Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, FOB live prices were $189-$190/cwt. in the Texas Panhandle $188-$191 in Kansas, and mainly $197-$198 in Nebraska and the western Corn Belt.
Dressed delivered prices were $310-$312 in Nebraska and $310 in the western Corn Belt with prices stretching as high as $314.
Choice boxed beef cutout value was 75¢ higher Tuesday afternoon at $323.39/cwt. Select was 19¢ higher at $305.26/cwt.
Cattle futures closed narrowly mixed to lower on Tuesday, as traders bided their time for further cash direction. Before settlement, Feeder Cattle futures were an average of 40¢ lower except for 2¢ higher in spot Aug. Live Cattle futures were narrowly mixed, from an average of 28¢ lower to an average of 32¢ higher.
Grain and Soybean futures were lower Tuesday with apparent fund selling and potential positioning ahead of Friday’s Acreage and Grain Stocks reports. Heading into the close, Corn futures were 9¢ to 10¢ lower. Kansas City Wheat futures were 5¢ to 10¢ lower. Soybean futures were 13¢ to 19¢ lower.
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