Negotiated cash fed cattle trade was limited on very light demand in Nebraska through Monday afternoon, according to the Agricultural Marketing Service. There were a few live sales at $124/cwt., but too few to trend. Elsewhere, trade was at a standstill.
Live prices last week were at mostly $119-$120 in the Southern Plains, $120 in Nebraska and $120-$121 in the western Corn Belt. Dressed trade was at $190-$191.
Feeder Cattle futures roared higher Monday, buoyed by a sharp break in Corn futures. Live Cattle futures edged higher, with interest apparently constrained by what appears to be post-top wholesale prices for a while.
Feeder Cattle futures closed an average of $2.78 higher ($2.00 higher at the back to $3.42 higher at the front). That’s right at an average of $5 higher in the last two sessions.
Live Cattle futures closed an average of 48¢ higher.
Choice boxed beef cutout value was $2.09 lower through Monday afternoon at $335.47/cwt. Select was $1.80 lower at $303.41.
Grain futures prices fell Monday, swamped by more weekend rain than expected in the Corn Belt, as well as increased chances for rain and cooler temperatures in that region for the next couple of weeks.
Corn futures closed 25¢ to 31¢ lower through Jly ‘22, and mostly 13¢ and 16¢ lower.
Soybean futures closed mostly 31¢ to 41¢ lower.