Cattle futures closed higher with likely positioning ahead of what turned out to be a bullish Cattle report.
Live Cattle futures closed an average of $1.18 higher (88¢ to $1.42).
Feeder Cattle futures closed an average of $2.64 higher ($1.75 to $3.40 higher).
Negotiated cash fed cattle trade was at a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were at $137/cwt. in the Texas Panhandle, at $136 in Kansas $137 in Nebraska and at $137-$139 in the western Corn Belt. Dressed trade was steady at $218.
Choice Boxed beef cutout value was 2¢ lower Monday afternoon at $290.40/cwt. Select was 14¢ lower at $283.27.
Corn futures closed mixed, from 10¢ lower to 4¢ higher.
Soybean futures closed 13¢ to 20¢ higher through Aug ’23 and then 2 higher to 3¢ lower.