Cattle futures were mostly higher Monday but hesitantly.
Toward the close, Live cattle futures were an average of 58¢ higher, except for 22¢ lower in spot Oct. Feeder Cattle futures were an average of 98¢ higher, except for 65¢ lower in away Sep.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $242/cwt. in the Texas Panhandle and $242-$243 in the other regions. Dressed delivered prices were mainly $383.
The five-area direct weighted average FOB live fed steer price last week was $1.05 less at $242.55/cwt. The weighted average dressed delivered fed steer price was $2.50 less at $383.15.
Choice boxed beef cutout value was $1.07 lower Monday afternoon at $409.69. Select was 15¢ lower at $385.34.
Grain and Soybean futures were higher Monday with likely short covering and positioning ahead of Friday’s monthly World Agricultural Supply and Demand Estimates.
Toward the close and through away Jly contracts, Corn futures were 2¢ to 4¢ higher. Kansas City Wheat futures were mostly 11¢ higher. Soybean futures were 3¢ to 7¢ higher.
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