Cattle futures softened Tuesday with pressure from outside markets and likely profit taking.
Feeder Cattle futures closed an average of $1.07 lower.
Live Cattle futures closed an average of 73¢ lower.
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 $182/cwt. in the Southern Plains, $180-$182.50 in Nebraska and $180-$182 in the western Corn Belt. Dressed delivered prices were $285-$289 in Nebraska and $285 in the western Corn Belt.
Choice boxed beef cutout value was $1.81 lower Tuesday afternoon at $292.27/cwt. Select was $1.72 lower at $285.30/cwt.
Corn futures closed mostly fractionally higher to 1¢ higher.
KC HRW Wheat futures closed 2¢ to 4¢ lower.
Soybean futures closed 3¢ to 6¢ lower.
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