Feeder Cattle futures closed an average of $1.76 lower Monday, pressured by higher Corn futures, bearish feedlot placements in Friday’s Cattle on Feed report and likely profit taking.
Corn futures reversed direction and closed 15¢ to 19¢ higher through new-crop contracts after Russia attacked one of Ukraine’s deep seaports before the ink dried on the agreement signed Friday which was supposed to enable resumption of Ukraine grain exports in the Black Sea region. Soybean futures closed mostly 28¢ to 30¢ higher.
Live Cattle futures closed narrowly mixed, from an average of 22¢ lower in three contracts to an average of 25¢ higher, supported by stronger wholesale beef prices.
Choice Boxed beef cutout value was 99¢ higher Monday afternoon at $268.11/cwt. Select was $2.50 higher at $245.00/cwt.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $136 in the Southern Plains, $139.00-$143.50 in Nebraska and $142-$144 in the western Corn Belt. Dressed prices were $227 in Nebraska and $227-$230 in the western Corn Belt.