Live Cattle futures held a $2 range before Friday's report.

August Live Cattle futures settled 10 cents higher to 247.25 on Tuesday after trading within a relatively narrow $2 range. August Feeder Cattle futures also gained ground, rising $4.80 to settle near session highs at 363.65. Conversely, Lean Hogs futures faced continued downward pressure, with the active July contract dropping 60 cents to 102.15. In cash markets, daily slaughter began the week at 106,000 head, representing a slight increase from the previous week but a decrease year-over-year. Boxed beef cutout values remained firm across both Choice and Select cuts. Looking ahead to the end of the week, market positioning may shift in anticipation of Friday's Cattle on Feed report. Meanwhile, Live Cattle options implied volatility decreased to 16.48%, continuing a downward trend that began in April.