Although Cattle futures tested stability early in yesterday’s session, they crumbled again, beneath overall market panic about novel coronavirus and its potential economic impact. Losses, however, were less than the previous day.
Live Cattle futures closed an average of $1.70 lower through the front four contracts and then an average of 56¢ lower.
Feeder Cattle futures closed an average of $2.06 lower (85¢ to $3.47 lower). That’s an average of $6.32 lower in the last two sessions.
Wholesale beef values were firm on Choice and sharply lower on Select, with light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 40¢ higher Tuesday afternoon at $207.47/cwt. Select was $2.47 lower at $199.90.
Grain futures rebounded, perhaps with the help of the lower U.S. dollar.
Corn futures closed mostly fractionally higher to 2¢ higher.
Soybean futures closed mostly 4¢ to 5¢ higher.