Recent momentum in Cattle futures stalled Tuesday amid higher Corn futures, likely profit taking and apparently waiting to see if this week’s cash fed cattle trade supports another step higher.
Feeder Cattle futures closed an average of $1.60 lower, except for 92¢ higher in waning spot Oct.
Live Cattle futures closed an average of 45¢ lower, except for 7¢ higher in spot Oct.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Live prices last week were $148/cwt. in the Southern Plains, $150-$152 in Nebraska and $150 in the western Corn Belt. Dressed prices were $236 in Nebraska and $232-$236 in the western Corn Belt.
Corn futures closed mostly 3¢ to 4¢ higher.
Soybean futures closed mostly 10¢ to 12¢ higher.