Cattle futures extended gains Monday, supported by Friday’s friendly Cattle on Feed report.
Toward the close, Live Cattle futures were an average of 91¢ higher. Feeder Cattle futures were an average of $2.13 higher.
Negotiated cash fed cattle trade was mostly inactive on light demand in all cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $1-$2 lower in Kansas at $228-$229/cwt. and unevenly steady in Nebraska and the western Corn Belt at $228. Dressed delivered prices were $356-$358, which was $3-$6 higher in the western Corn Belt and mainly $3 higher in Nebraska.
The five-area direct weighted average FOB live fed steer price last week was 22¢ lower at $227.97. The five-area-direct weighted average dressed delivered fed steer price was $3.50 higher at $357.12.
Choice boxed beef cutout value was $1.24 higher Monday afternoon at $362.87/cwt. Select was $4.67 higher at $350.69.
Grain and soybean futures were higher Monday in what appeared to be a relief rally.
Toward the close, through near Jly Corn futures were 2¢ to 3¢ higher. KC HRW Wheat futures were 5¢ higher. Soybean futures were 3¢ to 4¢ higher.
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