The weekly 5-area weighted average steer price last week was $1.87 lower on a live basis at $106.87/cwt. On a dressed basis the 5-area weighted average steer price was $3.31 lower at $169.90.
Firmer cash prices at the end of the week, along with follow-through support and sharply lower front-month Corn futures helped Feeder Cattle futures surge higher on Monday. Live Cattle mostly edged slightly higher.
Except for 17¢ lower in near Oct, Live Cattle futures closed an average of 39¢ higher (7¢ to 60¢ higher).
Other than 60¢ higher in spot Aug, Feeder Cattle futures closed an average of $1.98 higher ($1.17 to $3.15 higher). That’s an average of almost $5 higher over the last two sessions.
Boxed beef cutout values were steady on moderate demand and heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 8¢ lower Monday afternoon at $211.88/cwt. Select was 20¢ higher at $198.77.
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