Cattle futures gave back most of what they gained in the previous session, amid sluggish trade and a lack of weekly cash direction.
Feeder Cattle futures closed an average of $1.16 lower (88¢ to $1.43)
Live Cattle futures closed an average of 93¢ lower, (53¢ to $1.25 lower).
Corn futures closed 1¢ to 5¢ lower, with follow-through pressure from last week’s positive crop progress and ratings.
KC HRW Wheat closed unchanged to 1¢ lower.
Soybean futures closed 12¢ to 18¢ lower.
Negotiated cash fed cattle trade was at a standstill in all trading regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $178-$179/cwt. in the Texas Panhandle, $179 in Kansas. $185-$188 in Nebraska and $186-$188 in the western Corn Belt. Dressed delivered prices were $294-$295 in Nebraska and $290-$295 in the western Corn Belt.
However, wholesale beef prices were up. Choice boxed beef cutout value was $1.49 higher Tuesday afternoon at $317.05/cwt. Select was $2.18 higher at $289.51/cwt.
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