As expected, markets viewed Friday’s Cattle on Feed report as bearish, despite the fact that cattle numbers continue to decline overall and will continue to decline.
Feeder Cattle futures closed an average of 69¢ lower (17¢ lower at the back to $1.65 lower toward the front).
Live Cattle futures closed an average of 31¢ lower, except for 32¢ and 2¢ higher in the front two contracts.
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, live prices were steady in the Texas Panhandle at $175/cwt., steady to $2 lower in Kansas at $173-$175, $1-$2 lower in Nebraska at $180-$185 and steady to $1 lower in the western Corn Belt at $180-$183.
Dressed prices were steady to $6 lower in Nebraska at $284-$290 and $2 lower in the western Corn Belt at $288.
The weighted average five-area direct fed steer price was $178.57/cwt. on a live basis last week, which was 1.87 lower. The average fed steer price in the beef was $2.35 lower at $287.42.
Choice boxed beef cutout value was 52¢ higher Monday afternoon at $307.12/cwt. Select was 90¢ higher at $288.70/cwt.
Corn futures closed mostly 2¢ to 3¢ higher on Monday, except for fractionally lower to 12¢ lower in the front four contracts.
KC HRW Wheat closed mostly 7¢ to 8¢ lower.
Soybean futures closed 8¢ to 18¢ lower through May ‘24 and then 6¢ to 8¢ lower.
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