Cattle futures continued higher Tuesday, supported by more bullish outside markets and resurgent wholesale beef values.

Toward the close, Live Cattle futures were an average of $2.02 higher. Feeder Cattle futures were an average of $4.46 higher.

Negotiated cash fed cattle trade was inactive on light demand in all cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were mainly $238/cwt. in the Southern Plains and mostly $235 in the North. Dressed delivered prices were mostly $372.

Choice boxed beef cutout value was $1.39 higher Tuesday afternoon at $395.49/cwt. Select was $1.92 higher at $392.93.

USDA’s Prospective Plantings and Grain Stocks reports helped lift Grain and Soybean futures on Tuesday.

Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 8¢ to 10¢ higher, buoyed by estimated record-low planted acres in USDA’s Prospective Plantings report (see below).

Corn futures were mostly fractionally higher to 2¢ higher on lower stocks than expected, and despite more prospective planted acres than anticipated.

Soybean futures were 12¢ to 13¢ higher through near Nov, supported by fewer planted acres than expected.