Cattle futures rebounded and gained on bullish fundamentals Tuesday, following the previous session’s volatility tied to news of New World screwworm confirmed in a U.S. resident, who was infected while traveling in South America.

Toward the close, Live cattle futures were an average of $1.57 higher. Feeder Cattle futures were an average of $2.81 higher.

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

Last week, FOB live prices were $240/cwt. in the Southern Plains and $245 in the North. Dressed delivered prices were $385-$392 in Nebraska and $385-$390 in the western Corn Belt on a light test.

Choice boxed beef cutout value was $4.68 higher Tuesday afternoon at $413.17. Select was $5.38 higher at $390.76.

Turning to the grain complex, Grain and Soybean futures were mixed again Tuesday.  

Toward the close and through Jly contracts,

Corn futures were 2¢ to 3¢ lower, pressured by chart resistance.

Kansas City Wheat futures were 2¢ to 4¢ lower with weight including harvest pressure and global supplies.

Soybean futures were fractionally higher to 3¢ higher.