Cattle futures gained Monday, supported by higher cash trade in the South at the end of last week, as well as likely positioning ahead of Tuesday’s Cattle inventory report (see below).
Live Cattle futures closed an average of $1.26 higher (80¢ to $2.52 higher).
Feeder Cattle futures closed an average of 80¢ higher.
Negotiated cash fed cattle trade was at a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $1 higher in the Southern Plains at $156/cwt., from $2 lower to $1 higher in Nebraska at $153-$156 and $1-$4 lower in the western Corn Belt at $152-$157.
Dressed prices were steady in Nebraska at $248 and steady to $2 lower in the western Corn Belt at $248.
The weighted average five-area direct fed steer price last week was near steady with the previous week on a live basis at $155.25/cwt. The average steer price in the beef was 50¢ lower at $247.72.
Choice boxed beef cutout value was 34¢ higher Monday afternoon at $268.10/cwt. Select was 98¢ higher at $251.52/cwt.
Soybean futures led grains higher Monday, supported by recently more positive U.S. exports.
Soybean futures closed 21¢ to 25¢ higher through Aug ‘23, and then 10¢ to 17¢ higher.
Corn futures closed mostly 2¢ to 5¢ higher.
KC HRW Wheat futures closed mostly 4¢ to 6¢ higher through Mar ‘24 and then mostly 2¢ lower to 8¢ higher.
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