Cattle futures bounced back Tuesday from recently oversold conditions, with more optimistic outside markets, despite softer cash prices and the shorter harvest schedule through the remainder of the year.
Feeder Cattle futures closed an average of $1.75 higher.
Live Cattle futures closed an average of 99¢ higher (85¢ to $1.17 higher).
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. Although there were too few transactions for a trend, some live sales traded at $135/cwt. in the Texas Panhandle and Nebraska.
Last week, live prices were $2-$4 lower in Kansas and Nebraska at $136-$138/cwt. They were $4 lower in the Texas Panhandle at $136 and steady to $2 lower in the western Corn Belt at $138. Dressed prices were $2 lower in Nebraska at $218 and steady to $3 lower in the western Corn Belt at $217-$218.
Choice boxed beef cutout value was 99¢ lower Tuesday afternoon at $261.39/cwt. Select was 75¢ lower at $249.92/cwt.
Corn futures closed 4¢ to 8¢ higher through Jly ‘23, and then mostly 1¢ to 2¢ higher.
Soybean futures closed 10¢ to 19¢ higher through Sep ‘22 and then fractionally lower to 5¢ higher.