Slowing beef production took a toll on cash fed cattle prices last week, while putting the fire beneath wholesale beef values.
There were only 16,520 head confirmed fed steer and heifer trades last week, compared to 112,499 the same week last year, according to the Agricultural Marketing Service (AMS).
The AMS five-area direct average weekly weighted price for steers was $102.28/cwt. on a live basis, which was $2.72 less than the prior week. In the beef, steers traded $10.82 less at $157.18.
On the other end, Choice boxed beef cutout value was $9.39 higher Monday afternoon at $248.38/cwt. Select was $10.79 higher at $237.99 (see below).
Cattle futures softened Monday with pressure from slowing beef production and outside markets.
Live Cattle futures closed an average of 68¢ lower (30¢ to $1.20 lower).
Feeder Cattle futures closed an average of 77¢ lower (7¢ lower toward the back to $2.00 lower toward the front).
Corn futures closed 5¢ to 6¢ lower, except for 8¢ and 7¢ lower in the front two contracts.
Soybean futures closed 4¢ to 6¢ lower through Jan ’21 and then mostly 2¢ to 3¢ lower.