Feeder Cattle futures bounced an average of $2.34 higher Tuesday, regaining some of the recent losses. Support included Corn futures closing 3¢ to 5¢ lower through Sep ’23 and then mostly 1¢ lower.
Feeder Cattle also received support from Live Cattle futures closing an average of 91¢ higher (22¢ higher at the back to $1.57 higher toward the front), likely due in part to notions that cash fed cattle prices can build on last week’s advance.
Negotiated cash fed cattle trade ranged from a standstill to limited on light demand through Tuesday afternoon, according to the Agricultural Marketing Service. There were a few early live sales in the western Corn Belt at $146/cwt., but too few to trend.
Last week, live prices were $144/cwt. in the Southern Plains, $145-$148 in Nebraska and $145-$149 in the western Corn Belt. Dressed prices were $230.
Choice Boxed beef cutout value was $2.12 higher Tuesday afternoon at $246.75/cwt. Select was 97¢ lower at $212.85/cwt.