Cattle futures closed sharply lower Tuesday, pressured by pessimistic outside markets, demand worries, and likely some month-end and quarter-end position squaring.
Feeder Cattle futures closed an average of $4.56 lower ($1.27 to $5.82 lower).
Live Cattle futures closed an average of $1.88 lower (85¢ lower at the back to $2.85 lower).
Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, FOB live prices were $183/cwt. in the Southern Plains, $184-$185 in Nebraska and $185-$186 in the western Corn Belt. Dressed delivered prices were $292.
Choice boxed beef cutout value was $1.94 lower Tuesday afternoon at $299.54/cwt. Select was $1.35 lower at $279.10/cwt. That’s the first time since May that Choice cutout dropped below $300.
Grain and soybean futures appeared to jockey for some position ahead of Friday’s Grain Stocks report.
Corn futures closed 1¢ lower through Sep ‘24 and then mostly fractionally mixed.
KC HRW Wheat closed 1¢ to 4¢ lower through Jly ‘24 and then mostly fractionally higher.
Soybean futures closed 4¢ to 5¢ higher.