Negotiated cash fed cattle trade was light to moderate on moderate demand in the Southern Plains through Tuesday afternoon, according to the Agricultural Marketing Service. Prices were steady to $1 lower in the Texas Panhandle at $139-$140/cwt. And steady in Kansas at $140.
Elsewhere, trade ranged from limited on light demand to a standstill. Live prices last week were $146 in Nebraska, $142-$148 in Colorado and $144-$147 in the western Corn Belt. Dressed prices were $230-$232.
Cattle futures lost more ground Tuesday, as cash fed cattle prices ran out of steam in the South and Corn futures rose.
Feeder Cattle futures closed an average of $1.83 lower (87¢ lower to $2.37 lower).
Live Cattle futures closed an average of 93¢ lower (25¢ to $1.27 lower), except for 7¢ higher in the back contract.
Choice Boxed beef cutout value was $3.05 lower Tuesday afternoon at $255.24/cwt. Select was 78¢ lower at $242.35.
Corn and Soybean futures were supported by the sluggish planting pace.
Corn futures closed mostly 3¢ to 8¢ higher. Soybean futures closed 5¢ to 10¢ higher through Jly ‘23 and then fractionally higher to 4¢ higher.