Negotiated cash fed cattle trade was at a standstill in the Texas Panhandle through Tuesday afternoon, according to the Agricultural Marketing Service. Last week in the Southern Plains, live sales traded at $120. In Nebraska and the Western Corn Belt, trade was slow on moderate demand. Live sales in Nebraska traded steady at $120, dressed at $190-$191. In the Western Corn Belt, a few lives sales traded from $120-$121 and dressed from $190-$193. In Kansas, trading was limited on light demand with a few live sales at $119.
Cattle futures traded mixed Tuesday with Feeder Cattle mainly pressured by higher Corn futures, while Live Cattle edged higher, helped along by early cash direction.
Feeder Cattle futures closed an average of 59¢ lower through the front half of the board and then an average of 30¢ higher, except for $1.15 lower in the back contract.
Live Cattle futures closed an average of 36¢ higher, except for 30¢ lower in the back contract.
Choice boxed beef cutout value was 1¢ higher Tuesday afternoon at $338.61/cwt. Select was $2.99 lower at $306.18
A continued hot and dry forecast in the Midwest and Northern Plains helped push grain markets higher on Tuesday.
Corn futures closed mostly 6¢ to 9¢ higher.
Soybean futures closed mostly 6¢ to 17¢ higher, except for 15¢ to 17¢ lower in most ‘23 contracts.