Cattle futures closed lower Tuesday, basically giving back what was gained the previous session as Corn futures gained and cash fed cattle prices for the week remained unestablished.
Feeder Cattle futures closed an average of $1.42 lower (77¢ lower at the back to $2.30 lower in spot Aug).
Live Cattle futures an average of 44¢ lower, except for 5¢ higher in waning spot Jun.
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $137-$138/cwt. in the Southern Plains, $145-$148 in the Northern Plains and $145-$150 in the western Corn Belt. Dressed prices were $234-$240.
Choice Boxed beef cutout value was $1.54 lower Tuesday afternoon at $267.14/cwt. Select was $1.93 lower at $243.31.
Corn and Soybean futures closed higher on lower week-to-week crop ratings.
Corn futures closed mostly 5¢ to 8¢ higher through new-crop contracts and then mostly fractionally higher to 1¢ lower.
Soybean futures closed mostly 25¢ to 29¢ higher.