Feeder Cattle futures closed $1.72 lower Tuesday, pressured by grain futures.
Live Cattle futures closed, though, closed an average 23¢. in the front three contracts to down an average of 30¢ the rest of the way, with support from cash prices and wholesale beef values.
Choice boxed beef cutout value was down 74¢ Tuesday afternoon at $216.24/cwt. Select was $1.17 lower at $206.84.
Grain futures rallied with support from crop conditions overseas and potential positioning ahead of Friday’s USDA World Agricultural Supply and Demand Estimates. Corn futures closed mostly 3¢ to 5¢ higher. Soybean futures closed mostly 12¢ to 22¢ higher through May ’21 and then fractionally higher to 9¢ higher.