Cattle futures firmed in cautious trade Tuesday, helped along by more optimistic outside markets.
Feeder Cattle futures closed an average of 38¢ higher, except for an average of 9¢ lower in the back two contracts.
Live Cattle futures closed mixed, from an average of 44¢ higher in the front three contracts to an average of 25¢ lower.
Lower grain and Soybean futures helped.
Corn futures closed mostly 2¢ to 4¢ lower.
KC HRW Wheat closed mostly 5¢ to 8¢ lower.
Soybean futures closed mostly 13¢ to 19¢ lower.
Negotiated cash fed cattle trade was mostly inactive on light demand in all regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were mainly $1 lower in the Southern Plains and Nebraska at $164/cwt., and steady to $2 lower in the western Corn Belt at $164-$165. Dressed prices were $1 lower at $264.
Choice boxed beef cutout value was $1.10 lower Tuesday afternoon at $279.92/cwt. Select was $2.39 lower at $271.55/cwt.
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