Stellar cash demand for calves and feeder cattle, along with steady to stronger cash fed cattle prices last week helped Cattle futures extend gains Monday.
Feeder Cattle futures closed an average of 65¢ higher (10¢ higher at the back to $1.00 higher).
Live Cattle futures closed an average of 40¢ higher.
Negotiated cash fed cattle trade ranged from mostly inactive with very light demand to a standstill through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, live prices were steady to $1 lower in the Southern Plains at $178/cwt., $1.00 to $1.50 higher in Nebraska at $183.00-$186.50 and steady to $2 higher in the western Corn Belt at $182-$184. Dressed prices were steady at $290.
The five-area direct weighted average fed steer price last week was $182.06 on a live basis, up 73¢ from the previous week. The average fed steer price in the beef was 65¢ higher at 289.99.
Choice boxed beef cutout value was $3.11 lower Monday afternoon at $313.79/cwt. Select was $3.30 lower at $282.33/cwt.
Corn and Soybean futures closed higher on likely profit taking and positioning ahead of Wednesday’s World Agricultural Supply and Demand Estimates.
Corn futures closed mostly 4¢ to 5¢ higher.
Soybean futures closed 17¢ to 27¢ higher through Aug ’24 and then mostly 12¢ to 15¢ higher.
KC HRW Wheat closed mostly 3¢ to 7¢ lower
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