A break in Corn futures prices and improving supply fundamentals helped Feeder Cattle futures close an average of 79¢ higher Tuesday (37¢ to $1.10 higher), except for 27¢ lower in the waning spot month.
Corn futures closed 5¢ to 6¢ lower through near Jly and then mostly 1¢ lower.
Soybean futures closed mostly 4¢ to 5¢ lower through Sep ‘23 and then 2¢ to 7¢ lower.
Incidentally, with most of the winter wheat in the ground as of Nov. 14, there was 46% rated as Good (39%) or Excellent (7%), according to the latest USDA Crop Progress report. That was on par with the same time last year.
Despite recently stronger cash prices, Live Cattle futures closed narrowly mixed again — from an average of 15¢ lower in five contracts to an average of 17¢ higher — with pressure from the lack of cash direction and what appear to have been peak wholesale beef prices for the season.
Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Tuesday afternoon. There were too few transactions to trend, according to the Agricultural Marketing Service.
Prices last week were at $132/cwt. on a live basis in the Northern Plains, the Southern Plains and Colorado. They were $131-$132 in the western Corn Belt. Dressed prices were at $207.
Early indications suggest prices no worse than steady this week.
Choice boxed beef cutout value was $1.07 lower Tuesday afternoon at $282.13/cwt. Select was 69¢ lower at $266.59/cwt.