Cattle futures closed sharply lower Monday with pressure likely including the significant decline in open interest at the end of last week and disappointment that week-to-week gains in estimated cattle slaughter were not more significant (see below).
Live Cattle futures closed an average of $2.31 lower (97¢ lower at the back to $3.00 lower).
Feeder Cattle futures closed an average of $3.61 lower ($2.45 to $4.27 lower).
Choice boxed beef cutout value was $7.70 higher Monday afternoon at $468.58/cwt. Select was $3.98 higher at $452.97.
Corn futures closed fractionally lower to 1¢ lower.
Soybean futures closed 2¢ to 3¢ higher.