Cattle futures closed sharply higher Tuesday, regaining much of what was lost in the previous session. Support included stronger cash fed cattle prices, the ongoing heft of wholesale beef values and perhaps USDA’s latest projections of less total red meat and poultry production this year (see below).
Other than 25¢ lower in the back contract, Live Cattle futures closed an average of $2.66 higher ($1.32 to $4.50 higher).
Feeder Cattle futures closed an average of $2.93 higher ($2.22 higher at the back to $3.65 higher in spot May).
Choice boxed beef cutout value was $6.81 higher Tuesday afternoon at $475.39/cwt. Select was $2.00 lower at $450.97; the first day-to-day decline since Apr. 8.
Corn futures closed fractionally higher to 1¢ higher, except for 2¢ to 5¢ higher in the front three contracts.
Soybean futures closed 2¢ to 3¢ higher in the front four contracts and then mostly fractionally higher to 1¢ higher.