Feeder Cattle futures took stepped lower Monday, pressured by sharply higher Corn futures and Friday’s bearish Cattle on Feed report which indicated June feedlot placements were 2.7% more than the previous year and 4.6% more that the average of analyst expectations ahead of the report.
Headlines of Russia bombing Ukrainian ports fueled grain and Soybean futures Monday.
Corn futures closed 27¢ to 33¢ higher through the front five contracts and then 9¢ to 19¢ higher.
KC HRW Wheat closed 46¢ to 58¢ higher through Jly ‘24 and then 32¢ to 40¢ higher.
Soybean futures closed mostly 19¢ to 22¢ higher.
Live Cattle futures faded most of the heat, supported by last week’s stronger cash trade.
Live Cattle futures closed an average of $1.08 higher (32¢ to $1.82 higher), except for an average of $1.24 lower in the front three contracts.
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 (FOB) were $2 higher in the Southern Plains at $180/cwt., $2 higher in Nebraska at $188 and $3-$4 higher in the western Corn Belt at $188. Dressed prices (FOB) were $3-$5 higher in Nebraska at $295 and steady to $5 higher in the western Corn Belt at $295.
The weighted average five-area fed steer price last week was $1.92 higher at $186.19/cwt. on alive basis. The weighted average dressed fed steer price was $3.38 higher at $294.72.
Choice boxed beef cutout value was $1.42 higher Monday afternoon at $304.16/cwt. Select was 26¢ higher at $276.99/cwt.