Although too few transactions to trend, there were some live negotiated cash fed cattle sales in Nebraska on Tuesday at $110/cwt. on a live basis and at $170-$175 in the beef. That was $5 higher than Monday on a live basis and steady with last week’s trade. Dressed sales were steady to $5 higher than on Monday; dressed sales last week were at mostly $175.
Elsewhere, established trends so far this week occurred on Monday, with live sales in the Texas Panhandle steady to $5 lower than last week at $105-$110 and $10 lower in Kansas at $100.
But, Cattle futures rallied Tuesday, finally. Whether a technical gasp or a step toward a turning point, harsh volatility will likely continue. Support included brighter cash prospects, soaring wholesale beef values and the bounce in equity markets, following the steep losses in the previous session.
Live Cattle futures closed an average of $3.44 higher, from $1.77 higher at the back to $4.50 higher in the front three contracts.
Feeder Cattle futures closed an average of $3.37 higher.
Wholesale beef values rocketed higher again Tuesday, with good demand and heavy offerings.
Choice boxed beef cutout value was $15.77 higher Tuesday afternoon at $239.93/cwt. Select was $12.61 higher at $229.32. Over the last two days, Choice increased $31.99 and Select was up $27.34.
Corn futures closed 6¢ to 10¢ lower in the front three contracts and then mostly 2¢ to 3¢ lower.
Other than fractionally higher to 2¢ higher in the front three contracts, Soybean futures closed mostly 5¢ lower.