Short covering and profit taking seemed to be the order of the day in Cattle futures to start the week as follow-through buying to the previous session’s gains failed to materialize.
Live Cattle futures closed an average of 46¢ lower, except for unchanged to 17¢ higher in the back three contracts.
Feeder Cattle futures closed an average of $1.49 lower through the front three contracts and then an average of 28¢ lower.
Grain futures turned lower Monday, presumably on continued response to last weeks World Agricultural Supply and Demand Estimates indicating increased ending stocks for wheat and corn.
Corn futures closed mostly 1¢ to 2¢ lower.
Soybean futures closed 3¢ to 6¢ lower, with chatter that delayed planting conditions this year could force more acres into soybeans.
Wholesale beef values were higher on good demand and light offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.23 higher Monday afternoon at $227.36/cwt. Select was 85¢ higher at $219.63.