Cattle futures were higher Monday, responding to last week’s higher negotiated cash fed cattle prices, supportive outside markets and the friendly placement number in Thursday’s Cattle on Feed report.
Toward the close, Live Cattle futures were an average of $1.69 higher. Feeder Cattle futures were an average of $4.14 higher.
Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $3-$4 higher in the Texas Panhandle at $258-$260/cwt., $2-$4 higher in Kansas at $258-$260, mainly $2-$5 higher in Nebraska at mostly $260 and $2 higher in the western Corn Belt at $257-$260. Dressed delivered prices were mainly $3 higher in Nebraska at $408 and steady to $2 higher in the western Corn Belt at $405 in a light test.
The weighted averaged five-area direct FOB live fed steer price last week was $3.55 higher at $259.63. The weighted average dressed delivered fed steer price was $2.12 higher at $407.
Choice boxed beef cutout value was $1.69 higher Monday afternoon at $396.06/cwt. Select was $3.51 higher at $375.79.
Grain and Soybean futures continued to wilt Monday beneath the heat of positive growing conditions and crop progress (see below).
Toward the close, and through near Mar contracts, Corn futures were 4¢ to 6¢ lower. Soybean futures were fractionally lower to 7¢ lower. Kansas City HRW Wheat futures were 10¢ to 12¢ lower.
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