Although trade was light, Cattle futures closed limit up Monday, higher for the third consecutive session— higher in four of the last five sessions. Support included sky-rocketing wholesale beef values, Tyson’s announcement last week of a one-time support payment for cattle it harvests this week—$5/cwt. on a live basis and $7.94/cwt. in the beef—as well as the friendly Cattle on Feed report. China buying U.S. grain last week also helped.
Live Cattle futures closed limit-up $3.00. At $101.60, spot Live Cattle remains hugely discounted to cash.
Feeder Cattle futures closed limit-up $4.50.
Choice boxed beef cutout values were sharply higher on good demand and heavy offerings.
Choice boxed beef cutout value was $3.57 higher Monday afternoon at $257.32/cwt. Select was $4.97 higher at $245.14.
Corn futures closed mostly fractionally higher to 1¢ higher.
Soybean futures closed 10¢ to 21¢ higher through Jan ‘21, and then 1¢ higher to mostly 2¢ lower.