Cattle futures furthered gains Monday with follow-through support from last week, as well as the neutral Cattle on Feed report.
Heading into the close, Live Cattle futures closed an average of an average of 88¢ higher. Feeder Cattle futures were an average of 75¢ higher.
Negotiated cash fed cattle trade was at a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $2-$3 higher in the Southern Plains at $183/cwt. and $1-$2 higher in the North at $184-$185. Dressed delivered prices were $2 higher in Nebraska at $290-$292 and from $2 higher to $4 lower in the western Corn belt at $290 in a light test.
The five-area direct weighted average FOB live steer price last week was $1.90 higher at $184.01. The weighted average dressed delivered steer price was 20¢ lower at $290.41.
Choice boxed beef cutout value was $1.62 higher Monday afternoon at $301.81/cwt. Select was 80¢ lower at $287.79.
Soybeans rallied Monday, boosted by thoughts that China’s easing monetary policy would spur demand. Corn and wheat followed with added support from South American weather worries.
Toward the close and through Jly ’25 contracts, Soybean futures were 24¢ to 27¢ higher. Corn futures were 10¢ to 11¢ higher. Kansas City Wheat futures were 12¢ to 13¢ higher.
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Major U.S. financial edged higher Monday with follow-through support from the previous week.
The Dow Jones Industrial Average closed 61 points higher. The S&P 500 closed 16 points higher. The NASDAQ was up 25 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME closed 19¢ to 47¢ lower through the front six contracts.
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Beef production continues remarkably close to last year’s levels with significantly fewer cattle as feedlots ratchet up carcass weights with longer feeding periods.
“Current weekly steer carcass weights are 941 lbs., up 24 lbs. year over year. Steer carcass weights have averaged 23 pounds heavier for the year to date,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. “Heifer carcasses are currently 846 lbs., up 21 lbs. from one year ago, with a year-to-date average 19 lbs. above last year.”
As for time on feed, referencing Kansas Focus on Feedlots data, Peel says the current 12-month moving average days on feed for steers at 204 days continues to inch higher at 194 days.
“Increased days on feed means a slower feedlot turnover rate and helps feedlot maintain the inventory level despite a reduce throughput,” Peel explains.