Cattle futures crumbled Tuesday with early cash trade taking another step lower, the packers seeming ability to pull dollars off the market by restricting kills and question marks about a seasonal peak for wholesale beef prices.
Feeder Cattle futures closed an average of $3.90 lower ($3.75 to $4.08 lower).
Live Cattle futures closed an average of $1.76 lower ($1.75 to $1.97 lower).
Negotiated cash fed cattle trade was moderate on moderate demand in the Southern Plains through Tuesday afternoon, according to the agricultural Marketing Service. Prices were $1 lower at $172/cwt.
Although too few transactions to trend, there were some early live sales in Nebraska at $281 and a few live sales in the western Corn Belt at $172-$178.
Live prices last week were $178-$180 in Nebraska and $180 in the western Corn Belt. Dressed prices were $283-$286 in Nebraska and $285 in the western Corn Belt.
Choice boxed beef cutout value was 78¢ lower Tuesday afternoon at $309.24/cwt. Select was $2.34 lower at $288.66/cwt.
Corn futures closed mostly 1¢ to 5¢ lower.
KC HRW Wheat closed 16¢ to 20¢ lower through Sep ‘24, and then mostly 8 to 9¢ lower.
Soybean futures closed 7¢ to 16¢ lower through Jan’24.
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