Negotiated cash fed cattle trade was slow on light demand in the Southern Plains, Nebraska and the western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early live sales at $119 to mostly $120/cwt., except for $118 in the western Corn Belt. Early dressed sales in Nebraska were at $191.
Feeder Cattle futures closed higher Tuesday, boosted by another sharp break in Corn futures prices.
Feeder Cattle futures closed an average of $2.07 higher, from 35¢ higher in spot May to $2.55 higher.
Live Cattle futures mainly edged higher, supported by wholesale beef values and resurgent front-month
Live Cattle futures closed an average of 30¢ higher, except for unchanged to an average of 9¢ lower in three contracts.
Choice boxed beef cutout value was $2.09 higher Tuesday afternoon at $329.92/cwt. Select was 87¢ higher at $304.26
Corn futures wilted Tuesday, pressured by planting progress and crop development, forecast rain and chatter about more corn acres.
Corn futures closed 23¢ to 37¢ lower though Jly ‘22 and then mostly 8¢ lower
Soybean futures closed 10¢ to 15¢ lower through May ‘22 and then mostly 6¢ lower.