The weekly weighted average five-area direct price for fed steers was $1.68 lower on a live basis last week at $113.17/cwt. Steer prices in the beef were $3.98 lower at $180.80.
There were too few transactions to trend negotiated cash fed cattle in any region on Monday, but early sales were decidedly pessimistic with some live trade in Nebraska and the western Corn Belt at $110/cwt.; early dressed sales at $175.
Cattle futures started the week limit down and near limit-down as equity markets plunged amid continued uncertainty about COVID-19, coupled with the outbreak of an oil price war over the weekend that sent crude oil prices into free-fall.
Live Cattle futures closed an average of $2.89 lower.
Feeder Cattle futures closed limit-down $4.50 across the board.
Wholesale beef values were generally steady on light demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 11¢ lower Monday afternoon at $207.36/cwt. Select was 25¢ lower at $202.32.
Corn futures closed 2¢ to 5¢ lower.
Soybean futures closed mostly 15¢ to 21¢ lower.