Negotiated cash fed cattle trade was at a standstill in the Southern Plains and Western Corn Belt through Monday afternoon, according to the Agricultural Marketing Service. In Nebraska, trading was mostly inactive with very light demand. Last week, live prices were at $120. Dressed prices in Nebraska and the Western Corn Belt were at $190-$191.
Cattle futures tread water to the downside Monday with pressure from new-crop grain prices and the appearance of an imminent top for wholesale beef values.
Feeder Cattle futures closed an average of 18¢ lower, except for 28¢ and 55¢ higher at either end of the board.
Live Cattle futures closed an average of 33¢ lower through the front four contracts and then an average of 68¢ higher (37¢ higher to $1.60 higher in the back contract).
Choice boxed beef cutout value was 38¢ lower Monday afternoon at $338.60/cwt. Select was $2.56 lower at $309.17.
Except for nearby contracts, grain futures continued to extend gains Monday.
Corn futures closed 10¢ to 14¢ higher in new-crop contracts, and then mostly 4¢ to 7¢ higher. Spot Jly was down 3¢.
Soybean futures closed mostly 7¢ to 14¢ higher, except for 4¢ to 23¢ lower in the front three contracts.