Negotiated cash fed cattle trade was at a standstill in the Northern Plains and the Southern Plains through Tuesday afternoon, according to the Agricultural Marketing Service. Trade in the western Corn Belt was inactive on very light demand.
Heavy snow in parts of Nebraska and Kansas could help push trade to later in the week
Live Cattle futures closed an average of 44¢ higher Tuesday, supported by rising wholesale beef values.
Choice boxed beef cutout value was $2.33 higher Tuesday afternoon at $229.06/cwt. Select was $1.12 higher at $217.33.
Feeder Cattle futures, however, closed an average of $1.80 lower, pressured by another day of sharply higher grain futures.
Corn futures closed 11¢ to 20¢ higher through Sep ‘21, 2¢ to 4¢ higher through Jly ’22 and then mostly 2¢ higher.
Soybean futures closed 17¢ to 26¢ higher through Jan ‘22 and then 11¢ to 16¢ higher.