Cattle futures closed lower Tuesday, with pressure including technical correction, sharp declines in front-month Lean Hogs and the fact that Corn futures were an average of 17¢ higher week to week through the front four contracts.
Except for 5¢ and 7¢ higher on either end of the board, Live Cattle futures closed an average of 35¢ lower.
Feeder Cattle futures closed an average of $1.21 lower (75¢ to $1.75 lower).
Wholesale beef values were higher on Choice and lower on Select, with moderate to good demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.03 higher Tuesday afternoon at $213.47/cwt. Select was $1.06 lower at $186.05.
Corn and soybean futures continued higher Tuesday, with follow-through support from the previous day’s Grain Stocks report and on likely short covering.
Corn futures closed 3¢ to 5¢ higher through Jul ’20 and then mostly unchanged to 1¢ lower.
Soybean futures closed 10¢ to 13¢ higher through May ’20 and then 3¢ lower to 9¢ higher.