Week to week on Monday, the 5-area direct average steer price was $120.36/cwt. on a live basis, which was $1.19 higher than the previous week. In the beef, the average steer price was $3.85 higher at $191.85.
More placements than expected in Friday’s monthly Cattle on Feed report (see below) pressured Cattle futures to start the week; that and sluggish holiday trade.
Live Cattle futures closed narrowly mixed but mostly lower, from 35¢ lower to 17¢ higher.
Feeder Cattle futures closed an average of 52¢ lower.
Wholesale beef values were higher to sharply higher on light to moderate demand and light offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.87 higher Monday afternoon at $211.57/cwt. Select was $3.61 higher at $204.64. The Choice-Select spread was the narrowest since March at $6.93.
Corn futures closed fractionally higher to 1¢ higher.
Soybean futures closed mostly 2¢ to 4¢ higher through Jly ’21 and then mostly 1¢ lower.