Negotiated cash fed cattle trade was limited on light demand in Nebraska and the Western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. It was at a standstill in the Southern Plains.
Last week, live prices were at $120-$122/cwt. in the Southern Plains and at $124-$126 in the North. Dressed prices were at $197-$198.
Feeder Cattle futures closed an average of $3.03 higher across the board Tuesday, taking advantage of the wide berth opened by Corn futures.
That helped support Live Cattle, despite the decline in wholesale beef prices, in tandem with climbing retail prices that could challenge demand.
Live Cattle futures closed narrowly mixed, from 40¢ higher in spot Aug to 23¢ lower in Dec with the back two contracts unchanged.
Choice boxed beef cutout value was $1.24 higher Tuesday afternoon at $286.68/cwt. Select was $1.10 lower at $263.31
Corn and Soybean futures plunged Tuesday, pressured by a wetter, cooler forecast.
Corn futures closed down between 38¢ and 41¢ lower through the front six contracts.
Soybean futures closed down between 86¢ and 95¢ lower through the front six contracts.