The 5-area direct average steer price last week was $118.21/cwt. on a live basis, which was $2.25 higher than the previous week. The average dressed price of $186.83 was $3.24 higher. Total volume of just 51,310 head, pressured by both the holiday and winter storms suggests packers need to be in a buying mood this week.
Cattle futures began the week narrowly mixed, amid relatively light trade, with little urgency one direction or the other.
Except for unchanged and 5¢ higher in the middle of the board, Live Cattle futures closed an average of 23¢ lower.
Except for unchanged to 12¢ lower in the front three contracts, Feeder Cattle futures closed an average of 40¢ higher.
Wholesale beef values were firm on Choice and sharply higher on Select with moderate to good demand and light to moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 49¢ higher Monday afternoon at $232.61/cwt. Select was $2.64 higher at $212.98.
Corn futures closed mostly unchanged to fractionally higher.
Soybean futures closed 2¢ to 6¢ lower through Nov ’20 and then most fractionally lower.