Stronger fed cattle prices last week and increasing fundamental strength helped lift Live Cattle futures an average of 83¢ higher on Tuesday (30¢ higher near the back to $1.30 higher toward the front).
However, Feeder Cattle futures closed an average of $1.13 lower, pressured by a bounce in Corn futures.
Grain and Soybean futures strengthened as the Black Sea Grain Initiative expired amid Russia’s increased aggression in its ongoing invasion of Ukraine. Increasing weather premiums could have also been in play.
Corn futures closed mostly 19¢ to 29¢ higher.
KC HRW Wheat closed 12¢ to 17¢ higher.
Soybean futures closed mostly 9¢ to 14¢ higher.
Negotiated cash fed cattle trade ranged from inactive on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $186/cwt. in Nebraska, $184-$185 in the western Corn Belt and $175-$184 in Kansas on a light test. Dressed prices were $290-$292 in Nebraska and $290-$295 in the western Corn Belt. Live prices in the Texas Panhandle the previous week were $178.
Choice boxed beef cutout value was $2.10 lower Tuesday afternoon at $304.68/cwt. Select was 87¢ lower at $276.61/cwt.
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