Cattle futures stabilized early in Tuesday’s session, following Monday’s break in reaction to the Cattle on Feed report, but support eroded as the session wore on with late pressure leading to another day of mostly triple digit losses.
Support included the monthly Cold Storage report released earlier this week (see below), as well as another day of stable to higher wholesale beef values.
Live Cattle futures closed an average of $1.26 lower (70¢ to $1.62 lower).
Feeder Cattle futures closed an average of $1.27 lower ($1.07 to $1.92 lower), except for an average of 33¢ lower in the back two contracts.
Choice boxed beef cutout value was 16¢ higher Tuesday afternoon at $207.62/cwt. Select was $1.04 higher at $198.93. At $8.69, the Choice-Select spread was the narrowest since April.
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