Cattle futures gapped lower on the open Monday, pressured by Friday’s Cattle on Feed report and Headlines about a human case of New World screwworm being confirmed in the U.S. (see below). However, Cattle futures recovered much of the lost ground by the end of the session.
Toward the close, Live cattle futures were narrowly mixed, from an average of 63¢ lower in four contracts to an average of 61¢ higher.
Feeder Cattle futures were an average of 79¢ lower, except for $1.05 higher in spot Aug.
Negotiated cash fed cattle trade was mostly inactive on moderate demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mostly $5 higher in the Southern Plains at $240/cwt., steady to $2 higher in Nebraska at $245 and steady to $5 higher in the western Corn Belt at $245. Dressed delivered prices were $5-$7 higher in Nebraska at $385-$392 and $5 higher in the western Corn Belt at $385-$390 in a light test.
The weighted average five-area direct FOB live fed steer price last week was $2.24 higher at $244.25. The weighted average dressed delivered fed steer price was $3.39 higher at $386.17.
Choice boxed beef cutout value was 58¢ higher Monday afternoon at $408.49. Select was $1.72 higher at $385.38.
Turning to the grain complex, Grain Corn and Soybean futures were mixed on Monday.
Toward the close and through Jly contracts,
Corn futures were 1¢ higher. Kansas City Wheat futures were fractionally lower to 2¢ higher. Soybean futures were mostly 3¢ to 11¢ lower with some likely profit taking.
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