Cattle futures firmed Tuesday and regained some of the steep losses from the previous session, which was tied to the unfounded rumor of New World screwworm in the U.S. Gains to start the week were likely limited to bearish outside markets (see below).

Toward the close, Live Cattle futures were an average of $1.17 higher. Feeder Cattle futures were an average of $1.61 higher.

Negotiated cash fed cattle trade ranged from limited on light to moderate demand in the western Corn Belt to inactive elsewhere through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some FOB live trades in the western Corn Belt at $232/cwt.

Last week, FOB live prices were $233/cwt. in Kansas, mostly $233 in Nebraska and mostly $232 in the western Corn Belt. Dressed delivered prices were mostly $365 in Nebraska and $363-$365 in the western Corn Belt.

Choice boxed beef cutout value was 43¢ higher Tuesday afternoon at $364.76/cwt. Select was 49¢ lower at $359.84.

Grain and Soybean futures were down on worries about potential new U.S. tariffs and retaliation from the countries affected.

Toward the close, through near Sep contracts, Corn futures were unchanged to fractionally mixed. KC HRW Wheat futures were 2¢ to 3¢ lower. Soybean futures were 4¢ lower.