Continuing optimism about a ceasefire between Russia and Ukraine helped drag grain futures sharply lower again Tuesday.
Corn futures closed 7¢ to 22¢ lower through Jly ‘23 and then 2¢ to 7¢ higher.
Soybean futures closed 12¢ to 23¢ lower through Jly ‘23 and then mostly 6¢ to 10¢ lower.
The continued break in grains helped boost Cattle futures.
Feeder Cattle futures closed an average of $2.62 higher (60¢ to $4.32 higher).
Live Cattle futures closed an average of 86¢ higher.
Negotiated cash fed cattle trade ranged from mostly inactive with very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Live prices last week were at $138/cwt. in the Southern Plains and Nebraska and at $138-$142 in the western Corn Belt. Dressed prices were $221 in Nebraska and $221-$225 in the western Corn Belt.
Choice Boxed beef cutout value was 63¢ higher Tuesday afternoon at $264.50/cwt. Select was $1.48 lower at $254.84.