Cattle futures finally found some footing Monday after about two weeks of consecutive down days, helped along by firming wholesale beef values and oversold conditions.
Toward the close, Live Cattle futures were an average of $2.59 higher. Feeder Cattle futures were an average of $6.28 higher.
Negotiated cash fed cattle trade was mostly inactive on light demand through Monday afternoon, according to the Agricultural Marketing Service.
FOB live prices last week were mainly $10-$11 lower in Kansas at mostly $237-$238/cwt., $8 lower in Nebraska at $240 and mostly $8-$13 lower in the western Corn Belt at mostly $235-$240. Dressed delivered prices were mostly $10-$13 lower in Nebraska at mostly $380 and $8-$23 lower in the western Corn Belt at $370-$385.
The weighted average five-area direct FOB live fed steer price last week was $9.73 lower at $238.28. The weekly weighted dressed delivered fed steer price was $14.48 lower at $377.01.
Choice boxed beef cutout value was $3.29 higher Monday afternoon at $370.10. Select was 16¢ higher at $355.45.
Corn and Soybean futures were higher Monday, with war premium and the hotter outlook in some portions of the Corn Belt.
Toward the close and through the front four contracts, Corn futures were 4¢ to 5¢ higher. Soybean futures were mostly 18¢ to 22¢ higher. Kansas City HRW Wheat futures were 6¢ to 8¢ lower with likely profit taking.
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