Cattle futures gained Tuesday with support from higher-trending wholesale beef prices and last week’s stronger cash trade.
Live Cattle futures closed an average of 64¢ higher.
Feeder Cattle futures closed an average of 92¢ higher (57¢ to $1.32 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 $185-$186/cwt. Dressed delivered prices were $292-$300 in Nebraska and $292 in the western Corn Belt.
Choice boxed beef cutout value was $1.71 higher Tuesday afternoon at $310.79/cwt. Select was 72¢ higher at $299.60/cwt.
Corn futures closed unchanged to fractionally mixed.
KC HRW Wheat futures closed mostly fractionally lower.
Soybean futures closed mostly 13¢ to 17¢ higher, supported by lower estimated production in Brazil and a hotter forecast in South America.
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