Cattle futures faded early pressure Tuesday to close higher amid light holiday trade. Support included last week’s higher cash fed cattle prices and the weekend’s harsh weather in parts of cattle feeding country. Stronger outside markets helped, as did the fact that traders had apparently already factored in last week’s Cattle on Feed Report, which showed more placements than analyst expectations ahead of the report.
Feeder Cattle futures closed an average of $1.34 higher (17¢ to $2.20 higher).
Live Cattle futures closed an average of $1.11 higher (52¢ to $1.87 higher).
Negotiated cash fed cattle trade was at a standstill in all regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $1 higher in the Texas Panhandle at $171/cwt., steady to $1 higher in Kansas at $171, $3-$4 higher in Nebraska at $171-$172 and $1-$3 higher in the western Corn Belt at $170. Dressed delivered prices were $2-$3 higher in Nebraska at $270 and $3 higher in the western Corn Belt at $270.
Last week’s five-area direct weighted average FOB live steer price was $1.80 higher at $170.51/cwt. The weighted average dressed delivered steer price was $2.85 higher at $270.38.
Choice boxed beef cutout value was 38¢ higher Tuesday afternoon at $293.31/cwt. Select was 4¢ higher at $261.19/cwt.
Grain futures closed higher Tuesday, helped along by competitive pricing in the global market, as well as the recently weaker U.S. dollar.
Corn futures closed mostly 3¢ to 6¢ higher.
KC HRW Wheat futures closed 18¢ to 21¢ higher.
Soybean futures closed 7¢ to 13¢ higher.
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