Historically strong February wholesale beef values and dwindling beef production, compounded by reduced feedlot performance due to winter weather, helped Cattle futures move higher Tuesday, despite bearish outside markets.
Live Cattle futures closed an average of 54¢ higher (22¢ to $1.17 higher).
Feeder Cattle futures closed an average of 58¢ higher.
Choice boxed beef cutout value was $4.31 higher Tuesday afternoon at 287.20/cwt. Select was $2.79 higher at $270.84/cwt.
Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Tuesday afternoon. Although too few to trend, there were a few live trades in Nebraska at $161/cwt. and a few in the western Corn Belt at $164.
Last week, prices on a live basis were $162 in the Southern Plains, $159-$161 in Nebraska and $160-$162 in the western Corn Belt. Dressed prices were $257.
Corn futures closed mostly 1¢ to 3¢ higher.
KC HRW Wheat closed 2¢ to 3¢ lower.
Soybean futures closed 18¢ to 21¢ higher through Aug. ’23 and then mostly 10¢ to 13¢ higher.
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