Cattle futures sold sharply lower Tuesday with technical pressure, more bearish outside markets and worries about the potential impact stemming from the Israel-Iran conflict.
Toward the close, Live cattle futures were an average of $3.51 lower. Feeder Cattle futures were an average of $5.89 lower.
Negotiated cash fed cattle trade was inactive on moderate demand in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $235.00/cwt. in the Southern Plains, $240-$242 in Nebraska and $240-$241 in the western Corn Belt. Dressed delivered prices were $380.
Choice boxed beef cutout value was $4.40 higher Tuesday afternoon at $386.51. Select was $5.07 higher at $372.54
Grain and Soybean futures were mainly higher Tuesday.
Corn futures were 3¢ to 4¢ higher through new-crop contracts.
Kansas City Wheat futures were 4¢ lower in spot Jly and then 3¢ to 4¢ higher through near Mar.
Soybean futures were mostly 4¢ to 7¢ higher through near Mar.
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