Negotiated cash fed cattle trade was at a standstill in all feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service. Last week, live sales were at $124/cwt. in the Texas Panhandle $123-$124 in Kansas, $125-$126 in Nebraska and $125 in the western Corn Belt. Dressed trade was at $200-$203.
Although seemingly plumb oversold, Cattle futures continued to melt down Tuesday. Many other commodity and equity markets suffered, too, as growing cases of the cover delta variant sap risk appetite. For Cattle, that’s on top of everything from cash market leverage woes to post-Labor Day demand uncertainty to the weekend announcement about atypical BSE confirmed in Brazil (see below).
Feeder Cattle futures closed an average of $2.20 lower.
Live Cattle futures closed an average of $1.29 lower, amid active trade.
Choice boxed beef cutout value was $1.23 lower Tuesday afternoon at $335.19/cwt. Select was $2.23 lower at $301.90.
Corn futures closed 10¢ to 13¢ lower through new-crop contracts and then mostly 2¢ to 6¢ lower.
Soybean futures closed mostly 10¢ to 14¢ lower.