Corn futures continued higher Monday with carryover support from last week’s significantly lower yield estimates by the Pro Farmer Tour, compared to USDA’s most recent forecast.
Corn futures closed 11¢ to 18¢ higher through Sep ‘23 and then mostly 4¢ to 7¢ higher.
Another day of rising Corn futures took Feeder Cattle future down another peg, an average of $2.05 lower (70¢ lower at the back to $2.32 lower).
Steady to higher beef values helped Live Cattle futures trickle an average of 22¢ lower., except for 75¢ higher in waning spot Aug.
Choice Boxed beef cutout value was 28¢ higher Monday afternoon at $263.04/cwt. Select was $3.99 higher at $242.75/cwt.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were steady to $1 higher in the Southern Plains at $142/cwt., $1 to $3.50 lower in Nebraska at $145 and $1-$2 lower in the western Corn Belt at $147-$148. Dressed prices were $2 lower in Nebraska at $232 and steady to $2 lower in the western Corn Belt at $232-$234.
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