Feeder Cattle futures closed sharply lower Monday, in response to the higher than expected placements in last week’s Cattle on Feed report (see below). That, lower commodity markets overall and a pullback in Lean Hog futures helped drag down Live Cattle futures, despite last week’s firmer cash trade.
Except for 2¢ lower in spot Apr, Live Cattle futures closed an average of 97¢ lower.
Except for 65¢ higher in newly minted away Apr, Feeder Cattle futures closed an average of $1.23 lower.
Corn futures closed mostly 2¢ to 3¢ lower.
Soybean futures closed mostly 2¢ to 3¢ lower.
Wholesale beef values were higher on Choice and sharply higher on Select with moderate to good demand and light offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 83¢ higher Monday afternoon at $234.48/cwt. Select was $2.15 higher at $222.64.