Apparently, futures traders priced in a gloomier monthly Cattle on Feed report than what it wound up being Friday, or they’re beginning to price in something else. After early and expected pressure, Limit-up moves in nearby Feeder Cattle futures led Live Cattle higher, as both pits expanded on gains established at the end of last week.
Except for 60¢ higher in newly minted away Oct, Live Cattle futures closed an average of $2.52 higher ($2.20 to $3.00 higher).
Feeder Cattle futures closed an average of $3.92 higher ($3.17 to limit-up $4.50 higher).
Choice boxed beef cutout value was $1.18 lower Monday afternoon at $238.57/cwt. Select was 94¢ higher at $217.66.