Cattle futures, especially Feeder Cattle continued to gain on Tuesday. Some of the support likely stems from positioning ahead of the potential market impact of last week’s storm, which wrought massive flooding in Nebraska and adjoining states.
Live Cattle futures closed an average 59¢ higher.
Feeder Cattle futures closed an average of $1.43 higher.
Corn futures closed fractionally mixed to 1¢ lower.
Soybean futures closed mostly fractionally mixed to 1¢ lower.
Wholesale beef values were higher on good to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.00 higher Tuesday afternoon at $229.33/cwt. Select was $1.25 higher at $219.46.