Feeder Cattle futures extended gains Tuesday, closing an average of $2.37 higher on Corn futures that were 23¢ to 29¢ lower through Jly ’23, pressured by a favorable short-term weather outlook and positive crop progress and conditions. Soybean futures closed 20¢ to 28¢ lower through Mar ’23.
Live Cattle hovered ahead of the week’s cash direction closing an average of 19¢ lower, except for an average of 35¢ higher in the back two contracts.
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 $145/cwt. in the Northern Plains and western Corn Belt. They were $140 in Kansas and $136-$140 in the Texas Panhandle. Dressed prices were $230.
Choice Boxed beef cutout value was $1.06 higher through Tuesday afternoon at $267.56/cwt. Select was 31¢ higher at $246.70.
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