Cattle futures strengthened Monday, helped along by positive outside markets and the monthly Cattle on Feed report (see below), which indicated fewer placements than expected last month.
Before settlement, Live Cattle futures were an average of $1.05 higher. Feeder Cattle futures were an average of 54¢ higher, well off session highs, capped by advancing Corn futures.
Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, live FOB prices were steady to 50¢ higher in the Texas Panhandle at $188-$188.50/cwt. steady to $1 lower in Kansas at $187-$188 and $2 lower in the North at $196. Dressed delivered trades were $2 lower at $310/cwt.
The weighted average five-area direct FOB live steer price last week was 57¢ lower at $193.67. The weighted average dressed delivered steer price was $2.56 lower at $310.04.
Choice boxed beef cutout value (p.m.): 39¢ lower at $313.44/cwt. Select was 47¢ lower at $298.33/cwt.
Soybeans led the grain complex higher Monday with short covering and apparent weather premium based on the global outlook.
Heading into the close, through Jly ’25 contracts, Soybean futures were 21¢ to 33¢ higher. Corn futures were 10¢ to 11¢ higher. Kansas City Wheat futures were 1¢ to 2¢ higher.
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