After early support, then pressure, then support again, Cattle futures continued to rebound from the recent selloff. Friday’s Cattle inventory report likely offered some support, with less estimated year-over-year feeder cattle supply outside feedlots Jan. 1: 26.45 million head, which was is 0.40% less (-105,300 head).
Live Cattle futures closed an average of 57¢ higher, from 30¢ to $1.05 higher.
Except for $1.25 lower in away-Jan, Feeder Cattle futures closed an average of 98¢ higher (57¢ to $1.12 higher).
Wholesale beef values were lower on Choice and sharply lower on Select with light to moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.44 lower Monday afternoon at $211.56/cwt. Select was $3.24 lower at $207.42.
Corn futures closed mostly 1¢ lower.
Soybean futures closed mostly 3¢ to 4¢ higher through Mar ’21 and then mostly 1¢ higher.