Cattle futures sagged Monday beneath the weight of continued sharply lower outside markets as traders try to navigate everything from slowing economic growth, to increasing COVID cases in China and Russia’s war with Ukraine.
Feeder Cattle futures closed an average of $2.04 lower ($1.42 to $3.15 lower).
Live Cattle futures closed an average of $1.97 lower ($1.52 to $2.32 lower).
Corn futures closed mostly fractionally mixed to 1¢ higher.
Soybean futures closed 27¢ to 38¢ lower through Jly ‘23 and then mostly 19¢ to 21¢ lower.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Live prices last week were $136 in the Texas Panhandle, $137 in Kansas, $141 in Colorado, and $141-$143 in Nebraska and the western Corn Belt. Dressed prices were $225-$226.
Choice Boxed beef cutout value was 78¢ lower through Monday afternoon at $270.54/cwt. Select was $1.44 lower at $247.45.
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