Volatility continued Tuesday, but Cattle futures managed to extend gains amid two-sided trading, supported by an initial drop in Corn futures and eventually higher outside markets.
Feeder Cattle futures closed an average $1.07 higher (65¢ to $1.40 higher), except for 57¢ lower in spot Mar.
Live Cattle futures closed average 79¢ higher (17¢ higher at the back to $1.57 higher toward the front), except for unchanged in away Jun.
Negotiated cash fed cattle trade was slow on light demand in the Southern Plains through Tuesday afternoon, according to the Agricultural Marketing Service. Live prices were $2 lower in a light test at $138/cwt.
Trade was limited on light demand in Nebraska. Live price so far this week are $2 lower at $138. Dressed prices last week were $224-$225.
In the western Corn Belt, trade was mostly inactive on light demand. Live prices last week were $142 and dressed prices were $224-$225.
Choice Boxed beef cutout value was $2.27 lower Tuesday afternoon at $252.44/cwt. Select was $5.28 lower at $244.94.
Wheat futures tapped the brakes Tuesday, helping Corn to a narrowly mixed close.
Corn futures closed mixed, mostly 1¢ lower to 1¢ higher.
Soybean futures closed 14¢ to 30¢ higher through Jan ‘23 and then mostly 1¢ lower to 2¢ higher.