Cattle futures softened to start the week, especially Feeder Cattle. Pressure likely included the anticipated packer slowdown during the next two holiday-shortened weeks, as well as technical correction.
Live Cattle futures closed an average of 77¢ lower.
Feeder Cattle futures closed an average of $1.70 lower ($1.20 to $2.45 lower).
Corn futures closed fractionally lower through Dec ’10 and then mixed.
Soybean futures closed 2¢ to 4¢ higher.
Wholesale beef values were firm to higher on moderate to good demand and light to moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.71 higher Monday afternoon at $212.67/cwt. Select was 62¢ higher at $203.76.