Weekend reports of a spike in novel coronavirus cases outside of China sent major U.S. financial indices and futures markets tumbling as investors and traders try to assess the current and potential impact on global economic growth.
Cattle futures plummeted mostly limit-down in Feeder Cattle and near limit-down in Live Cattle. Friday’s announcement that USDA is restoring access to the U.S. for Brazilian beef likely added to the weight.
Live Cattle futures closed an average of $2.72 lower.
Feeder Cattle futures closed an average of $4.26 lower.
Growing pessimism prompted some early negotiated cash fed cattle trade in Nebraska and the western Corn Belt at $187/cwt. in the beef, which was $3 less than last week, but there were too few transactions to establish a trend.
Wholesale beef values were higher on Choice and firm on Select, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.98 higher Monday afternoon at $207.07/cwt. Select was 67¢ higher at $202.37.
Corn futures closed 3¢ to 4¢ lower through Jly ’21 and then mostly fractionally lower to 1¢ lower.
Soybean futures closed 11¢ to 16¢ lower through Jan ’21 and then 5¢ to 9¢ lower.