Cattle futures edged higher Tuesday, supported by the turnaround in Lean Hogs and despite a surge in Corn futures.
Except for 7¢ and 35¢ lower in the front two contracts, Live Cattle futures closed an average of 31¢ higher.
Feeder Cattle futures closed an average of 27¢ higher, except for 2¢ to 12¢ lower in the back three contracts.
Wholesale beef values were higher on moderate demand and light offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $2.51 higher Tuesday afternoon at $213.60/cwt. Select was $1.15 higher at $187.06.
Corn futures closed 6¢ to 8¢ higher through Jul ’20 and then mostly 1¢ to 2¢ higher. Presumably, the surge had to do with the pending winter storm in the North, combined with ongoing delayed crop maturity.
Soybean futures closed mostly 5¢ to 6¢ higher.