Cattle futures eased lower Tuesday amid two-sided trade and waiting this week’s cash fed cattle direction.
Toward the close, Live Cattle futures were an average of 55¢ lower. Feeder Cattle futures were an average of $1.06 lower.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mainly $245/cwt. in the Southern Plains, mostly $240/cwt. in Nebraska and $240-$242 in the western Corn Belt. Dressed delivered prices were $378.
Choice boxed beef cutout value was 21¢ lower Tuesday afternoon at $367.55/cwt. Select was $2.45 lower at $362.90.
Grain and Soybean futures were higher Tuesday in the wake of the latest WASDE report (see below).
Toward the close, through near Sep contracts, Corn futures were unchanged to 1¢ higher. KC HRW Wheat futures were 3¢ higher. Soybean futures were 12¢ to 13¢ higher.
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