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 (AMS). Although too few to trend, there were a few dressed trades at $195/cwt., compared to $190-$191 last week. Elsewhere, trade ranged from mostly inactive on very light demand to a standstill.
Live prices last week were at mostly $119-$120 in the Southern Plains, $120 in Nebraska and $120-$121 in the western Corn Belt.
The recent decline in Corn futures moderated Tuesday but continued to bolster Cattle futures, which were also supported by the outlook for steady to higher cash prices this week.
Feeder Cattle futures closed an average of $1.34 higher (62¢ to $2.22 higher).
Live Cattle futures closed an average of $1.91 higher through the front four contracts ($1.32 to $1.62 higher) and then an average of 26¢ higher, except for 12¢ lower in the back two contracts.
Choice boxed beef cutout value was $1.04 lower at $334.43/cwt. Select was $5.13 lower at $298.28. At $36.15, the Choice/Select spread was the highest since June 2017, when it peaked at $30.92.
Grain futures continued mainly lower Tuesday with the progress-friendly weather forecast in the Corn Belt.
Corn futures closed mostly 3¢ to 7¢ lower, except for 8¢ higher in spot Jly.
Soybean futures closed mostly 17¢ to 21¢ lower.