There was no Afternoon Slaughter Cattle Review from USDA at press time. However, the Direct Slaughter Cattle Reporting Dashboard from AMS had live cattle on Tuesday bringing an average of just over $97/cwt.; close to $153 in the beef.
Cattle futures started the day in positive territory before USDA’s grain-friendly Acreage and Grain Stocks reports pounded Feeder Cattle futures.
Other than $3.35 lower in expiring spot Jun and 20¢ higher in the back contract, Live Cattle futures closed an average of 20¢ lower.
Feeder Cattle futures closed an average of $1.00 lower (65¢ lower in spot Aug to $1.20 lower).
Choice boxed beef cutout value was $1.39 lower Tuesday afternoon at $206.97/cwt. Select was 81¢ lower at $199.90.
Corn and soybean futures bounced higher Tuesday, buoyed by the aforementioned USDA reports.
Corn futures closed 12¢ to 15¢ higher through Jul ’21 and then 4¢ to 7¢ higher.
Soybean futures closed 16¢ to 20¢ higher through Mar ’21 and then mostly fractionally higher to 12¢ higher.