As the week wears on, cash fed cattle price prospects appear steady to softer, given reduced packer production the next two holiday weeks, along with declining wholesale beef prices.
Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive on light demand through Tuesday afternoon, according to the Agricultural Marketing Service. There were a few live trades in Kansas at $138/cwt., but too few to trend.
Live prices last week were at $138-$140/cwt. in the Southern Plains and Colorado; $138-$140 in Nebraska and the western Corn Belt. Dressed prices were $220 in Nebraska and $218-$220 in the western Corn Belt.
At the same time, wholesale beef prices continue to decline with Choice boxed beef cutout value $2.50 lower Tuesday afternoon at $260.72/cwt. Select was $4.84 lower at $248.80.
All of that was enough for Live Cattle futures to drift an average of 32¢ lower.
Feeder Cattle futures closed an average of 41¢ lower Tuesday, also pressured by Corn futures closing 2¢ to 5¢ higher, while Soybean futures closed 11¢ to 13¢ higher through Sep ’23 and then mostly 9¢ higher — both rebounding from the previous day’s losses.