Cattle futures surged higher Tuesday with little apparent cause other than oversold conditions and perhaps easing headline pressure, at least for the day.
Toward the close, Live Cattle futures were an average of $4.75 higher. Feeder Cattle futures were an average of $8.41 higher.
Negotiated cash fed cattle trade was mostly inactive on light to moderate demand in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $215-$220/cwt. in the Texas Panhandle, mainly $220 in Kansas, mostly $210 in Nebraska and mainly $208-$210 in the western Corn Belt. Dressed delivered prices were $330 in Nebraska and $328-$330 in the western Corn Belt.
Choice boxed beef cutout value was $4.17 lower Tuesday afternoon at $364.72/cwt. Select was $7.10 lower at $350.78.
Grain and Soybean futures were mixed on Tuesday.
Toward the close and through Jly contracts, Corn futures were 3¢ to 5¢ higher, helped along by strong demand.
KC HRW Wheat futures were 6¢ higher with traders likely adding some geopolitical risk.
Soybean futures were 3¢ to 4¢ lower as traders await confirmation of China making good on its deal to purchase more.
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