Cattle futures basically tread water on Tuesday.
Feeder Cattle futures closed mixed, from an average of 33¢ lower in the front three contracts to an average of 19¢ higher.
Live Cattle futures closed an average of 19¢ higher, except for an average of 11¢ lower in the front two contracts.
Negotiated cash fed cattle trade ranged from limited on very light demand to a standstill through Tuesday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, FOB live prices were $179/cwt. in the Texas Panhandle, $178-$179 in Kansas, $182 in Nebraska and $183-$185 in the western Corn Belt.
Dressed delivered prices were $290-$292 in Nebraska and $290 in the western Corn Belt.
Choice boxed beef cutout value was 99¢ higher Tuesday afternoon at $315.48/cwt. Select was 75¢ lower at $289.54/cwt.
Corn futures closed 4¢ to 6¢ higher through new-crop contracts and then mostly 1¢ to 2¢ higher, supported by expected reduction in crop ratings.
KC HRW Wheat closed mostly fractionally lower to 2¢ lower.
Soybean futures closed fractionally lower to 7¢ lower through Jly ‘24 and then mostly 5¢ higher.
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