Cattle futures closed lower again Monday, pressured by bearish outside markets and despite Friday’s neutral-to-friendly Cattle on Feed report. Uncertainty also lingered about the potential strike at the JBS plant in Greeley, Colo.
Toward the close, Live Cattle futures were an average of $1.59 lower. Feeder Cattle futures were an average of $3.16 lower.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $1 higher in the Southern Plains at $249/cwt., mostly $2-$3 higher in Nebraska at mainly $247-$248 and $1-$2 higher in the western Corn Belt at $245-$247. Dressed delivered prices were $388, which was $6 higher in Nebraska and $6-$8 higher in the western Corn Belt.
Last week’s five-area direct weighted average FOB live fed steer price was $1.29 higher at $246.91. The weighted average dressed delivered fed steer price was $6.82 higher at $387.95.
Choice boxed beef cutout value was $2.52 higher Monday afternoon at $369.22/cwt. Select was $3.57 higher at $364.31.
Grain and Soybean futures were mixed on Monday with some likely repositioning and profit taking based on tariff uncertainty.
Toward the close, through near Sep contracts, KC HRW Wheat futures were 11¢ to 13¢ lower. Corn futures were fractionally higher to 1¢ higher. Soybean futures were fractionally mixed to 3¢ lower
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