Cattle futures finally found some traction Tuesday, gaining back a little better than half of the previous day’s sharp losses, once gain following the same trajectory as equity markets.
Live Cattle futures closed an average of $1.79 higher ($1.10 higher to $2.60 higher in spot Apr).
Feeder Cattle futures closed an average of $2.51 higher ($1.55 higher in spot Mar to $3.10 higher).
Wholesale beef values were weak on Choice and sharply lower on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 27¢ lower Tuesday afternoon at $207.09/cwt. Select was $3.61 lower at $198.71.
Corn futures closed mostly 3¢ to 4¢ higher through Jly ’21 and then 1¢ to 2¢ higher.
Soybean futures closed mostly 4¢ to 7¢ higher.