 5¢ higher at $190.45.
Positive crop conditions and weather weighed on grain futures, Tuesday.
Corn futures closed 6¢ to 9¢ lower through Jly ’21 and then mostly 1¢ lower.
Soybean futures closed 11¢ to 14¢ lower through Mar ’21 and then 4¢ to 9¢ lower.