Negotiated cash fed cattle trade opened the week in the Southern Plains on Tuesday on moderate demand and trade, with live prices steady to $1 higher than last week at $127/cwt. in the Texas Panhandle and $126-$127 in Kansas.
Although supplies continue to be snugger in the North, according to various reports, the early trade on the part of packers speaks to their need for inventory. You couldn’t tell it by soggy Cattle futures, though.
Live Cattle futures closed little changed on Tuesday, while Feeder Cattle took another step down, though stronger early pressure softened by the end of the session.
Except for 35¢ higher in spot Apr, Live Cattle futures closed an average of 23¢ lower.
Except for unchanged at the very back, Feeder Cattle futures closed an average of 80¢ lower.
Choice boxed beef cutout value was 17¢ lower Tuesday afternoon at $223.73/cwt. Select was 74¢ lower at $216.75.
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