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 prices were $5-$10 higher in the Texas Panhandle at $185/cwt., $6-$8 higher in Kansas at $186, steady to $9 higher in Nebraska at $189-$192 and $3-$5 higher in the western Corn Belt at $190. Dressed prices were $8-$15 higher in Nebraska at $300 and $8-$10 higher in the western Corn Belt at $298-$300.
The weighted average five-area direct fed steer price last week was $188.75/cwt. on a live basis, which was $6.72 more than the previous week. The average fed steer price in the beef was $9.16 higher at $299.21.
Choice boxed beef cutout value was $4.50 higher Monday afternoon at $337.43/cwt. Select was $4.53 higher at $210.24/cwt.
Last week’s strong gains in cash fed cattle prices and wholesale beef values helped lift Live Cattle futures higher on Monday, dragging Feeder Cattle along.
Live Cattle futures closed an average of $1.24 higher.
Feeder Cattle futures closed an average of 50¢ higher.
Corn futures closed mostly 10¢ to 18¢ higher, apparently driven once again by the latest weather outlook in the Corn Belt — drier this time.
Soybean futures closed mostly 3¢ to 8¢ higher, except for lower in the front two contracts.
KC HRW Wheat closed mostly fractionally mixed through May ‘24, and then 3¢ to 4¢ lower.