Cattle futures took a solid step lower Tuesday, led by Feeder Cattle, apparently mostly due to heavier trade and continued profit taking. However, prices at the close remained in the long-established, sideways channel.
Live Cattle futures closed an average of $1.07 lower (32¢ lower in spot Aug to $1.55 lower).
Feeder Cattle futures closed an average of $1.91 lower (62¢ to $3.12 lower).
Boxed beef cutout values were steady on light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 19¢ lower Tuesday afternoon at $205.49/cwt. Select was 18¢ higher at $198.51.
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