Feeder Cattle futures rallied back Monday, closing an average of $1.63 higher (65¢ higher at the back to $2.20 higher). They recovered the previous session’s losses, helped along by lower Corn futures and carried Live Cattle along.
Live Cattle futures an average of an average of 47¢ higher, also helped by higher wholesale values.
Choice Boxed beef cutout value was $3.70 higher Monday afternoon at $268.68/cwt. Select was 22¢ higher at $245.24.
Corn futures closed 18¢ to 20¢ lower through new-crop contracts on the positive weather outlook.
Higher crude oil and vegetable oil prices helped boost Soybean futures mostly 5¢ to 8¢ higher through Jly ‘23
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service
Last week, live prices were $137-$138/cwt. in the Southern Plains, $145-$148 in the Northern Plains and $145-$150 in the western Corn Belt. Dressed prices were $234-$240.