The weekly five-area direct fed steer price last week was $8.23 less than the prior week on a live basis at $111.08/cwt. It was $11.95 less in the beef at $176.93.
Chatter to start the week included wonderment about reduced slaughter this week, given last week’s decline in volume, scheduled maintenance at packing plants and further indications that labor issues could intensify (see below).
Perhaps that was one reason behind the limit down move in spot Live Cattle futures (closing at $83.82), while buying interest picked up across most other contracts.
After $4.50 lower and 55¢ lower in the front two contracts, Live Cattle futures closed an average of $1.74 higher, (52¢ higher to $2.30 higher toward the back.
Feeder Cattle futures closed an average of $2.26 higher, ($1.20 to $2.90 higher).
Wholesale beef values were weak to lower on light to moderate demand and heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 39¢ lower Monday afternoon at $230.05/cwt. Select was 81¢ lower at $215.03.
Corn futures closed mostly 2¢ to 3¢ lower.
Soybean futures closed 3¢ to 4¢ higher.