Negotiated fed cattle trade was undeveloped through Tuesday afternoon, but Cattle futures suggest steady to higher prices for the week. They closed sharply higher, especially Feeder Cattle, buoyed by increasing open interest and trade activity.
Live Cattle futures closed an average of 84¢ higher (40¢ higher to $2.10 higher in spot Feb), with the most active trade since September.
Feeder Cattle futures closed an average of $1.30 higher, with the most active trade since October.
Corn futures closed mostly 1¢ lower.
Soybean futures closed 3¢ to 6¢ lower through Jan ’20 and then mostly 1¢ lower.
Wholesale beef values were weak to lower on light demand and heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 30¢ lower Tuesday afternoon at $213.98/cwt. Select was 95¢ lower at $207.26.