Negotiated cash fed cattle trade was limited on light demand in the Southern Plains and Western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. In Nebraska, trading was mostly inactive on light demand.
Last week, live prices were at $122/cwt. in the Southern Plains and $124 in the North. Dressed prices were at $195.
Softer Corn futures helped Feeder Cattle futures gain Tuesday, while apparently oversold conditions and reports of higher cash prices in the North spurred Live Cattle.
Live Cattle futures closed an average of $1.65 higher, from $2.12 higher at the front to 65¢ higher at the back.
Feeder Cattle futures closed an average of $2.70 higher, from $3.25 higher at the front to $2.275 higher toward the back.
Choice boxed beef cutout values was $5.45 lower Tuesday afternoon at $315.75/cwt. Select was $1.71 lower at $279.75.
Grain futures were pressured Tuesday by timely rains forecast across the Midwest.
Corn futures closed mostly 11¢ to 18¢ lower through Dec ’22, except for fractionally higher in spot July.
Soybean futures closed mostly 16¢ to 18¢ lower through Nov ’22.