Follow-though buying and reports of increased commercial support helped push Feeder Cattle futures higher on Monday with Live Cattle tagging along. There was also plenty of chatter about expectations for higher wholesale beef values and higher cash fed cattle prices this week.
Live Cattle futures closed an average of $1.19 higher in half of the contracts, including $1.27 higher in spot Jun and $1.07-$1.22 higher in the back three contracts. Other months were an average of 39¢ higher.
Feeder Cattle futures closed an average of $2.51 higher, from $1.15 higher in spot Aug to $3.72 higher at the back.
Choice boxed beef cutout value was $3.11 higher Monday afternoon at $248.35/cwt. Select was $1.38 higher at $219.44. The Choice-Select spread hit a new high at $28.91.