Negotiated cash fed cattle prices were $2-$3 lower in the Southern Plains Tuesday at $120/cwt., with slow trade and light to moderate demand.
Apparently, prices finally fell enough and conditions were oversold enough for buyers to get back on the long side of Cattle futures. That was despite sharply negative outside markets, tied to the lack of a trade resolution with China.
Except for unchanged in spot Jun, Live Cattle futures closed an average of 48¢ higher.
Feeder Cattle futures closed an average of 93¢ higher.
Wholesale beef values were sharply lower on light to moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $3.13 lower Tuesday afternoon at $223.87/cwt. Select was $2.15 lower at $211.83.
Corn futures closed mostly 1¢ to 2¢ higher.
Except for a few cents higher in the back contracts, Soybean futures closed mostly fractionally mixed to 2¢ lower.