Cattle futures were sharply lower again Monday, but off sessions lows, pressured by a range of factors, including last week’s lower negotiated cash fed cattle prices, news that the JBS plant in Greeley, Colo. was cancelling slaughter at the plant this week ahead of the potential strike, and spiking Crude oil futures pressuring outside markets.
Toward the close, Live Cattle futures were an average of $3.58 lower. Feeder Cattle futures were an average of $5.31 lower.
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 $240/cwt., which was $4 lower in the Southern Plains, generally $2 lower in Nebraska and $3 lower in the western Corn Belt. Dressed delivered prices were $380, which was $3 lower in Nebraska and $2-$3 lower in the western Corn Belt.
Last week’s five-area direct weighted average FOB live fed steer price was $2.77 lower at $239.94/cwt. The weighted averaged dressed delivered fed steer price was $2.78 lower at $379.82.
Last week’s five-area direct weighted average FOB live fed steer price was $2.77 lower at $239.94/cwt. The weighted averaged dressed delivered fed steer price was $2.78 lower at $279.82.
Choice boxed beef cutout value was $4.07 higher Monday afternoon at $391.29/cwt. Select was $4.67 higher at $383.62.
Grain and soybean futures were lower on likely profit taking from last week’s sharp gains, as well as likely producer selling. Keep in mind that the World Agricultural Supply and Demand Estimates are due out Tuesday.
Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures were 3¢ to 5¢ lower. Corn futures were mostly 4¢ to 8¢ lower. Soybean futures were mostly 1¢ to 4¢ lower.
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Major U.S. financial indices ended higher Monday after early pressure. Late-session gains were attributed to decelerating oil prices and comments by President Trump suggesting the U.S.-Israel attack on Iran might be nearing an end.
The Dow Jones Industrial Average closed 239 points higher. The S&P 500 closed 55 points higher. The NASDAQ was up 308 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $3.12 lower to 56¢ higher through the front six contracts.