Front-month Live Cattle futures firmed Tuesday, following pressure in the previous session, perhaps suggesting traders took a harder look at currently favorable fundamentals; open interest continues to grow. Feeder Cattle gave back the previous day’s gains amid light trade.
Except for 47¢ higher in spot Apr, Live Cattle futures closed narrowly mixed (20¢ lower to 5¢ higher).
Feeder Cattle futures closed an average of 70¢ lower.
Corn futures closed mostly 1¢ to 2¢ higher.
Soybean futures closed 1¢ to 2¢ lower through Mar ’20 and then mostly fractionally higher.
Wholesale beef values were firm on fairly good demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 49¢ higher Tuesday afternoon at $224.04/cwt. Select was 58¢ higher at $217.79.