Episode Details

Cattle futures continued to unravel Tuesday with follow-through pressure and another significant step lower in negotiated cash fed cattle prices. 

Toward the close, Live Cattle futures were an average of $1.76 lower. Feeder Cattle futures were an average of $4.73 lower, except for 22¢ higher in spot Aug.

Negotiated cash fed cattle trade was moderate on moderate demand in Nebraska through Tuesday afternoon, according to the Agricultural Marketing Service. FOB live prices were $7-$8 lower at $218/cwt. and dressed delivered trades were $10-$11 lower at $345.

Trade was light on moderate demand in the western Corn Belt, where FOB live prices were $7 lower at $218. Dressed delivered prices there last week were mostly $355.

Choice boxed beef cutout value was $2.84 higher Tuesday afternoon at $388.53/cwt. Select was $3.96 higher at $368.98.

Grain and Soybean were higher on Tuesday.

Toward the close and through the front four contracts, Corn futures were 8¢ to 10¢ higher, buoyed by estimated yield declines and eroding crop conditions.

Soybean futures were 13¢ to 15¢ higher, rebounding from the previous day’s decline.

Kansas City HRW Wheat were 5¢ higher.