Negotiated cash fed cattle trade was slow on light demand in the Southern Plains through Tuesday afternoon at $119-$120/cwt. That was steady in Kansas and steady to 50¢ higher in the Texas Panhandle. Although too few to trend, there were a few live trades at $120 in Nebraska and the western Corn Belt, mainly steady with the prior week.
Feeder Cattle futures weakened amid higher Corn futures prices Tuesday.
Feeder Cattle futures closed an average of 66¢ lower, except for 40¢ higher in the back contract.
Live Cattle futures closed mainly higher on Tuesday, with support from a bounce higher in Lean Hog futures and the relentless climb in wholesale beef values. There were also reports that Argentina banned exporting beef for the next 30 days.
Live Cattle futures closed an average of 90¢ higher (22¢ to $1.40 higher), except for an average of 21¢ lower in two contracts.
Choice boxed beef cutout value was $3.72 higher Tuesday afternoon at $323.34/cwt. Select was $2.16 higher at $299.05
Corn futures closed mostly 6¢ to 9¢ higher.
Soybean futures closed mostly 6¢ to 8¢ higher after 1¢ to 13¢ lower in the front three contracts.