Cattle futures were mixed on Monday, mostly retaining the previous session’s strong gains.
Toward the close, Live Cattle futures were an average of 31¢ higher, except for unchanged to an average of 39¢ lower in the front three contracts.
Feeder Cattle futures were an average of 38¢ lower.
Negotiated cash fed cattle trade was inactive on light demand in the North through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were steady to $2 higher in Nebraska at mostly $222/cwt. and steady to $1 lower in the western Corn belt at mostly $220. Dressed delivered prices were steady in Nebraska at $345 and steady to $5 lower in the western Corn Belt at mostly $345.
Last week’s five-area direct weighted average FOB live fed steer price was 34¢ higher at $220.14. The weighted averaged dressed delivered fed steer price was 60¢ lower at $345.66.
Choice boxed beef cutout value was $2.21 higher Monday afternoon at $375.56/cwt. Select was 17¢ lower at $354.13.
Grain and Soybean futures were mixed on Monday.
Through late afternoon, and through the front four contracts, Corn futures were 3¢ higher with likely skepticism about the degree of increase in Friday’s World Agricultural Supply and Demand Estimates. Kansas City HRW Wheat futures were 2¢ to 3¢ lower. Soybean futures were 2¢ to 3¢ lower.
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Major U.S. financial indices closed mixed on Monday. Pressure included higher oil prices and a decline in tech stocks.
The Dow Jones Industrial Average closed 195 points higher. The S&P 500 closed 4 points lower. The NASDAQ was down 120 points.
Through mid-afternoon, West Texas Intermediate crude oil futures (CME) were $1.31 to $1.37 higher through the front six contracts.