Stronger cash fed cattle prices last week, the prospect for further gains this week and recently higher wholesale beef prices helped Cattle futures extend gains Tuesday.
Feeder Cattle futures closed an average of $1.73 higher, except for 7¢ higher in spot Oct.
Live Cattle futures closed an average of 50¢ higher (15¢ to 60¢ higher), except for unchanged in the back contract.
Negotiated cash fed cattle trade was at a standstill in the Southern Plains and Nebraska through Tuesday afternoon, according to the Agricultural Marketing Service. In the Western Corn Belt, trade was limited on light demand.
Last week, live prices were $145/cwt. in the Southern Plains and $148 in Nebraska and the Western Corn Belt. Dressed prices were $232 in Nebraska and $230-$232 in the western Corn Belt.
Choice Boxed beef cutout value was $2.64 higher Tuesday afternoon at $250.78/cwt. Select was $1.67 higher at $221.28/cwt.
Corn futures closed 2¢ to 3¢ lower. Soybean futures closed mostly 9¢ to 13¢ lower through Jly ’23 and then mostly 4¢ lower.
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