Negotiated cash fed cattle trade ended up sharply higher last week: $5 higher on a live basis in the Southern Plains at $115/cwt., $3-$5 higher in the western Corn Belt at $115 and $3-$4 higher in Nebraska at $114-$115. Dressed trade was $5-$7 higher at $182-$184.
Cattle futures moved higher through much of the session Monday, buoyed by follow-through support from last week’s higher cash fed cattle trade. By the end of the day, though, futures closed solidly lower, most likely on profit taking.
Except for 12¢ higher in the back contract, Live Cattle futures closed an average of $1.12 lower (75¢ to $1.25 lower).
Except for an average of $1.25 lower in the front two contracts, Feeder Cattle futures closed an average of 50¢ lower.
Boxed beef cutout values were weak to lower on moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.08 lower in the afternoon at $225.13/cwt. Select was 38¢ lower at $202.80.
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