Cattle futures closed mixed on Tuesday with some potential profit taking and oversold conditions.
Toward the close, Live Cattle futures were an average of 48¢ lower, except for 12¢ higher in spot Oct.
Feeder Cattle futures were an average of 94¢ higher (7¢ to $2.70 higher), except for an average of 74¢ lower in the back to contracts.
Negotiated cash fed cattle trade was mostly inactive on light demand in the North through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were generally $1-$3 higher in Nebraska at 228-$228.50/cwt. and $3 higher in the western Corn Belt at mainly $227. Dressed delivered prices were mainly $3-$8 higher in Nebraska at mostly $358 and mostly $15 higher the western Corn Belt at mainly $365.
Choice boxed beef cutout value was $2.78 higher Tuesday afternoon at $372.22/cwt. Select was $1.29 higher at $358.85.
Grain and Soybean futures were lower again Tuesday, with hangover pressure from declining Brazilian currency value and domestic harvest progress.
Through late afternoon, and through the front four contracts, Corn futures were 5¢ lower. Kansas City HRW Wheat futures were 7¢ to 9¢ lower. Soybean futures were 8¢ to 11¢ lower.
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