Cattle futures expanded gains Tuesday, led by Feeder Cattle and strong cash.
Toward the close, Live Cattle futures were an average 80¢ higher. Feeder Cattle futures were an average of $3.31 higher.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mostly $232/cwt. in Kansas, $232 in Nebraska and $230-$232 in the western Corn Belt. Dressed delivered prices were $360.
Choice boxed beef cutout value was $2.45 lower Tuesday afternoon at $351.25/cwt. Select was 42¢ lower at $351.08. The Choice-Select spread was a paltry 17¢, the lowest since Feb. 2022.
The short-covering rally faded in the grain complex on Tuesday.
Toward the close, through near Sep, Soybean futures were mostly 5¢ to 7¢ lower. Corn futures were fractionally lower to 2¢ lower. KC HRW Wheat futures were fractionally mixed to 1¢ higher.
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