Negotiated cash fed cattle trade was at a standstill in the Texas Panhandle through Monday afternoon, according to the Agricultural Marketing Service. The latest reported market in the Southern Plains was two weeks ago with live sales at $122/cwt.
Trading was slow on light demand in Nebraska with early live sales steady to $1.50 higher at $126.50/cwt. Last week in Nebraska, dressed sales traded at $197/cwt.
Trading in the Western Corn Belt and Kansas was mostly inactive on very light demand. Last week in the Western Corn Belt, live sales traded from $125-$126/cwt. and dressed sales traded at $197/cwt.
A surge in Corn futures pressured feeder cattle futures on Monday, while live cattle futures traded narrowly mixed.
Live Cattle futures closed mixed from an average of 78¢ lower through the front four contracts to an average of 9¢ higher except for the back contract, unchanged.
Feeder Cattle futures closed down across the board an average of $1.73 lower, from $3.20 lower at the front to $1 lower at the back.
Choice boxed beef cutout value was $7.13 lower at $297.43/cwt. Select was $2.22 lower at $273.96.
Grain futures closed rallied back on Monday as weekend weather conditions deteriorated.
Corn futures closed mostly 17¢ to 39¢ higher through Dec ’22.
Soybean futures closed mostly 36¢ to 42¢ higher through Sept ’22.