Feeder Cattle futures closed an average of $1.86 higher ($1.17 to $2.62 higher), helped along by weaker Corn futures and cash strength.
Live Cattle futures closed an average of 57¢ higher, supported by cash strength and rising wholesale beef values.
Choice boxed beef cutout value was $2.19 higher Tuesday afternoon at $295.10/cwt. Select was $3.64 higher at $282.04/cwt.
Negotiated cash fed cattle trade was at a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $170/cwt. in the Southern Plains and $174-$177 in Nebraska and the western Corn Belt. Dressed prices were $275-$280.
Grain and Soybean futures seemed to bow to weather and outside markets more than the monthly World Agricultural Supply and Demand Estimates (see below).
Corn futures closed mostly 1¢ to 3¢ lower.
KC HRW Wheat closed mostly 8¢ to 10¢ lower.
Soybean futures closed mostly 2¢ to 4¢ higher.
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