Cattle futures drifted lower Tuesday with traders apparently waiting for further cash direction.
Live Cattle futures closed narrowly mixed, from an average of 27¢ lower in four contracts to an average of 14¢ higher.
Feeder Cattle futures closed an average of 60¢ lower.
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, prices were at $128-$130/cwt. in the Southern Plains and the western Corn Belt; $130 in Nebraska. Dressed prices were $202-$204.
Early on, bets seem to favor steady to higher prices this week.
Choice boxed beef cutout value was 85¢ lower Monday afternoon at $287.80/cwt. Select was $2.02 higher at $270.62/cwt.
Grain futures, especially Soybeans firmed Tuesday with friendlier projections than expected in the monthly World Agricultural Supply and Demand Estimates (see below).