Cattle futures faded early pressure to close mainly narrowly mixed on Tuesday, supported by the continued surge in beef cutout values and the outlook for steady to higher cash fed cattle prices this week.
Except for 62¢ lower in spot Dec and 52¢ higher at the back of the board, Live Cattle futures closed marginally mixed (10¢ lower to 25¢ higher).
Other than $1.22 lower in spot Nov and 10¢ higher at the back of the board, Feeder Cattle futures closed an average of 11¢ lower.
Wholesale beef values were higher on Choice and weak on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.24 higher Tuesday afternoon at $236.05/cwt. Select was 56¢ lower at $209.82.
Corn futures closed mostly 1¢ lower.
Soybean futures closed 3¢ to 4¢ lower through Jan. ’21 and then mostly 1¢ lower.