Cattle futures were lower Monday on likely profit taking and positioning following last week’s charge higher.
Toward the close, Feeder Cattle futures closed an average of $1.42 lower. Live Cattle futures closed an average of 96¢ lower.
Negotiated cash fed cattle trade mostly inactive on very light demand in all regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $3-$4 higher in the Texas Panhandle at 200/cwt., $4 higher in Kansas at $200-$201, $3 higher in Nebraska at $203 and steady to $5 higher in the western Corn Belt at $200-$203. Dressed delivered prices were $5 higher at $320.
Last week’s weighted average five-area direct FOB live steer price was $3.65 higher at $202.58/cwt. The weighted five-area average dressed delivered steer price was $5.29 higher at $320.25.
Choice boxed beef cutout value was 51¢ higher Monday afternoon at $333.35/cwt. Select was $3.43 higher at $317.57.
Corn and Soybean futures continued higher Monday with follow-through support from Friday’s monthly World Agricultural Supply and Demand Estimates, dragging Wheat along.
Toward the close and through Sep ’25 contracts, Corn futures closed 5¢ to 7¢ higher. Kansas City Wheat futures were mostly 9¢ to 11¢ higher. Soybean futures closed 20¢ to 30¢ higher
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Major U.S. financial indices closed mixed Monday, as investors awaited inflation reading this week.
The Dow Jones Industrial Average closed 358 points higher. The S&P 500 closed 9 points higher. The NASDAQ was down 75 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 30¢ lower to $2.21 higher through the front six contracts.
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USDA provides some annual perspective with year-over-year five-area direct weighted average negotiated cash fed cattle prices.
Compared to 2023, the five-area direct weighted average FOB live fed steer price was $11.11 higher at $187.25/cwt. The weighted average dressed delivered steer price was $17.91 more at $295.86.
The five-area direct weighted average FOB live fed heifer price was $11.31 higher at $186.38/cwt. The weighted average dressed delivered fed heifer price was $18.24 more at $295.69.