Some stability returned to Cattle futures on Tuesday…new beef demand indices indicate strengthening consumer beef demand…coming up on your Cattle Current Market Update with Wes Ishmael.
Although pressure continued for nearby Cattle futures on Tuesday, the rest of the board showed some stability, perhaps helped along by two consecutive days of strong gains in wholesale beef values.
After an average of 95¢ lower in the front two contracts, Live Cattle futures closed 20¢ higher (2¢ to 40¢ higher), except for 12¢ lower in Jun.
Other than an average of 90¢ lower in Oct and Nov, Feeder Cattle futures closed an average of 58¢ higher (10¢ to 90¢ higher).
Choice boxed beef cutout value was $2.82 higher Tuesday afternoon at $196.78/cwt. Select was $2.22 higher at $193.11. That’s a little over $5 higher for Choice in the last two days, and a little more than $4 higher for Select.
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