Cattle futures closed higher Tuesday as traders retrenched with expectations of cash fed cattle prices at least mirroring last week’s hefty gains.
Toward the close, Live cattle futures were an average of $2.25 higher. Feeder Cattle futures were an average of $2.79 higher.
Negotiated cash fed cattle trade was inactive on moderate demand in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $228-$230/cwt. in the Texas Panhandle, mostly $230 in Kansas, $240-$241 in Nebraska and mostly $240 in the western Corn Belt. Dressed delivered prices were $380.
Choice boxed beef cutout value was 65¢ higher Tuesday afternoon at $377.72. Select was $2.00 lower at $362.58.
Apparent continued short covering helped Corn futures firm Tuesday while improved crop conditions weighed on Soybean futures (see below).
Toward the close and through away Jly contracts, Corn futures were mostly 1¢ higher. Kansas City Wheat futures were unchanged to fractionally mixed. Soybean futures were 2¢ to 6¢ lower.
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