Negotiated cash fed cattle trade was mostly inactive on very light demand in Nebraska and the western Corn Belt through Tuesday afternoon. Elsewhere, it was at a standstill, according to the Agricultural Marketing Service. Last week, live prices were at $111/cwt. in the Southern Plains, $110-$111 in Nebraska and $109-$110 in the western Corn Belt. Dressed trade was at $172-$174.
Cattle futures closed higher on Tuesday, supported by ongoing strength in wholesale beef values and the outlook for steady to higher cash prices this week.
Live Cattle futures closed an average of 47¢ higher.
Feeder Cattle futures closed an average of 81¢ higher.
By the way, winter wheat condition improved week to week, according to the USDA Crop Progress report for the week ending Nov. 29. 46% was rated as Good (40%) or Excellent (6%) versus 43% the previous week and 52% the previous year. 18% was rated as Poor (13%) or Very Poor (5%) compared to 21% the prior week and 14% the prior year.
Choice boxed beef cutout value was 28¢ lower Tuesday afternoon at $243.40/cwt. Select was 65¢ higher at $223.08.
Corn futures closed mostly 3¢ to 5¢ lower through Sep ’21 and then mostly 1¢ to 2¢ lower.
Soybean futures closed 4¢ to 6¢ lower.