Cattle futures closed narrowly mixed Tuesday in the face of higher grain futures and the lack of cash direction.
Feeder Cattle futures closed an average of 18¢ lower, except for unchanged and 32¢ higher toward the front.
Live Cattle futures closed an average of 35¢ higher.
Corn and Wheat futures rebounded Tuesday with likely short covering.
Corn futures closed 5¢ to 10¢ higher through Jly ‘24 and then mostly 2¢ higher.
KC HRW Wheat futures closed mostly 14¢ higher.
Soybean futures firmed, too, closing fractionally lower to 2¢ lower through Sep ‘24 and then 1¢ to 5¢ higher.
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 $155/cwt. in the Southern Plains and Nebraska, and $156-$158 in the western Corn Belt. Dressed prices were $248-$250.
Choice boxed beef cutout value was $1.80 lower Tuesday afternoon at $269.64/cwt. Select was $2.10 lower at $252.39/cwt.
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