Cattle futures took a strong step higher Tuesday, buoyed by outside markets and the early-week increase in Choice wholesale beef values. There could also have been some knee-jerk reaction to President Trump’s executive order to waive penalties and defer taxes for highway use of red-dye diesel for the remainder of the year, but plenty of ambiguity surrounds the details in the order.
Toward the close, Live Cattle futures were an average of $4.48 higher. Feeder Cattle futures were an average of $8.21 higher.
Negotiated cash fed cattle trade was inactive on light demand in the North through Tuesday afternoon, according to the Agricultural Marketing Service.
FOB live prices last week were $220-$222/cwt. in Nebraska and mostly $219-220 in the western Corn Belt. Dressed delivered prices were mostly $345 in Nebraska and $345-$350 in the western Corn Belt. The Texas Cattle Feeders Association reported its members trading fed cattle at $226.
Choice boxed beef cutout value was 67¢ higher Tuesday afternoon at $378.93/cwt. Select was $2.23 lower at $356.34.
Grain and Soybean futures rallied on Tuesday.
Through late afternoon, and through the front four contracts, Soybean futures were 20¢ to 24¢ higher with chatter about increasing Chinese interest, as well as harvest delays.
Kansas City HRW Wheat futures were 14¢ higher with likely increased war premium based on the war between Ukraine and Russia, along with weather-related planting delays in the Southern Plains.
Corn futures were 10¢ to 11¢ higher, supported by the slow harvest pace.
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