Negotiated cash fed cattle trade got off to a steady start Tuesday with live prices in the Southern Plains at $95/cwt., but a few up to $96.25 in Kansas, according to the Agricultural Marketing Service.
Cattle futures softened with some likely profit taking as traders take stock of the potential upside beyond the backlog of fed cattle.
Live Cattle futures closed an average of 73¢ lower (32¢ lower to $1.22 lower).
Feeder Cattle futures closed an average of 64¢ lower (30¢ to $1.20 lower).
Choice boxed beef cutout value was $2.34 lower Tuesday afternoon at $200.92/cwt. Select was $1.03 lower at $190.85.
Corn futures closed mostly 2¢ lower.
Soybean futures closed mostly 2¢ higher through Aug ’21 and then fractionally higher to 1¢ higher.