Cattle futures took a breath Tuesday and wobbled narrowly lower awaiting cash direction.
Live Cattle futures closed an average of 27¢ lower.
Feeder Cattle futures closed an average of 47¢ lower.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Live prices last week were $160/cwt. in the Texas Panhandle, $160-$161 in Kansas, $157-$160 in Nebraska and $160 in the western Corn Belt. Dressed prices were $254.
Wholesale beef prices continued their recent upward trend. Choice boxed beef cutout value was $2.11 higher Tuesday afternoon at $272.06/cwt. Select was $2.57 higher at $258.78/cwt.
Profit taking seemed to be the main order of the day in the grain complex.
Corn futures closed 1¢ to 2¢ lower through Dec ‘23 and then mostly unchanged.
KC HRW Wheat closed mostly 3¢ to 6¢ lower.
Soybean futures closed mostly 2¢ to 6¢ lower.