Cattle futures gained Tuesday, helped by the decline in Crude Oil futures and the continued increase in wholesale beef values.
Toward the close, Live Cattle futures were an average of $2.49 higher. Feeder Cattle futures were an average of $3.27 higher.
Negotiated cash fed cattle trade ranged from limited on moderate demand in Nebraska to inactive on light demand elsewhere through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early dressed delivered sales in Nebraska at $372/cwt.
Across all regions last week, FOB live prices were $240 and dressed delivered prices were $380.
Choice boxed beef cutout value was $3.38 higher Tuesday afternoon at $394.67/cwt. Select was $3.15 higher at $386.77.
Grain futures were lower Tuesday with sharply lower Oil prices and little change in the World Agricultural Supply and Demand Estimates (see below).
Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures were unchanged to 9¢ lower. Corn futures were mostly unchanged to 1¢ lower. However, Soybean futures were 5¢ to 8¢ higher.
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