Renewed stability defined cattle markets Monday, helped along by news that estimated cattle slaughter last week, following the Tyson fire, was 9,000 head more than the previous week at 651,000 head. That according to USDA’s Estimated Daily Livestock Under Federal Inspection reports.
When all was said and done last week, negotiated cash fed cattle traded mostly $5 lower in the Southern Plains at mostly $105/cwt. They were $6-$7 lower in Nebraska at mostly $107 and $5-$6 lower in the western Corn Belt at $106.50-$110.00. In Nebraska, dressed trade was at $165-$172 in a light test, which was $13-$15 lower. It was $9-$10 lower in the western Corn Belt at $170-$172.
Cattle futures showed signs of life early in Monday’s session but lost steam as the session progressed.
Live Cattle futures closed narrowly mixed, from and average of 12¢ lower to an average of 15¢ higher.
Other than $1.10 higher in spot Aug, Feeder Cattle futures closed narrowly mixed, from and average of 3¢ lower to an average of 29¢ higher.
Wholesale beef values were firm to higher on moderate demand and light offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 44¢ higher Monday afternoon at $239.13/cwt. Select was $1.26 higher at $214.52.
Corn and Soybean futures softened with a more favorable weather outlook and worries about export demand.
Corn futures closed mostly 3¢ to 6¢ lower.
Soybean futures closed mostly 11¢ to 13¢ lower.