Cattle futures rallied higher Monday, apparently buoyed by increasing open interest and trader focus on fundamentals.
Feeder Cattle futures closed an average of $2.60 higher.
Live Cattle futures closed an average of 76¢ higher (2¢ to $1.12 higher).
Negotiated cash fed cattle trade was slow on very light demand in the western Corn Belt through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service. Elsewhere, trade was at a standstill.
Last week, FOB live prices were steady in the Southern Plains at $178-$179/cwt., $1-$3 lower in Nebraska at $184-$185 and steady to $3 lower in the western Corn Belt at $185-$186. Dressed delivered prices were steady to $2 lower in Nebraska at $292-$295 and from $3 lower to $2 higher in the western Corn Belt at $292 on a light test.
The five-area direct weighted average steer price last week was $2.29 lower on a live basis at $182.75/cwt. The five-area average steer price in the beef was $1.01 lower at $292.75.
Choice boxed beef cutout value was 86¢ lower Monday afternoon at $317.04/cwt. Select was 58¢ lower at $292.09/cwt
Turning to the grain complex, Corn futures closed mostly 4¢ to 8¢ higher. KC HRW Wheat closed 10¢ to 16¢ lower through May ‘24 and then 3¢ to 6¢ lower. Soybean futures closed 11¢ to 18¢ higher through Jly ‘24 and then mostly 1¢ to 4¢ higher.