Cattle futures closed lower again Tuesday, at a more modest pace, with follow-through pressure from oversold status and awaiting the week’s cash fed cattle trade direction.
Feeder Cattle futures closed an average of 72¢ lower (35¢ to $1.60 lower).
Live Cattle futures closed an average of 56¢ lower.
Negotiated cash fed cattle trade was at a standstill in all regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $182-$183/cwt. in the Southern Plains, $184-$185 in Nebraska and $185 in the western Corn Belt. Dressed delivered prices were $292.
Choice boxed beef cutout value was $3.20 lower Tuesday afternoon at $302.12/cwt. Select was $1.63 lower at $281.78/cwt.
Corn futures firmed in the front months, buoyed by recent crop ratings. They closed mostly 2¢ to 4¢ higher through Jly ‘25.
KC HRW Wheat closed 1¢ to 4¢ lower.
Soybean futures closed 1¢ lower through Aug ‘24 and then unchanged to fractionally higher.
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Android | RSS | More