Cattle futures extended gains on Monday, helped by more bullish outside markets, and despite more placements than expected in Friday’s monthly Cattle on Feed report.Toward the close, Live Cattle futures were an average of 84¢ higher, except for 45¢ lower in the back contract. Feeder Cattle futures were an average of $1.70 higher.
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 mostly steady in all regions at mainly $235/cwt. Dressed delivered prices were mostly steady at mainly $372.
The weekly weighted average five-area direct FOB live fed steer price last week was 25¢ higher at $235.08/cwt. The weekly weighted averaged dressed delivered fed steer price was 11¢ higher at $372.15.
Choice boxed beef cutout value was 98¢ lower Monday afternoon at $399.13/cwt. Select was 89¢ higher at $393.83.
Grain futures were lower Monday, pressured by lower crude oil prices.
Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures were 1¢ lower. Corn futures were 5¢ lower. However, Soybean futures were 3¢ to 6¢ higher on likely technical buying.
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