Negotiated cash fed cattle trade remained undeveloped through Tuesday afternoon, based on USDA reports. Recent fundamentals and this week’s winter storms suggest prices should be no worse than steady.
Cattle futures mostly edged higher, amid light trade and waiting for cash direction.
Live Cattle futures closed an average of 52¢ higher, with open interest continuing to build.
After 35¢ and 12¢ lower at the front of the board, Feeder Cattle futures closed an average of 35¢ higher.
Wholesale beef values were lower on Choice and firm on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.40 lower Tuesday afternoon at $231.84/cwt. Select was 38¢ higher at $212.29.
Corn futures closed mostly 2¢ lower.
Soybean futures closed 7¢ to 8¢ lower through Aug ’21 and then mostly 3¢ lower.