Cattle future closed higher Tuesday with renewed buying interest on oversold conditions and the hopes of some that a bottom was carved with the recent aggressive selling.
Feeder Cattle futures closed an average of $3.59 higher ($2.77 at the back to $4.17 higher in spot Jan).
Live Cattle futures closed an average of $1.34 higher (90¢ to $1.90 higher).
Negotiated cash fed cattle trade was mostly inactive on light demand in all regions through Tuesday afternoon, according to the Agricultural Marketing Service.
A day earlier, FOB live prices in Kansas were $3-$4 lower at mostly $171/cwt.
Last week, FOB live prices were $175 in the Texas Panhandle, $174-$175 in Nebraska and $173-$175 in the western Corn Belt.
Dressed delivered prices last week were mostly $275 in Nebraska and $274-$275 in the western Corn Belt.
Choice boxed beef cutout value was $1.24 lower Tuesday afternoon at $293.75/cwt. Select was $3.70 lower at $259.13/cwt.
Corn futures closed 4¢ to 8¢ higher through Jly ’24 and then mostly 1¢ to 2¢ higher.
KC HRW Wheat futures closed 1¢ to 5¢ higher.
Soybean futures closed mostly fractionally higher through Aug ’25 and then mostly 2¢ to 3¢ higher.
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