When USDA finished tallying last week’s negotiated cash fed cattle trade, live sales ended up $3 lower in the Southern Plains at $103/cwt., $2-$3 lower in Nebraska at $104-$106 and mostly $1-$3 lower in the western Corn Belt at $107-$109. Dressed trade was mainly $3-$5 lower at $170-$175.
The 5-area direct average steer price last week was $105.59/cwt. on a live basis, which was $1.53 lower than the previous week. The average dressed steer price of $171.52 was down $3.82.
Lower Corn futures helped Feeder Cattle bounce higher to start the week, recovering about half the losses from the previous session. That, along with oversold conditions and surging Lean Hogs helped Live Cattle edge higher.
Except for unchanged in Apr and 2¢ lower in the back contract, Live Cattle futures closed an average of 25¢ higher.
Feeder Cattle futures closed an average of 86¢ higher (35¢ higher to $1.75 higher in spot Sep).
Wholesale beef values were weak to lower on light demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.11 lower Tuesday afternoon at $230.66/cwt. Select was 65¢ lower at $211.62.
Corn futures closed 7¢ to 8¢ lower through Jul ‘20 and then mostly 3¢ to 4¢ lower.
Soybean futures closed fractionally mixed to mostly 1¢ to 2¢ higher.