Cattle feeders ended up being rewarded for their marketing patience last week. Late-week trade was mostly $1-$2 higher on a live basis at $126/cwt. in Kansas, $126.50 in Nebraska and $124.50-$128.00 in the western Corn Belt. Dressed sales were $2 higher at $202. There was no trend reported for the Texas Panhandle.
Higher cash trade, stronger wholesale beef values and Friday’s friendly Cattle on Feed report offered support to Cattle futures Monday, but that was tempered by more erosion in Lean Hog futures.
Live Cattle futures closed from an average of 9¢ lower to an average of 13¢ higher.
Except for an average of 40¢ lower in spot Mar, Feeder Cattle futures closed an average of 24¢ higher.
Corn futures closed mostly 3¢ to 4¢ lower.
Soybean futures closed mostly fractionally lower to 1¢ higher.
Wholesale beef values were steady on Choice and sharply higher on Select with moderate to fairly good demand and light to moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 16¢ higher Monday afternoon at $219.55/cwt. Select was $2.22 higher at $214.57.