The five-area direct weighted average steer price last week was $105.06/cwt. on a live basis, which was $3.72 more than the previous week. The average steer price in the beef was $4.84 more week to week at $168.04.
Cattle futures closed lower, following early lift, with higher Corn futures helping pressure Feeder Cattle the most.
Live Cattle futures closed an average of 66¢ lower.
Feeder Cattle futures closed an average of $1.54 lower (30¢ at the back to $2.22 lower).
Choice boxed beef cutout value was $3.02 higher Monday afternoon at $217.26/cwt. Select was $2.65 higher at $201.94.
Corn and soybean futures closed higher Monday with support from the weather outlook and thoughts last week’s derecho will reduce production. Week-to-week condition ratings also declined slightly for both crops.
Corn futures closed 4¢ to 7¢ higher.
Soybean futures closed 11¢ to 17¢ higher through Jan ’22 and then mostly 9¢ higher.