Cattle futures bounced back on Monday as traders retrenched for the new quarter. There was chatter that optimism about spring consumer beef demand provided the lift. Could be, but nothing changed on that fundamental front since Friday. For Feeder Cattle, the bearish crops reports on Friday likely provided some support.
Live Cattle futures closed an average of 46¢ higher. Since setting a new record Mar. 22, open interest declined 15,515 contracts to 439,234 on Friday.
Feeder Cattle futures closed an average of $1.27 higher across the back half of the board; an average of 33¢ higher through the front.
Corn futures closed 4¢ to 5¢ higher through Sep ’20, and then mostly 1¢ to 2¢ higher, rebounding from the hard dive Friday.
Soybean futures closed 8¢ to 11¢ higher, helped by late-week reports of a buy from China.
Wholesale beef values were firm to higher on light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 80¢ higher Monday afternoon at $226.84/cwt. Select was 44¢ higher at $219.33.