Cattle futures closed mixed to slightly higher Tuesday as traders appeared to shrug off Friday’s Cattle on Feed report, or pointing to the fact it was already adequately priced into the market.
Toward the close, Live Cattle futures were an average of 44¢ higher, except for an average of 46¢ lower in three contracts.
Feeder Cattle futures were an average of 40¢ higher, except for an average of $1.72 lower in two back contracts.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were steady in the Texas Panhandle at $260/cwt., steady to $1 lower in Kansas at $259-$260, steady to $2 lower in Nebraska at $258-$265 and mostly steady to $5 lower in the western Corn Belt at most $260. Dressed delivered prices were $2-$5 lower in Nebraska at $408-$410 and mainly steady in the western Corn Belt at mostly $410.
Choice boxed beef cutout value was $2.63 higher Tuesday afternoon at $392.90/cwt. Select was $5.30 higher at $390.30.
Corn and Soybean futures closed lower Tuesday, in sympathy with Crude Oil prices.
Toward the close, and through near Mar contracts, Corn futures were 3¢ to 5¢ lower. Soybean futures were 6¢ to 11¢ lower. Kansas City HRW Wheat futures were 2¢ to 5¢ lower.
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