Cattle futures continued lower Monday as equity markets unraveled further.
Toward the close, Live Cattle futures were an average of $2.66 lower and Feeder Cattle futures were an average of $2.18 lower.
Negotiated cash fed cattle trade ranged from inactive on very light demand in Kansas to a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were steady to $1-$2 lower in the Southern Plains at $208/cwt. steady to $3 lower in the North at $210-$213. Dressed delivered prices were steady at the low end of last week’s range at $335.
The five-area direct weighted average FOB live steer price last week was $1 lower at $211.14/cwt. The weighted average dressed delivered steer price was $1.85 lower at $336.47.
Choice boxed beef cutout value was $1.05 higher Monday afternoon at $339.50/cwt. Select was $2.12 higher at $319.30.
Grain and Soybean futures firmed Monday.
Toward the close, Corn futures were fractionally lower to 1¢ lower, except for 3¢ to 4¢ higher in old-crop contracts. Kansas City Wheat futures were 1¢ to 3¢ higher. Soybean futures were mostly 2¢ to 4¢ higher, except for 3¢ to 7¢ higher in the front three contracts.
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