Cattle futures extended gains Tuesday after a struggle for follow-through support from the bullish Cattle report and thoughts that packer interest will improve this week.
Live Cattle futures closed an average of 72¢ higher (28¢ to 90¢).
Feeder Cattle futures closed an average of 70¢ higher (55¢ to 93¢ higher).
Negotiated cash fed cattle trade ranged from limited on light demand to a standstill with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, live prices were at $137/cwt. in the Texas Panhandle, at $136 in Kansas $137 in Nebraska and at $137-$139 in the western Corn Belt. Dressed trade was steady at $218.
Choice Boxed beef cutout value Tuesday afternoon was $4.96 lower at $285.44/cwt. Select was $3.05 lower at $280.22.
Corn futures closed 4¢ to 9¢ higher in the front six contracts.
Soybean futures closed 12¢ to 38¢ higher.