Cattle futures traded either side of steady on Tuesday, awaiting further direction from the cash market.
Live Cattle futures closed narrowly mixed but mostly marginally higher, from an average of 8¢ lower to an average of 11¢ higher.
Feeder Cattle futures closed narrowly mixed, from 17¢ lower to 22¢ higher.
Currently strong market fundamentals should grow more positive when Tyson reopens the Kansas plant that was shuttered by fire in August. During a Tuesday conference call to share the company’s fourth-quarter fiscal results, Noel White, Tyson CEO said the company expects to have the plant fully operational within 60 days, and potentially sooner.
Wholesale beef values were higher on Choice and sharply higher on Select with moderate to good demand and light to moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.91 higher Tuesday afternoon at $240.50/cwt.—the highest since June of 2017. Select was $2.54 higher at $216.23.
Corn futures closed 3¢ to 4¢ higher through Jly ’20 and then mostly 1¢ higher.
Soybean futures closed fractionally mixed to 1¢ lower.