Grain markets were the story once again on Tuesday, melting down beneath the weight of bearish outside markets, the climbing U.S. dollar, a more optimistic weather outlook and apparently little impact from the latest monthly World Agricultural Supply and Demand Estimates (WASDE-see below).
Corn futures closed 36¢ to 48¢ lower through Jly ‘23 and then mostly 15¢ to 19¢ lower.
Soybean futures closed 48¢ to 63¢ lower through Sep ’23, then mostly 38¢ to 43¢ lower.
Sharply lower Corn futures and strong cash demand boosted Feeder Cattle an average of $3.48 higher, (from $2.98 higher to $4.70 higher).
That and firm wholesale Choice beef value helped Live Cattle edge an average of 41¢ higher, except for unchanged and down 25¢ in two contracts.
Last week, live prices were $137/cwt. in the Southern Plains, $144-$149 in Nebraska and $147-$150 in the western Corn Belt. Dressed prices were $232.
Choice Boxed beef cutout value was 37¢ higher through Tuesday afternoon at $268.51/cwt. Select was 83¢ lower at $242.17/cwt.
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