Cattle futures firmed Monday with stronger wholesale beef prices after early pressure from last week’s wobbly cash fed cattle prices.
Heading into the close, Live Cattle futures were an average of 19¢ higher, except for 62¢ lower in away Aug. Feeder Cattle futures were narrowly mixed from an average of 13¢ lower in the front four contracts to an average of 39¢ higher.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, FOB live prices were $1 lower in the Southern Plains at $186/cwt., $2 lower in Nebraska at $190 and steady to $2 lower in the western Corn Belt at $188-$192. Dressed delivered prices in Nebraska were $3 lower at $301 and $2-$3 lower in the western Corn Belt at $300-$301.
The five-area weighted average direct FOB live steer price last week was $1.18 lower at $188.91. The weighted average dressed delivered steer price was $2.68 lower at $300.81.
Choice boxed beef cutout value was $2.40 higher Monday afternoon at $315.60/cwt. Select was $1.99 higher at $303.70/cwt.
Grain futures continued lower Monday as crop progress brightens.
Heading into the close, through Jly ‘25, Corn futures were mostly 3¢ to 4¢ lower. Kansas City Wheat futures 6¢ to 9¢ lower. Soybean futures were 15¢ to 20¢ lower.
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Android | RSS | More