Cattle futures bounced back Tuesday, perhaps with positioning ahead of Wednesday’s Cattle inventory report.
Feeder Cattle futures closed an average of $1.98 higher, except for 27¢ higher in the back contract.
Live Cattle futures closed an average of 80¢ higher, 52¢ to $1.27 higher.
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $175/cwt. in the Texas Panhandle, $174-$175 in Kansas (mostly $175), $175-$177 in Nebraska and $174-$177 in the western Corn Belt. Dressed delivered prices were at $277
Choice boxed beef cutout value (p.m.): $3.35 lower at $296.07/cwt. Select was $1.77 lower at $287.05/cwt.
Grain and soybean futures rallied Tuesday with apparent short covering.
Corn futures closed 6¢ to 8¢ higher through May ’25.
KC HRW Wheat futures closed 8¢ to 12¢ higher.
Soybean futures closed 12¢ to 24¢ higher.
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