Cattle futures settled mostly little changed on Monday, after an early surge. That speaks to current fundamental strength in the wake of Friday’s Cattle on Feed report, as does last week’s sharply higher cash fed cattle trade.
Negotiated cash fed cattle trade last week ended up being $3-$4 higher at $125-$127/cwt., mostly $127. Dressed trade was $5 higher at $200.
After $1.10 higher in spot Feb, Live Cattle futures closed an average of 16¢ higher on Monday, except for 87¢ higher in the back contract.
Feeder Cattle futures closed an average of 20¢ higher, except for 15¢ and 12¢ lower in May and Jan, respectively.
Choice boxed beef cutout value was $2.28 higher on Monday afternoon at $209.11/cwt. Select was $2.30 higher at $204.13.
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