Negotiated cash fed cattle trade was limited on light to moderate demand in Nebraska and the western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service.
Although too few transactions to trend, there were a few dressed trades in Nebraska at $191/cwt., which was $1-$3 higher than last week; a few lives trades in the western Corn Belt at $120, which was $1-$3 higher. Elsewhere, trade was mostly inactive on light demand or at a standstill.
Cattle futures maintained gains from the previous session, supported by the outlook for higher cash prices and continued wholesale strength.
Live Cattle futures closed an average of $1.14 higher (40¢ to $1.70 higher).
Feeder Cattle futures closed an average of 25¢ higher, except for 12¢ lower in spot May.
Choice boxed beef cutout value was $3.26 higher Tuesday afternoon at $312.37/cwt. Select was $2.58 higher at $296.34
Grain futures recovered from sharp losses the previous day to surge ahead again in the front months, with likely profit taking and positioning ahead of Wednesday’s monthly World Agricultural Supply and Demand Estimates.
Corn futures closed 10¢ to 11¢ higher in the front two contracts, and then mostly 2¢ to 5¢ higher.
Soybean futures closed 16¢ to 27¢ higher through Jan ‘22, then mostly 4¢ to 11¢ higher.