Negotiated cash fed cattle prices continue to lose ground this week.
FOB live sales were $8-$9 lower in Nebraska at $209-$212/cwt. Dressed delivered prices were $10-$15 lower at $330.
That was on moderate trade and good demand through Tuesday afternoon, according to the Agricultural Marketing Service.
Similarly, FOB live prices were $7-$10 lower in the western Corn Belt at $208 and dressed delivered trades were $12-$17 lower at $328-$330. Trade was light on moderate demand.
Trade in the Southern Plains was inactive on light demand. Last week, FOB live prices were $224 in the Texas Panhandle and $222-$224 in Kansas.
Choice boxed beef cutout value was 40¢ lower Tuesday afternoon at $370.09/cwt. Select was 42¢ higher at $355.93.
Cattle futures did bounce back some on Tuesday, as traders absorbed news of Tyson’s plans to reduce packing capacity, and perhaps some latent reaction to Friday’s Cattle on Feed report, which underscored declining cattle numbers.
Toward the close, Live Cattle futures were an average of $2.01 higher (5¢ to $3.25 higher), except for an average of 71¢ lower in the front two contracts.
Feeder Cattle futures were an average of $2.66 higher, except for $1.82 lower in away Nov. and no trend in the back contract.
Grain and Soybean futures bounced higher Tuesday.
Toward the close and through Jly contracts, Corn futures were unchanged to 2¢ higher. KC HRW Wheat futures were 4¢ to 7¢ higher. Soybean futures were fractionally higher to 2¢ higher.
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