Cattle futures were mixed but mostly higher Monday.
Toward the close, Live Cattle futures were narrowly mixed, from an average of 53¢ lower to an average of 42¢ higher.
Feeder Cattle futures were an average of $1.43 higher.
Negotiated cash fed cattle trade was inactive on light to moderate demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mainly steady to $1 higher in the Texas Panhandle at mostly $246/cwt., steady to $3 higher in Kansas at $246-$249 on a light test, $3-$4 higher in Nebraska at mostly $248-$249 and mainly $3 higher in the western Corn Belt at mostly $248. Dressed delivered prices were $3-$5 higher in Nebraska at $388-$390 and mostly $3 higher in the western Corn Belt at mainly $388.
Choice boxed beef cutout value was $1.02 higher Monday afternoon at $381.92/cwt. Select was $2.30 higher at $383.64.
Grain futures were mixed Monday.
Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were mostly 9¢ to 12¢ higher with disappointment in weekend moisture. Corn futures were unchanged to fractionally mixed. Soybean futures were 9¢ to 15¢ lower.
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Major U.S. financial indices faced early pressure from the unraveled ceasefire talks between the U.S. and Iran but closed higher, supported by tech stocks.
The Dow Jones Industrial Average closed 301 points higher. The S&P 500 closed 69 points higher. The NASDAQ was up 280 points.
Through mid-afternoon West Texas Intermediate Crude Oil futures (CME) were $1.46 to $2.43 higher through the front six contracts.
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Cattle markets’ fundamental strength is breathtaking considering how prices have performed in the face of multiple shocks, including significantly higher crude oil prices and uncertainty stemming from the U.S. War with Iran, the strike at the JBS packing plant in Greeley, Colo., and lingering wonderment about when the U.S. border will reopen to Mexican cattle imports.
For perspective, between Feb. 27, the last trading day before the U.S. strike on Iran and March 10, the spot April Live Cattle contract increased $19.55, and near-December was up $11.90. The spot April Feeder Cattle contract increased $22.95, and near-December was up $24.85.
During the same period, the five-area direct weighted average FOB live fed steer price and dressed delivered fed steer price a little more than $5/cwt., while cash calf and feeder cattle prices continue to hold their own at historically high levels.
All of that was with WTI Crude Oil futures (CME) increasing $29.68 per barrel to $96.57 and volatile gyrations in equity markets.