Cattle futures rallied Tuesday, buoyed by declining Corn futures.
Feeder Cattle futures closed an average of $4.02 higher.
Live Cattle futures closed an average of $1.55 higher ($1.22 to $2.05 higher).
Corn futures took a sharp step lower, pressured by more rain forecast in the Corn Belt and despite deteriorating crop conditions displayed in the previous day’s weekly Crop Progress report. Keep in mind Acreage and Grain Stocks reports out Friday.
Corn futures closed mostly 15¢ to 27¢ lower.
Soybean futures closed 20¢ to 29¢ lower through Sep ‘24 and then mostly 17¢ lower.
KC HRW Wheat closed 20¢ to 28¢ lower.
Negotiated cash fed cattle trade ranged from light on light demand in the Southern Plains to mostly inactive on very light demand through Tuesday afternoon, according to the Agricultural Marketing Service.
Although too few to trend, there were a few live sales in Kansas at $178/cwt.
Last week, live prices were $180 in the Southern Plains $182-$185 in Nebraska and $184-$185 in the western Corn Belt. Dressed prices were $290.
Choice boxed beef cutout value was $3.81 lower Tuesday afternoon at $329.23/cwt. Select was $1.24 lower at $298.43/cwt.
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