Stronger outside markets and oversold conditions helped Cattle futures extend gains Tuesday.
Feeder Cattle futures closed an average of $1.63 higher (70¢ to $2.32 higher), except for 67¢ lower in spot Nov.
Live Cattle futures closed an average of $1.24 higher.
Depending on which estimates you look at, expectations are for October placements to be about 6% higher year over year, in Friday’s monthly Cattle on Feed report. October marketing are expected to be about 2% less, leaving the on-feed inventory Nov. 1 about 2% higher.
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, FOB live prices were $181/cwt. in the Texas Panhandle, $180 in Kansas, $181.50 in Nebraska and $178-$180 in the western Corn Belt. Dressed delivered prices were $287 in Nebraska and $283-$287 in the western Corn Belt.
Choice boxed beef cutout value was $2.18 lower Tuesday afternoon at $295.67/cwt. Select was $1.36 lower at $267.88/cwt.
Corn futures closed mostly fractionally higher to 1¢ higher.
KC HRW Wheat closed mostly 2¢ lower.
Soybean futures closed mostly 3¢ to 7¢ higher through Nov ‘25.