Negotiated cash fed cattle trade was limited on light demand in the Texas Panhandle through Tuesday afternoon, according to the Agricultural Marketing Service. Compared to last week, early live sales traded steady at $120/cwt. In Kansas, trading was slow on moderate demand. Compared to last week, early live sales traded steady to $1 higher, mostly at $120/cwt.
In Nebraska and the Western Corn Belt, cash trading was mostly inactive on light demand. In Nebraska on Monday, live sales traded at $125/cwt.; dressed sales last week traded from $196-$202/cwt. In the Western Corn Belt, last week live sales traded from $124-$126/cwt. and dressed at $196-$202/cwt.
Whether it was hedging for inflation (see below) or simply considering the fundamentals and optimistic prices ahead, Live Cattle futures closed higher Tuesday, dragging Feeder Cattle along.
Live Cattle futures closed an average of $1 higher (45¢ to $1.92 higher).
Feeder Cattle futures closed an average of 82¢ higher (62¢ to $1.17 higher).
Choice boxed beef cutout value was $1.66 lower Tuesday afternoon at $273.34/cwt. Select was $2.03 lower at $256.74/cwt.
Net U.S. beef export sales were 23,700 metric tons (for 2021) the week ending July 1, according to USDA’s Weekly Export Sales report. That was 96% more than the previous week and 64% more than the prior four-week average.
Increases were primarily for South Korea, Japan, China, Mexico, and Canada.
Grain futures edged higher with follow-through support from the previous day’s, WASDE.
Corn futures closed 7¢ to 8¢ higher through Jly ‘22, and then mostly 3 higher
Soybean futures closed mostly 1¢ to 3¢ higher.