Cattle futures slid further Tuesday with technical pressure and the apparent continued exodus of fund positions. Spot contracts closed at their lowest levels since May (Feeder Cattle) and June (Live Cattle).
Feeder Cattle futures closed an average of $5.48 lower.
Live Cattle futures closed an average of $3.52 lower ($2.55 to $4.00 lower).
Negotiated cash fed cattle trade ranged from slow on light demand to a standstill in all major cattle feeding regions through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, FOB live prices were $185/cwt. in all regions and dressed delivered prices were $292.
Choice boxed beef cutout value was $1.34 lower Tuesday afternoon at $300.38/cwt. Select was 88¢ lower at $269.48/cwt.
Soybean and grain futures closed lower with likely profit taking and positioning ahead of Thursday’s World Agricultural Supply and Demand Estimates.
Soybean futures closed mostly 7¢ to 10¢ lower.
Corn futures closed mostly 4¢ to 8¢ lower.
KC HRW Wheat closed mostly 10¢ to 13¢ lower.