Overall, futures traders seemed to look past the bearish placement number in Friday’s monthly Cattle on Feed report, seeming instead to focus on strong fundamentals, including last week’s higher cash fed cattle trade. However, the bounce higher in Corn futures helped dampen Feeder Cattle futures.
Live Cattle futures closed an average of 26¢ higher, except for unchanged in the back contract.
Feeder Cattle futures closed an average of $1.07 lower, (50¢ to $1.52 lower).
Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $3 higher in the Texas Panhandle at $183/cwt., $2-$3 higher in Kansas at $182-$183, $2 higher in Nebraska at $183 and $2-$4 higher in the western Corn Belt at $182-$184. Dressed delivered prices in Nebraska were $5 higher at $292 and $5-$7 higher in the western Corn Belt at $290-$292.
The five-area direct weighted average FOB live steer price last week was $2.60 higher at $182.95/cwt. The average dressed delivered steer price was $5 higher at $291.61.
Choice boxed beef cutout value was $1.18 higher Monday afternoon at $301.79/cwt. Select was $1.68 higher at $287.99/cwt.
Grain futures bounced back Monday, still trying to carve a bottom.
Corn futures closed 6¢ to 8¢ higher through Jly ’25 and then 1¢ to 3¢ higher.
KC HRW Wheat futures closed 7¢ to 15¢ higher through Mar ’25 and then mostly 4¢ higher.
Soybean futures closed 1¢ to 3¢ higher through near Aug and then mostly fractionally lower to 2¢ lower.
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