Cattle futures tried to firm Monday after last week’s bearish news but were mostly slightly lower.
Live Cattle futures were an average of 13¢ lower, except for an average of 48¢ higher in two nearby contracts.
Feeder Cattle futures were mixed from an average of 74¢ lower to an average of 34¢ higher. Cattle futures were mixed through mid-morning today.
Negotiated cash fed cattle trade was inactive on light demand in the North through Monday afternoon.
Last week, FOB live prices were $7 lower in Kansas at $228/cwt., $5-$10 lower in Nebraska at $225-$230 and $5-$7 lower in the western Corn belt at $228-$230. Dressed delivered prices were $2-$8 lower at $362-$368.
The five-area direct weighted average FOB live fed steer price last week was $6.69 lower at $228.52. The weighted average dressed delivered fed steer price was $6.03 lower at $365.08.
Choice boxed beef cutout value was $4.27 higher Monday afternoon at $379.57/cwt. Select was $13.02 higher at $364.26.
Grain and Soybean futures continued higher Monday with follow-through support.
Through Jly ’27, Corn futures were 5¢ to 6¢ higher, Soybean futures were 18¢ to 23¢ higher and Kansas City HRW Wheat were 3¢ to 4¢ higher.
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Major U.S. financial indices closed lower Monday with higher oil prices and increasing pessimism about finding a solution to the U.S.-Iran war.
The Dow Jones Industrial Average closed 272 points lower. The S&P 500 closed 40 points lower. The NASDAQ was down 84 points.
West Texas Intermediate Crude Oil futures (CME) closed $2.10 to $2.34 higher through the front six contracts.
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One market bright spot Monday came with news that Union workers at the Cargill plant in Ft. Morgan, Colo., voted overwhelmingly to ratify a work agreement with the company, according to various reports. Those same reports suggest production could resume at the facility in September for the first time since April.