Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Tuesday afternoon, with too few transactions to trend according to the Agricultural marketing Service.
Last week, live prices were at $123-$124/cwt. in the Southern Plains and $124-$127 in the North. Dressed trade was at $198-$203.
Cattle futures were finally oversold and cheap enough to generate buying interest Tuesday. Support included the fact that the JBS plant in Grand Island — offline Monday due to a fire on the rendering side — was reportedly back up and running.
Feeder Cattle futures closed an average of $2.96 higher ($2.57 to $3.45 higher).
Live Cattle futures closed an average of $2.16 higher ($1.65 to $2.82 higher).
Choice boxed beef cutout value was $3.04 lower Tuesday afternoon at $322.89/cwt. Select was $1.54 lower at $290.62.
Corn futures closed 3¢ to 7¢ higher across the front half of the board and then fractionally higher to 3¢ higher.
Soybean futures closed 1¢ to 2¢ lower, except for 4¢ higher in spot Sep.