Cattle futures firmed and closed mostly higher Tuesday, supported by recently lower Corn futures and cash fed cattle demand strength.
Feeder Cattle futures closed an average of 53¢ higher (7¢ to $1.12 higher), except for an average of 37¢ lower in the back three contracts.
Live Cattle futures closed an average of 18¢ higher.
Corn futures closed 1¢ to 3¢ lower in the front four contracts, and then mostly fractionally higher.
Soybean futures closed fractionally higher to 5¢ higher through Sep ‘24 and then fractionally lower.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $154-$155/cwt. in the Texas Panhandle, $155 in Kansas, $157-$158 in Nebraska and $155-$157 in the western Corn Belt. Dressed prices were $245.
Choice Boxed beef cutout value was 21¢ higher Tuesday afternoon at $254.74/cwt. Select was $2.71 lower at $225.82/cwt.
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