Feeder Cattle futures closed an average of 64¢ lower Tuesday, pressured by higher Corn futures.
Live Cattle futures closed narrowly mixed, from an average of 24¢ lower to an average of 17¢ higher, supported by wholesale beef prices showing signs of reaching the seasonal bottom.
Choice Boxed beef cutout value was $2.10 higher Tuesday afternoon at $248.04/cwt. Select was 60¢ higher at $221.91/cwt.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Live prices last week were $143/cwt. in the Southern Plains and $145 in Nebraska and the western Corn Belt. Dressed prices were at $228.
Corn futures closed 2¢ to 4¢ higher, helped along by the export-positive decline in the Dollar.
Soybean futures closed mostly 11¢ to 16¢ higher with support from the rally in Crude Oil futures.