Negotiated cash fed cattle trade was mostly inactive on light demand in the western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was at a standstill.
Cattle futures closed mostly lower in light trade Tuesday, despite higher boxed beef prices and thoughts that last week’s shallower packer buy may elevate cash prices this week. Higher grain futures and election uncertainty likely provided some of the pressure.
Live Cattle futures closed an average of 26¢ lower, except for an average of 27¢ higher in the back three contracts.
Feeder Cattle futures closed an average of 57¢ lower.
Choice boxed beef cutout value was 79¢ higher Tuesday afternoon at $209.44/cwt. Select was $2.83 higher at $195.45.
Corn futures closed 3¢ to 4¢ higher through Sep ‘21 and then mostly 1¢ higher.
Soybean futures closed 8¢ to 12¢ higher through Sep ‘21 and then 4¢ to 6¢ higher.