So much for Friday’s reprieve in the futures market, Cattle futures sank on Monday, along with other commodities and equities as traders digested news that China was increasing tariffs on U.S. products in retaliation for the added levies imposed by the U.S. last week.
Live Cattle futures closed an average of $1.81 lower (85¢ lower at the back to $2.70 lower in spot Jun).
Feeder Cattle futures closed an average of $3.11 lower.
Wholesale beef values were firm to higher on moderate to good demand and light to moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 47¢ higher Monday afternoon at $221.58/cwt. Select was $1.43 higher at $208.89.
Corn futures closed mostly 2¢ to 5¢ higher through Jul ’20 and then mostly fractionally mixed.
Soybean futures closed 3¢ to 6¢ lower through Sep ’20 and then mostly 1¢ lower.