Cattle futures surged higher on Monday, supported by Friday’s Cattle on Feed report, which has July placements significantly less than many anticipated—up 2.7% year over year, rather than general expectations for an increase of 6%. Stable to higher wholesale beef values lent support.
Except for 25¢ higher in spot Aug, Live Cattle futures closed an average of $1.49 higher ($1.10 to $1.80 higher).
Feeder Cattle futures closed an average of $2.82 higher ($1.05 to $3.45 higher).
Choice boxed beef cutout value was 18¢ higher Monday afternoon at $191.50/cwt. Select was 32¢ higher at $188.62.
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