Cattle futures on the Chicago Mercantile Exchange continued to set new records on Tuesday, as improving packer margins, strong demand and chart-based buying provided support.
August feeder cattle futures were up by 5.400 cents per pound at 319.125 cents per pound.
The August live cattle contract gained 4.075 cents per pound at 219.975 cents at the close.
Weakness in corn futures contributed to the strength in the feeder market, as the cheaper grain underpins feedlot margins. However, cattle futures were looking overbought by some technical metrics.
The U.S. Department of Agriculture reported wholesale boxed beef prices were higher on Tuesday, with choice boxes up $2.06 at $393.04 per hundredweight and select boxes up $0.93 at $378.46.
Lean hog prices were down 0.325 cents per pound in the August contract at 106.775 cents.
