Negotiated cash fed cattle trade ended up steady to $1 higher in the Southern Plains last week at $119/cwt. on a live basis; steady to $2.50 higher in the Northern Plains at $119.00-$120.50. Dressed trade was steady to $2 higher at $188-$190.
Week to week the 5-area average direct live steer price was just 25¢ higher at $119.17, but with average live weights 34 lbs. heavier at 1,506 lbs. In the beef, the average steer price was 10¢ less at $188.00 with average dressed weights 45 lbs. heavier at 992 lbs.
Cattle futures wandered narrowly lower Monday, maintaining most of the previous session’s strong gains, and in the face of higher Corn futures.
Live Cattle futures closed an average of 18¢ lower, except for 5¢ higher in the back contract.
Feeder Cattle futures closed an average of 43¢ lower, except for 5¢ higher in the back contract
Wholesale beef values were higher on light to moderate demand and offerings, according to the Agricultural Marketing Service. Gains over the last two days suggest the seasonal bottom might be established.
Choice boxed beef cutout value was 79¢ higher Monday afternoon at $217.08/cwt. Select was $1.27 higher at $205.51.
Corn futures closed mostly 5¢ to 6¢ higher through Jly ‘21; and then mostly 2¢ to 3¢ higher.
Soybean futures closed 10¢ to 14¢ higher through Jan. ’21 and then mostly 3¢ higher.