Cattle futures edged lower Monday after starting the session stronger, pressured in part by Corn futures gains and last week’s limited negotiated cash fed cattle trade.
Toward the close, Live Cattle futures an average of 28¢ lower, except for an average of 41¢ higher in three contracts.
Feeder Cattle futures were an average of $1.60 lower, except for 28¢ higher in the front contract.
Negotiated cash fed cattle trade was mostly inactive on light demand through Monday afternoon, according to the agricultural Marketing Service.
Last week, FOB live prices were $2-$3 higher in Kansas at $233, $2-$3 higher in Nebraska at $232-$233 in a light test and $2-$5 higher in the western Corn Belt at $232-$235. Dressed delivered prices were steady to $5 lower in Nebraska at $360-$365 in a light test and unevenly steady in the western Corn Belt at $360-$370 in a light test.
Last week’s five-area direct weighted average FOB live fed steer price was $2.58 higher at $233.06/cwt. The weekly weighted average dressed delivered fed steer price was $2.72 lower at $362.61. Those prices were $10.11 lower and $21.07 lower year over year, respectively.
Choice boxed beef cutout value was $5.35 higher Monday afternoon at $366.73/cwt. Select was $1.78 lower at $344.45.
Grain and Soybean futures were mostly higher Monday after early pressure, as traders turned the page into a new week and month, helped along by continued confirmed Chinese soybean purchases.
Toward the close and through the front four contracts, Corn futures were 8¢ to 9¢ higher. Soybean futures were 4¢ to 5¢ higher. Kansas City HRW Wheat were 8¢ to 9¢ higher.
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