Cash trade was undeveloped through Tuesday afternoon, but expectations grew for higher prices based on the paltry volume of trade last week and the continued decline in carcass weights. Dressed steer weights for the week ending Feb. 9 were 4 lbs. lighter year over year at 885 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. Dressed heifer weights were 11 lbs. lighter at 822 lbs.
Cattle futures continued higher Tuesday, led by Live Cattle, which received support from the notion of higher cash prices, as well as continued strength in wholesale beef values. Lower grain prices also helped underpin Feeder Cattle support.
Live Cattle futures closed an average of 45¢ higher (25¢ higher to $1.02 higher in spot Feb).
Feeder Cattle futures closed an average of 70¢ higher.
Corn futures closed mostly 2¢ to 4¢ lower through near Dec and then mostly 1¢ lower.
Soybean futures closed 5¢ to 8¢ lower through Mar ‘20 and then mostly 3¢ lower.
Wholesale beef values were steady on Choice and lower on Select with light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 12¢ higher Tuesday afternoon at $219.67/cwt. Select was 84¢ lower at $213.73.