Cattle futures extended gains again Monday, supported by last week’s stronger cash prices and notions they can move higher again this week.
Feeder Cattle futures closed an average of $1.28 higher.
Live Cattle futures closed an average of 45¢ higher.
When all the counting was in last week, negotiated cash fed cattle prices were $2 higher on a live basis in the Texas Panhandle at $158/cwt. and then $2-$3 higher at $158-$159 in Kansas, $155-$159 in Nebraska and $154-$160 in the western Corn Belt. Dressed prices were $2 higher at $250.
The five-area direct weighted average fed steer price last week was $2.92 higher at $158.17/cwt. The weighted average steer price in the beef was $2.16 higher at $249.88.
On Monday, cash fed cattle trade ranged from a mostly inactive on very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.83 higher Monday afternoon at $266.57/cwt. Select was $2.11 higher at $253.72/cwt.
Corn futures closed 1¢ to 3¢ higher through Jly ‘24, buoyed by exports, and then fractionally lower to 2¢ lower.
Soybean futures closed 8¢ to 11¢ lower through the front four contracts and then unchanged to 2¢ lower.
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