Soybean and corn futures gained Tuesday with stronger demand and bearish weather conditions in South America. Corn futures closed 3¢ to 9¢ higher. Soybean futures were up 7¢ to 28¢.
That weighed on Cattle futures once again, with Feeder Cattle an average of $2.26 lower and Live Cattle down an average of $1.21. So far today, they’re gaining some of that back.
Negotiated cash fed cattle prices continued mainly steady Tuesday with live prices at $138-$140/cwt. in Nebraska and dressed prices at $222, on moderate trade and demand, according to the Agricultural Marketing Service.
So far this week, live prices are steady in the Southern Plains at $138 and $140 in the western Corn Belt.
Choice Boxed beef cutout value was $3.49 higher Tuesday afternoon at $271.53/cwt. Select was $1.20 higher at $262.90.
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