Cattle futures closed mainly lower Tuesday, pressured in part by the lack of cash direction for fed cattle and firmer nearby Corn futures.
Feeder Cattle futures closed an average of 71¢ lower (32¢ to $1.32 lower).
Live Cattle futures closed an average of 40¢ lower, except for an average of 24¢ higher in the back two contracts.
Corn futures gained Tuesday, with support from further erosion in Argentina’s crop.
Corn futures closed mostly 1¢ to 2¢ higher.
KC HRW Wheat closed mostly 9¢ to 17¢ higher.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $164-$167/cwt. but mostly $165. Dressed prices were $265.
Choice boxed beef cutout value was $1.05 higher Tuesday afternoon at $285.91/cwt. Select was 94¢ higher at $274.56/cwt.
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