Cattle futures rallied Tuesday, supported by slower packer production which is helping lift wholesale beef prices.
Heading into the close and before settlement, Live Cattle futures were an average of $2.29 higher and Feeder Cattle futures were an average of $4.20 higher.
Choice boxed beef cutout value was $5.44 higher Tuesday afternoon at $304.39/cwt. Select was $6.64 higher at $293.82/cwt.
Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $184/cwt. in the Texas Panhandle, $183-$185 in Kansas, $186-$187 in Nebraska at $186-187 and mostly $187 in the western Corn Belt. Dressed delivered prices were $295-$296 in Nebraska and mostly $295 in the western Corn Belt.
Choice boxed beef cutout value was $5.44 higher Tuesday afternoon at $304.39/cwt. Select was $6.64 higher at $293.82/cwt.
Turning to row crops, heading into the close, front-month Grain futures were softer on likely profit taking and producer selling.
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