Cattle futures closed lower Monday as Corn futures continued to rally 12¢ to 23¢ higher through old-crop and new-crop contracts, perhaps also buoyed by the slow planting pace.
According to the latest USDA Crop progress report, 4% of the corn is in the ground compared to 7% last year and the five-year average of 6%.
Feeder Cattle futures closed an average of $2.36 lower, while Live Cattle futures closed an average of 69¢ lower, except for 2¢ higher in the back contract.
For much of last week, Cattle futures got a boost from stronger negotiated cash fed cattle prices that were $1-$4 higher on a live basis, depending on the region at $139-$143/cwt. Dressed prices were $3-$5 higher at $225-$227.
On Monday, negotiated cash fed cattle trade ranged from inactive on light demand to a standstill, according to the Agricultural Marketing Service.
The five-area direct weighted average steer price last week was $141.02/cwt., which was $2.20 more than the previous week. The average steer price in the beef was $3.46 higher at $225.89.
Choice Boxed beef cutout value was $1.54 lower Monday afternoon at $271.08/cwt. Select was 56¢ higher at $259.46.