Cattle futures closed lower again Monday with likely continued profit taking and positioning ahead of month-end and quarter-end.
Toward the close, Live Cattle futures were an average of $1.49 lower. Feeder Cattle futures were an average of $2.16 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 $258/cwt. in the Southern Plains, which was steady to $2 lower in the Texas Panhandle and $2 lower in Kansas. FOB live prices were steady in the western Corn Belt at mostly $260 and steady to $2 lower in Nebraska at $258-$260. Dressed delivered prices were $408, which was steady in Nebraska and $3 higher in the western Corn Belt.
The five-area direct weighted average FOB live fed steer price last week was 29¢ lower at $259.34/cwt. The weighted average dressed delivered fed steer price was 75¢ higher at $407.75.
Grain and Soybean futures were lower again Monday with follow-through pressure from positive weather, month- and quarter-end, as well as positioning ahead of Tuesday’s Acreage and Grain Stocks reports.
Toward the close, and through near Mar contracts, Corn futures were 12¢ to 13¢ lower. Soybean futures were 16¢ to 19¢ lower. Kansas City HRW Wheat futures were 7¢ to 13¢ lower.
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