Cattle futures faded pressure early in Tuesday’s session to closer higher.
Live Cattle futures closed an average of 70¢ higher (35¢ to $1.02 higher), except for 10¢ lower in the back contract.
Feeder Cattle futures closed an average of $1.12 higher.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $185/cwt. in the Texas Panhandle, $186 in Kansas, $189-$192 in Nebraska and $190 in the western Corn Belt. Dressed prices were $300 in Nebraska and $298-$300 in the western Corn Belt.
Choice boxed beef cutout value was 56¢ higher Tuesday afternoon at $337.99/cwt. Select was 76¢ lower at $309.38/cwt.
Deteriorating crop conditions helped boosted Corn and Soybean futures Tuesday.
Corn futures closed mostly 1¢ to 2¢ higher.
Soybean futures closed mostly 18¢ to 30¢ higher.
KC HRW Wheat closed 2¢ to 4¢ lower through May ‘24, and then 1¢ to 3¢ higher.