Cattle futures were mostly higher Tuesday, helped along by recently stronger Choice wholesale beef values and bullish outside markets.
Toward the close, Live Cattle futures an average of $1.22 higher. Feeder Cattle futures were an average of $2.04 higher (5¢ to $3.40 higher), except for an average of 65¢ lower in the back two contracts.
Negotiated cash fed cattle trade was mostly inactive on light demand through Tuesday afternoon, according to the agricultural Marketing Service.
Last week, FOB live prices were $233/cwt. in Kansas, $232-$233 in Nebraska and $232-$235 in the western Corn Belt. Dressed delivered prices were $360-$365 in Nebraska on a light test and $360-$367 in the western Corn Belt on a light test.
Choice boxed beef cutout value was $2.92 higher Tuesday afternoon at $369.65/cwt. Select was $2.05 higher at $346.50.
Grain and Soybean futures were lower Tuesday as traders appeared to remove more weather premium.
Toward the close and through the front four contracts, Corn futures were mostly 6¢ to 7¢ lower. Soybean futures were mostly 13¢ to 15¢ lower. Kansas City HRW Wheat were mostly 9¢ to 10¢ lower.
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