Cattle futures stepped higher Tuesday, helped along by follow-through support from the friendly Cattle on Feed report, as well as early indications of cash prices pushing past steady this week and wholesale beef prices turn seasonally higher.
Feeder Cattle futures closed an average of $1.33 higher (35¢ to $2.05 higher).
Those gains came despite Corn futures closing mostly 3¢ to 5¢ higher.
Soybean futures closed mostly fractionally higher to 2¢ higher.
Live Cattle futures closed an average of $1.48 higher.
Negotiated cash fed cattle trade was slow on light demand in the Texas Panhandle through Tuesday afternoon, according to the Agricultural Marketing Service. Prices were mainly steady with last week at $124/cwt., but a few traded $1 higher at $125.
Elsewhere, trade ranged from mostly inactive on light demand to a standstill with too few transactions to trend.
Last week, live prices were $124 in Kansas and $124-$125 in Nebraska and the western Corn Belt. Dressed prices were $196.
Choice boxed beef cutout value was $1.72 higher at $284.76/cwt. Select was 65¢ lower at $262.54.