Cattle futures plunged Tuesday with technical correction, exaggerated by apparent fund selling and wariness over seasonal pressure on cash fed cattle prices and wholesale beef values.

Toward the close, Live cattle futures were an average of $5.93 lower. Feeder Cattle futures were limit down $9.25, except for $7.80 lower in the back contract.  

Negotiated cash fed cattle trade ranged from inactive on light demand in the Southern Plains to limited on light to moderate demand in the North through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early dressed delivered trades in the North at $375-$382 and a few FOB live sales in the western Corn Belt at $237-$239.

Last week, FOB live prices were $242/cwt. in the Texas Panhandle and $242-$243 in the other regions. Dressed delivered prices were mainly $383.

Choice boxed beef cutout value was $2.02 lower Tuesday afternoon at $407.67. Select was $1.62 higher at $386.96.

Grain and Soybean futures were lower Tuesday with likely profit taking and position squaring ahead of Friday’s monthly World Agricultural Supply and Demand Estimates. 

Toward the close and through away Jly contracts, Corn futures were 1¢ to 2¢ lower. Kansas City Wheat futures were mostly 7¢ to 8¢ lower. Soybean futures were 2¢ to 3¢ lower.