Cattle futures closed higher again Monday with follow-through support from the previous session and surging wholesale beef values.
Toward the close, Live cattle futures were an average of $1.31 higher (15¢ to $1.82 higher). Feeder Cattle futures were an average of $3.97 higher.
Negotiated cash fed cattle trade was inactive on moderate demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were steady in Kansas at $235/cwt., steady to $2 lower in Nebraska at $243-$245/cwt. and steady in the western Corn Belt at $240-$245. Dressed delivered prices were steady to $2 higher in at $380-$385. The previous week, FOB live prices were $235 in the Texas Panhandle.
Wholesale beef prices continued to press higher Monday, helped along by packers restricted production. Choice boxed beef cutout value was $3.67 higher Monday afternoon at $404.24. Select was $6.38 higher at $377.14.
Grain and Soybean futures were mixed Monday. Toward the close and through Jly contracts, Corn futures were mostly 1¢ to 2¢ higher. Kansas City Wheat futures were fractionally lower to 2¢ lower. Soybean futures were 1¢ to 2¢ lower.
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