Cattle futures weakened Monday, pressured by recently waning wholesale beef values and sharply lower outside markets, but supported by lower Corn futures.
Feeder Cattle futures closed an average of 44¢ lower, except for 25¢ higher in spot May.
Live Cattle futures closed an average of 37¢ lower, except for 80¢ and 2¢ higher in the front two contracts.
Corn futures closed mostly 9¢ to 13¢ lower, while Soybean futures closed mostly 20¢ to 34¢ lower, pressured my optimism the forecast will enable rapid planting progress.
As of May 8, 22% of corn was planted, which was 42% less than last year and 28% less than average, according to the latest USDA Crop progress report. Twelve percent of soybeans were in the ground, which was 27% less than last year and 12% less than the average.
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Monday afternoon, according to the Agricultural marketing Service.
Live prices last week were steady at $140/cwt. in the Southern Plains and at $146 in Nebraska. Prices were $2 lower to $3 higher in Colorado at $142-$148; steady to $1 lower in the western Corn Belt at $144-$147. Dressed prices were steady in Nebraska at $232, but steady to $2 lower in the western Corn Belt at $230-$232.
The weighted average five-area direct fed steer price last week was 8¢ higher at $143.42. The average steer price in the beef was $1.62 lower at $230.69.
Although lower week to week, Choice Boxed beef cutout value was $4.57 higher through Monday afternoon at $259.01/cwt. Select was 81¢ lower at $244.25.