Cattle futures retraced some ground from the previous session’s strong and somewhat surprising rally, but kept the lion’s share of gains.
Live Cattle futures closed an average of 57¢ lower.
Feeder Cattle futures closed an average of 80¢ lower (40¢ lower to $1.52 lower in spot Jan).
Wholesale beef values were steady on moderate demand and heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 9¢ lower Monday afternoon at $209.56/cwt. Select was 2¢ higher at $206.82.
Corn futures closed unchanged to fractionally mixed.
Soybean futures closed mostly unchanged to 1¢ lower through Mar ’21 and then fractionally higher to 2¢ higher.