Cattle futures tried to hold recent gains Monday but they were mostly lower as traders began the new week and month.
Toward the close, Live Cattle futures were an average of $1.21 lower (15¢ lower to $2.07 lower). Feeder Cattle futures were an average of $1.68 lower, except for an average of 58¢ higher in three contracts.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $4-$9 lower in the Texas Panhandle at $215-$220/cwt., mostly $2-$4 lower in Kansas at mainly $220, mostly $8 lower in Nebraska at mainly $210 and $7-$8 lower in the western Corn Belt at mostly $208-$210. Dressed delivered prices were $10-$15 lower in Nebraska at $330 and $12-$17 lower in the western Corn Belt at $328-$330.
The five-area direct weighted average FOB live fed steer price last week was $5.88 lower at $211.52. The five-area direct weighted average dressed delivered fed steer price was $13.98 lower at $329.38.
Choice boxed beef cutout value was $2.07 higher Monday afternoon at $368.89/cwt. Select was $6.83 higher at $357.88.
Corn and Soybean futures were lower Monday on likely profit taking.
Toward the close and through Jly contracts, Corn futures were 2¢ lower. KC HRW Wheat futures were fractionally lower to 6¢ lower. Soybean futures were 8¢ to 10¢ lower.
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