Negotiated cash fed cattle trade was at a standstill in most regions through Tuesday afternoon, according to the Agricultural Marketing Service. In the Western Corn Belt, trading was mostly inactive on very light demand. Last week in the region, live sales traded from $125-$126/cwt. and dressed at $197/cwt.
The latest reported market in the Southern Plains was two weeks ago with live sales at $122/cwt.
On Monday in Nebraska, live sales traded at $126.50/cwt. and dressed sales at $197/cwt.
Cattle futures closed narrowly mixed Tuesday, able to fade some early pressure, but remained mired in uncertainty surrounding potential contract-end volatility (Live Cattle), limited cash trade last week, coupled with next week’s holiday and how Wednesday’s USDA Grain Stocks and Acreage reports will influence feed prices.
Live Cattle futures closed mixed with an average of 33¢ higher through the front three contracts then from 15¢ lower to 25¢ higher.
Feeder Cattle futures closed mixed, up an average of 64¢ higher in the front four contracts.
Choice boxed beef cutout value was $5.09 lower Tuesday afternoon at $292.34/cwt. Select was $3.56
Grain futures closed mainly narrowly mixed as traders awaited direction from the aforementioned USDA reports due out Wednesday.
Corn futures closed mostly 2¢ lower to 1¢ higher, except 19¢ higher in spot Jly.