Higher outside markets and recently surging wholesale beef prices helped Cattle futures mostly extend gains Tuesday.
Feeder Cattle futures closed an average of 36¢ higher.
Live Cattle futures closed narrowly mixed, from an average of 24¢ higher in the front four contracts to an average of 17¢ lower through the back, except for unchanged in Aug.
Choice Boxed beef cutout value was $2.07 lower Tuesday afternoon at $254.95/cwt. Select was 22¢ lower at $225.46/cwt. But, Choice was $3.31 higher in the morning report and the previous day’s CME Boxed Beef Index was $1.52 higher.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to mostly a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were at $153-$155/cwt. in the Texas Panhandle, $155-$156 in Kansas, $156-$158 in Nebraska, $157 in Colorado and $156 in the western Corn Belt. Dressed prices were $246-$247.
Corn futures closed mostly 1¢ lower.
Soybean futures closed 15¢ to 19¢ higher through Aug ‘23, and then 4¢ to 8¢ higher.