Last week’s stouter packing pace and higher cash prices helped Cattle futures edge higher Monday.
Feeder Cattle futures closed an average 57¢ higher except for unchanged in the back contract.
Live Cattle futures closed an average of 28¢ higher except for unchanged in Dec.
Negotiated cash fed cattle trade was at a standstill in all major feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were at $140/cwt. in the Southern Plains and Nebraska; $140-$142 in the western Corn Belt. Dressed trade was at $224.
The five-area direct weighted average steer price last week was 72¢ higher than the previous week at $140.48/cwt. on a live basis. The average steer price in the beef was $2.25 higher at $224.04.
Choice Boxed beef cutout value was 56¢ lower Monday afternoon at $273.96/cwt. Select was 92¢ higher at $268.75.
Corn futures closed mostly 3¢ to 5¢ higher.
Soybean futures closed mostly 1¢ to 13¢ lower through near Nov and then mostly 2¢ to 4¢ higher.