Cattle futures found some stability following the previous session’s massive selloff but still eased mostly lower as early support faded.
Feeder Cattle futures closed an average of 52¢ lower, except for $1.80 higher in spot Oct and an average of 49¢ higher in the back two contracts.
Live Cattle futures closed mixed, from an average of 29¢ lower in four contracts to an average of 51¢ higher (12¢ to $1.75 higher).
Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Established FOB live prices in the western Corn Belt are $183-$185/cwt., which is $2-$3 lower than last week.
Last week, FOB live prices were $184-$185/cwt. in the Southern Plains and $186-$187 in Nebraska. Dressed delivered prices were $294.
Choice boxed beef cutout value was $1.44 higher Tuesday afternoon at 305.98/cwt. Select was $2.98 higher at $284.00/cwt.
Corn futures closed mostly 4¢ to 6¢ lower with harvest pressure.
Soybean futures closed 5¢ to 9¢ higher through Aug ‘24 and then 1¢ to 3¢ higher.
KC HRW Wheat closed 7¢ to 9¢ lower.