Recently stronger wholesale beef prices helped Cattle futures firm Tuesday, despite another day of higher Corn futures.
Live Cattle futures closed an average of 71¢ higher (3¢ higher at the back to $1.22 higher toward the front).
Feeder Cattle futures closed an average of 17¢ higher except for unchanged in Jan.
Corn futures closed mostly 12¢ to 14¢ higher through new-crop contracts and then 16¢ to 20¢ higher.
Soybean futures closed mostly 9¢ to 29¢ higher.
Negotiated cash fed cattle trade was limited on light demand in the western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. A few live sales traded at $141/cwt. Trading was at a standstill in the Southern Plains and Nebraska.
Last week, live prices were $135 in the Southern Plains, $139-$140 in Nebraska and $140-$141 in the western Corn Belt. Dressed prices were $222.
Choice Boxed beef cutout value was $1.84 higher Tuesday afternoon at $271.42/cwt. Select was $1.53 lower at $249.56
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