Cash strength and weaker Corn futures helped lift Feeder Cattle futures Monday.
Feeder Cattle futures closed an average of $1.80 higher.
Live Cattle futures closed narrowly mixed, from an average of 18¢ lower in three contracts to an average of 34¢ higher (7¢ to 75¢ higher).
Apparently, the trade wasn’t buying reports of Russia pulling out of the Black Sea Grain initiative, set to expire on Tuesday without renewal. Grain futures were stronger right after the reports but lost ground throughout the session.
Corn futures closed mostly 6¢ to 8¢ lower.
KC HRW Wheat closed mostly 7¢ to 13¢ lower.
Soybean futures closed mostly 2¢ to 7¢ higher.
Negotiated cash fed cattle trade was inactive on very light demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were generally $3 higher in Nebraska at $186/cwt., $1-$2 higher in the western Corn belt at $184-$185 and from $3 lower to $6 higher in Kansas at $175-$184. Dressed prices were steady to $2 higher in Nebraska at $290-$292 and steady to $5 higher in the western Corn Belt at $290-$295.
Live prices in the Texas Panhandle the previous week were $178.
The five-area direct weighted average fed steer price last week was $2.21 higher on a live basis at $184.27/cwt. The average fed steer price in the beef was $1.35 higher at $291.34.
Choice boxed beef cutout value was 84¢ higher Monday afternoon at $306.78/cwt. Select was 87¢ lower at $275.74/cwt.
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