Steady cash prices last week, and declining carcass weights pointing to the potential for higher fed cattle prices this week, helped lift Cattle futures Tuesday. Some also attributed part of the support to traders fleeing the meltdown in Lean Hog futures.
Live Cattle futures closed an average of $1.26 higher in the front two contracts and then an average of 33¢ higher.
Feeder Cattle futures closed an average of 58¢ higher (42¢ higher to $1.15 higher in spot Mar).
Corn futures closed 1¢ to 5¢ lower through Sep ’20 and then fractionally lower.
Soybean futures closed 6¢ to 7¢ lower through Jan ‘20, then 3¢ to 5¢ lower.
Wholesale beef values were steady to firm on moderate to fairly good demand and moderate to heavy offerings, according to the Agricultural Marketing Service.Choice boxed beef cutout value was 12¢ lower Tuesday afternoon at $217.27/cwt. Select was 54¢ higher at $213.54.