Cattle futures rallied higher Tuesday. Some of it could be traders sensing a bottom in the cash market, as well as potential optimism about the monthly Cattle on Feed report due out Friday.
Live Cattle futures closed an average of $1.32 higher through the front three contracts and then an average of 48¢ higher.
Feeder Cattle futures closed an average of $2.34 higher ($1.77 to $3.10 higher).
Wholesale beef values were lower to sharply lower on light to moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 85¢ lower Tuesday afternoon at $219.77/cwt. Select was $2.66 lower at $193.91
Corn futures closed mostly 6¢ lower.
Soybean futures closed 5¢ to 6¢ lower through Aug ’20 and then mostly 1¢ to 2¢ lower.