Feeder Cattle futures closed an average of $1.79 lower Tuesday, pressured by Corn futures that were 15¢ to 17¢ higher through new-crop contracts as traders added weather premium based on the latest crop conditions, along with further uncertainty regarding Ukrainian exports.
Soybean futures closed 31¢ to 59¢ higher through Jly ‘23 and then mostly 20¢ to 22¢ higher.
Live Cattle futures closed an average of 61¢ lower, uninspired by early cash direction.
Negotiated cash fed cattle trade was slow on light demand in the Texas Panhandle through Tuesday afternoon, according to the Agricultural Marketing Service. There were a few live trades $1 lower at $135/cwt.
Elsewhere, trade ranged from mostly inactive on light demand to a standstill with too few transactions to trend.
Last week, live prices were $136 in Kansas, $139.00-$143.50 in Nebraska and $141-$145 in the western Corn Belt. Dressed prices were $227-$232.
Choice Boxed beef cutout value was $1.00 higher Tuesday afternoon at $269.11/cwt. Select was $1.12 lower at $243.88/cwt.