Cattle futures rallied on Tuesday, supported by last week’s stronger cash fed cattle prices and more trade volume.
Feeder Cattle futures closed an average of $3.10 higher.
Live Cattle futures closed an average of $1.79 higher, ($1.15 to $3.42 higher), except for 82¢ lower in newly minted away Jun.
Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early FOB live sales in the western Corn Belt at $175/cwt.
Last week, FOB live prices were $172 in the Southern Plains, $172-$173 in Nebraska and $172-$172.50 in the western Corn Belt. Dressed delivered prices were $273.
The five-area weighted average FOB live fed steer price last week was $1.73 higher at $172.24/cwt. The average dressed delivered price was $2.49 higher at $272.87.
Choice boxed beef cutout value was $5.37 lower Tuesday afternoon at 284.34/cwt. Select was $1.47 lower at $258.86/cwt.
The positive outlook for South America and likely technical selling helped shove Soybean futures lower, dragging Grain futures along.
Corn futures closed mostly 5¢ to 10¢ lower.
KC HRW Wheat futures closed mostly 9¢ to 13¢ lower.
Soybean futures closed 19¢ to 26¢ lower.
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