The weighted average five-area direct fed steer price last week was $95.98/cwt. on a live basis, which was $1.11 higher than the previous week but $17.39 less than the same week last year. The average price in the beef was $157.60, which was $3.92 higher than the prior week but $25.21 less than the prior year, according to USDA. Fed cattle transactions of 83,634 head were 3,098 head fewer than the prior week but 19,304 head more (+30%) than the same week a year earlier.
Firmer to higher cash fed cattle prices helped Cattle futures close mostly higher Monday. Feeder Cattle were also supported by a steep decline in Corn futures.
Except for an average of 25¢ lower through the front three contracts, Live Cattle futures closed an average of 31¢ higher.
Feeder Cattle futures closed an average of $1.41 higher.
Choice boxed beef cutout value was $1.24 lower Monday afternoon at $203.26/cwt. Select was $2.41 lower at $191.88.
Friday’s World Agricultural Supply and Demand Estimates and continued positive crop progress weighed on grain futures to start the week.
Corn futures closed 6¢ to 7¢ lower through Jul ’21 and then mostly 2¢ to 4¢ lower.
Soybean futures closed 12¢ to 15¢ lower through May ’21 and then 5¢ to 10¢ lower.