Negotiated cash fed cattle trade remained undeveloped through Tuesday afternoon.
Choice 2-4 steers sold $4.25-$4.50/cwt. lower at the fat auction in Dunlap, IA, bringing an average of $97.76 at an average weight of 1,374 lbs.
Cattle futures showed some life, though, with support from oversold conditions and after early follow-through pressure.
Live Cattle futures closed an average of $1.87 higher ($1.67 to $2.35 higher).
Feeder Cattle futures closed an average of $1.32 higher.
Wholesale beef values were lower on light demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.57 lower Tuesday afternoon at $225.38/cwt. Select was 94¢ lower at $200.98.
Grain futures traded higher Tuesday, perhaps on this week’s USDA Crop Progress report (see below), as well as some defensiveness heading into Thursday’s World Agricultural Supply and Demand Estimates.
Corn futures closed 6¢ to 7¢ higher through Sep ’20 and then mostly 3¢ to 4¢ higher.
Soybean futures closed 10¢ to 14¢ higher through Sep ’20 and then fractionally higher to 3¢ higher.