Cattle futures opened higher Monday, supported by the lower July feedlot placements in Friday’s Cattle on Feed report but then turned negative with pressure including last week’s lower negotiated cash fed cattle prices and negative psychology surrounding Monday’s re-opening of the port of entry in Douglas, Ariz., to feeder cattle imports from Mexico.
Toward the close, Live Cattle futures were an average of $3.04 lower. Feeder Cattle futures were an average of $4.05 lower.
Negotiated cash fed cattle trade was mostly inactive on light demand in the North through Monday afternoon, according to the Agricultural Marketing Service.
FOB live prices last week were mostly $2-$3 lower in Nebraska at mainly $225-$226/cwt. and $2-$5 lower in the western Corn Belt at mostly $225. Dressed delivered trades were mostly $7-$12 lower in Nebraska at mainly $355-$356 and mainly $7-$13 lower in the western Corn Belt at mostly $355.
Last week’s weighted average five-area direct FOB live fed steer price was $3.51 lower at $225.01. The weighted average dressed delivered fed steer prices was $9.54 lower at $355.54.
Choice boxed beef cutout value was unchanged Monday afternoon at $385.69/cwt. Select was $3.70 higher at $365.02.
Grain and Soybean closed mixed on Monday.
Toward the close and through the front four contracts, Corn futures were 6¢ to 7¢ higher, as traders tried to price lower expected yields.
Soybean futures were 8¢ to 14¢ lower, pressured by bean oil.
Kansas City HRW Wheat were 2¢ to 3¢ lower.
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