Negotiated cash fed cattle trade was mostly inactive on very light demand in Nebraska and the Western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. In Nebraska last week, live sales were at $120-$123/cwt. and dressed at $195/cwt.
In the Western Corn Belt last week, live sales traded from $120-$124/cwt. and dressed sales from $195-$202/cwt.
Trading was at a standstill in the Southern Plains. Last week in the Southern Plains, live sales traded at $119/cwt.
Cattle futures drifted lower Tuesday amid likely profit taking and with traders awaiting cash direction.
Feeder Cattle futures closed an average of 50¢ lower, except for unchanged in the back contract.
Live Cattle futures closed an average of 42¢ lower, except for an average of 20¢ higher in the back three contracts.
Wholesale beef prices continued to gain on Labor Day stocking. Choice boxed beef cutout value was $1.80 higher Tuesday afternoon at $269.73/cwt. Select was $3.02 higher at $253.94/cwt.
Grain futures on Tuesday battled between tougher crop conditions and a mixed to favorable weather forecast.
Corn futures closed fractionally lower to 3¢ lower.
Soybean futures closed 1¢ to 5¢ higher through Jan ’22, then fractionally lower to 11¢ lower.