Cattle futures surged higher Monday, recovering most of the losses from the previous session, even more for Live Cattle. Some attributed the reversal to the after-hours announcement on Friday that threatened U.S. tariffs on Mexican imports were suspended indefinitely.
Live Cattle futures closed an average of $2.15 higher ($1.57 to $3.00 higher).
Feeder Cattle futures closed an average of $2.31 higher.
Wholesale beef values were weak on Choice and higher on Select with moderate demand and light offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 65¢ lower Monday afternoon at $221.66/cwt. Select was $1.87 higher at $208.79.
Corn futures closed mostly 2¢ higher, except for unchanged to fractionally lower in the front three contracts.
Soybean futures closed 2¢ to 4¢ higher, except for 7¢ higher in the back three contracts.