Cattle futures closed narrowly mixed Tuesday following the previous session’s strong showing.
Feeder Cattle futures closed an average of 26¢ lower, except for an average of 10¢ higher in two contracts.
Live Cattle futures closed an average of 26¢ higher, except for unchanged in the back contract.
Negotiated cash fed cattle trade was at a standstill in all regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $1 lower in the Southern Plains at $163/cwt., steady to $1 higher in Nebraska at $164-$165 and steady to $2 higher in the western Corn Belt at $164-$166. Dressed prices were $1 higher at $265.
Wholesale beef prices seem to be finding some seasonal footing. Choice boxed beef cutout value was 27¢ higher Tuesday afternoon at $280.63/cwt. Select was 64¢ higher at $270.36/cwt.
Short covering, stronger export inspections and a reduced outlook for harvested acres in Brazil helped Soybean close mostly 9¢ to 25¢ higher.
KC HRW Wheat closed 10¢ to 12¢ higher.
Corn futures closed mostly fractionally lower to 2¢ lower, except for mostly 2¢ higher in new-crop contracts.
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