Although Friday’s Cattle on Feed report seemed to bring pressure early in the session, the reaction faded quickly as the day progressed in Cattle futures amid light trade.
Feeder Cattle futures closed an average of 61¢ higher, except for an average of 17¢ lower in the front three contracts.
Live Cattle futures closed narrowly mixed, from an average of 29¢ lower to an average of 13¢ higher.
Negotiated cash fed cattle trade was at a standstill in all regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $180/cwt. in the Southern Plains, $182-$185 in Nebraska and $184-$185 in the western Corn Belt. Dressed prices were $290.
The weighted average five-area direct fed steer price last week was $2.35 lower on a live basis at $182.57/cwt. The average fed steer price in the beef was $6.26 lower at $289.81.
Choice boxed beef cutout value was 97¢ lower Monday afternoon at $333.04/cwt. Select was 29¢ lower at $299.67/cwt.
Grain and Soybean futures closed mostly higher Monday, balancing weekend rains across much of the Corn Belt with geopolitical tensions in Russia.
Corn futures closed mostly 1¢ to 5¢ higher, except for mostly fractionally mixed from near Sep through near May.
Soybean futures closed 12¢ to 26¢ higher through Aug ‘24 and then mostly 9¢ to 12¢ higher.
KC HRW Wheat closed mostly 5¢ higher.