Cattle futures rose again Monday, building on last week’s gains, supported by higher negotiated cash fed cattle trade in the Southern Plains late Friday and firmer wholesale beef values.
Toward the close, Live Cattle futures were an average of $1.15 higher. Feeder Cattle futures were an average of $2.24 higher.
Negotiated cash fed cattle trade was inactive on light demand in all cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mostly $3 higher in the Southern Plains at mainly $238/cwt. and mostly steady in the North at mainly $235. Dressed delivered prices were mostly steady at mainly $372.
The five-area direct weighted average FOB live fed steer price last week was 61¢ higher at $235.69/cwt. The weighted average dressed delivered fed steer price was 45¢ lower at $371.70.
Choice boxed beef cutout value was $1.13 higher Monday afternoon at $394.10/cwt. Select was $1.14 higher at $391.01.
Grain futures and Soybean futures were lower Monday with profit taking, positioning for the end of the month and quarter, as well as Tuesday’s Prospective Plantings and Grain Stocks reports.
Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures were 5¢ to 6¢ lower. Corn futures were 6¢ to 7¢ lower. Soybean futures were unchanged to 1¢ lower.
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