Negotiated cash fed cattle trade started the week at lower money Tuesday. Live prices were $2-$4 lower in the Texas Panhandle at $108/cwt. and $2 lower in Nebraska at $108, according to the Agricultural Marketing Service. That was on slow trade and light demand. There were a few dressed sales in the western Corn Belt at $168, but too few to trend. Last week, dressed trade was at $172.
The five-area direct November weighted average fed steer price was $108.85/cwt. on a live basis, which was $2.20 more than the previous month, but $6.50 less than the previous year. The weighted average steer price in the beef was $170.34, which was $2.87 more than the prior month but $12.20 less than the prior year.
Cattle futures closed narrowly mixed on Tuesday, finding some stability following the strong retreat in the previous session, perhaps helped along by softer grain futures.
Live Cattle futures closed an average of 14¢ lower except for unchanged to 17¢ higher in three contracts.
Feeder Cattle futures closed an average of 45¢ higher except for 22¢ lower in spot Jan.
Choice boxed beef cutout value was $5.78 lower Tuesday afternoon at $225.02/cwt. Select was $4.06 lower at $205.42.
Corn futures closed mostly 1¢ to 3¢ lower.
Soybean futures closed mostly 6¢ to 12¢ lower through Sep ’21 and then mostly unchanged to 2¢ lower.