Follow-through support lifted Cattle futures for a second consecutive day, helped along by another down day for Corn.
Feeder Cattle futures closed an average of $1.13 higher, (5¢ higher toward the back to $2.20 higher toward the front), except for unchanged in the back two contracts.
Live Cattle futures closed an average of 61¢ higher, from 12¢ higher at the front to $1.00 higher at the back.
Negotiated cash fed cattle trade ranged from limited on light demand to at a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, live prices were steady in the Southern Plains at $140/cwt, $2 higher ion Colorado at $145-$147, steady to $2 higher in Nebraska at $146 and steady to $1 higher in the western Corn Belt at $145-$147. Dressed prices were $2 higher at $232.
Choice Boxed beef cutout value was $3.00 lower Tuesday afternoon at $259.55/cwt. Select was 89¢ lower at $247.34.
As mentioned, Corn and Soybean futures continued to soften Tuesday despite slow planting progress.
Corn futures closed mostly 6¢ to 7¢ lower, while Soybean futures closed 10¢ to 15¢ lower through Mar ‘23 and then mostly 2¢ to 4¢ lower.