Cattle futures continued higher Monday, helped along by surging wholesale beef prices and softer Corn futures.
Live Cattle futures closed an average of 47¢ higher.
Feeder Cattle futures closed an average of 68¢ higher.
Corn futures softened a touch Monday, following the previous session’s strong gains, perhaps pressured in part by rain forecast in the Corn Belt.
Corn futures closed mostly 2¢ to 4¢ lower.
KC HRW Wheat closed 4¢ to 10¢ higher.
Soybean futures closed mostly 2¢ to 5¢ lower.
Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $175-$180/cwt. in the Texas Panhandle, $178-$180 in Kansas, $183-$189 in Nebraska and $185-$187 in the western Corn Belt. Dressed prices were $285-$292 in Nebraska and $288-$292 in the western Corn Belt.
Choice boxed beef cutout value was $4.26 higher Monday afternoon at $314.19/cwt. Select was $5.80 higher at $296.73/cwt.