Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Live prices last week ranged from $118-$120 in the Southern Plains to $121 in the Northern Plains to $120-$122 in the western Corn Belt. Dressed trade was $2-$4 lower at $192.
The five-area direct fed steer price was 67¢ lower on a live basis last week at $121.36/cwt. The average steer price in the beef was $3.43 lower at $192.11.
Cattle futures closed mixed Monday as another surge in Corn futures weighed on Feeder Cattle.
Live Cattle futures closed an average of 69¢ higher (35¢ to $1.10 higher).
Feeder Cattle futures closed an average of 39¢ lower (15¢ to $1.10 lower), except for an average of 31¢ higher in two contracts.
Choice boxed beef cutout value was $1.43 higher Monday afternoon at $285.20/cwt. Select was $2.22 higher at $274.35
Total estimated cattle slaughter last week of 665,000 head was 20,000 head more than the previous week, according to USDA. Total estimated beef production was 20 million lbs. more at 550.2 million lbs.
Corn futures closed 15¢ to limit up 25¢ higher through Jly ‘22, and then mostly 8¢ to 9¢ higher.
Soybean futures closed mostly 21¢ to 26¢ higher.