Futures and equity markets recovered some ground on Tuesday from the previous day’s steep selloff tied to growing fears about the global spread of novel coronavirus.
Although mainly lower, the decline in Cattle futures was soft rather than the limit and near limit-down moves in the previous session.
Live Cattle futures close an average of 38¢ lower, as open interest continued to dwindle.
Except for 15¢ and 22¢ higher in the front two contracts, Feeder Cattle futures closed an average of 29¢ lower.
Wholesale beef values were weak on Choice and higher on Select with moderate to good demand and heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 74¢ lower Tuesday afternoon at $212.85/cwt. Select was $1.66 higher at $212.16.
Corn futures closed mostly 2¢ to 5¢ higher through Jul ’21 and then mostly 1¢ higher.
Soybean futures closed mostly 2¢ lower.