Cattle futures closed higher Tuesday, supported by last week’s stronger cash fed cattle prices.
Toward the close, Live Cattle futures were $1.96 higher. Feeder Cattle futures were an average of $4.01 higher.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mostly $3 higher in the Southern Plains at mainly $248/cwt., mostly $5 higher in Nebraska at mainly $345 and $3-$4 higher in the western Corn Belt at mostly $244-$245. Dressed delivered prices were $4 higher in Nebraska at $282 and $2-$4 higher at $380-$382 in the western Corn Belt on a light test.
Choice boxed beef cutout value was $3.01 lower Tuesday afternoon at $364.76/cwt. Select was $1.01 lower at $360.22.
Grain futures were lower Tuesday on resistance.
Toward the close, through near Sep contracts, Corn futures were 5¢ to 6¢ lower. KC HRW Wheat futures were 3¢ lower.
Soybean futures, however, were 1¢ to 4¢ higher on resilient demand.
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