Cattle futures closed strongly higher Tuesday. Support included the sharp decrease in Corn futures, higher wholesale beef values and increasing optimism about higher cash fed cattle prices this week.

Toward the close, Live Cattle futures were an average of $2.36 higher.  Feeder Cattle futures were an average of $5.42 higher.

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

Last week, FOB live prices $232-$233/cwt. and mostly $232 in Nebraska and the western Corn Belt. Dressed delivered prices were $5 higher at $365.

Choice boxed beef cutout value was 88¢ higher Tuesday afternoon at $357.99/cwt. Select was 87¢ lower at $358.05.

Grain and Soybean futures continued lower Tuesday with follow-through pressure from the previous day’s bearish World Agricultural Supply and Demand Estimates.

Toward the close, through near Sep contracts, Corn futures were 1¢ to 5¢ lower. KC HRW Wheat futures were 7¢ lower. Soybean futures closed 9¢ to 10¢ lower.