Cattle futures were higher Monday helped by the plunge in Corn futures, which was tied to the latest World Agricultural Supply and Demand Estimates (see below).
Toward the close, Live Cattle futures were an average of 82¢ higher (30¢ to $1.65 higher). Feeder Cattle futures were an average of $1.50 higher.
Negotiated cash fed cattle trade was mostly 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 steady to $1 higher in Kansas at $232-$233/cwt., mainly steady in Nebraska and the western Corn Belt at mostly $232/cwt. Dressed delivered prices were $5 higher at $365.
The five-area direct weighted average FOB live fed steer price last week was 18¢ higher at $231.86. The weighted average dressed delivered fed steer price was $5.13 higher at $364.99.
Choice boxed beef cutout value was $1.48 higher Monday afternoon at $357.11/cwt. Select was $5.88 higher at $358.05. The Choice-Select spread turned negative by 94¢.
As alluded to, Corn futures sank on Monday beneath the weight of the World Agricultural Supply and Demand Estimates.
Toward the close, through near Sep contracts, Corn futures were 15¢ to 24¢ lower. KC HRW Wheat futures were 2¢ to 3¢ lower. Soybean futures closed 5¢ to 13¢ lower.
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