Cattle futures found some footing Tuesday, helped along by higher wholesale prices.
Toward the close, Live Cattle futures were an average of 79¢ higher (2¢ to $1.30 higher). Feeder Cattle futures were an average of $4.04 higher.
Negotiated cash fed cattle trade was mostly inactive on light to moderate demand in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $260/cwt. in the Southern Plains and $260-$265 in the North. Dressed delivered prices were $410-$415 in Nebraska and mostly $410 in the western Corn Belt.
Choice boxed beef cutout value was $3.61 higher Tuesday afternoon at $395.75/cwt. Select was $3.35 higher at $393.58.
Grain and Soybean futures were narrowly mixed in the front end Tuesday as traders await more details about the announced deal for China to purchase more U.S. agricultural commodities.
Toward the close, and through near Mar contracts, Kansas City HRW Wheat futures were unchanged to fractionally higher. Corn futures were 1¢ lower to fractionally higher. Soybean futures were 2¢ lower to 1¢ higher.
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