Although it was slow trade and light demand, negotiated cash fed cattle prices began the week $2 higher on a live basis at $140/cwt. in the western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. Dressed prices there last week were at mainly $217.
Elsewhere, trade ranged from a standstill to limited on light demand with too few transactions to trend. Last week, live prices were at $135/cwt. in the Southern Plains and Nebraska. Dressed trade was at $217-$218.
The stronger cash outlook and recently higher boxed beef prices helped Live Cattle futures firm. They closed an average of 24¢ higher (from 5¢ higher to $1.17 higher in almost-spent Dec).
Choice boxed beef cutout value was 18¢ higher Tuesday afternoon at $264.66/cwt. Select was 91¢ higher at $256.09/cwt.
Lower Corn futures prices helped Feeder Cattle close an average of $1.19 higher.
Corn futures closed lower on likely profit taking. Prices were 8¢ to 10¢ lower through May ‘23 and then mostly 4¢ to 5¢ lower.
Soybean futures paused from steep gains in the previous session, closing mostly 3¢ to 4¢ lower.