India’s weekend announcement that it would ban wheat exports shoved nearby KC Wheat limit up 70¢ Monday, leading other grains higher.
Corn futures closed 16¢ to 28¢ higher through new-crop contracts and then mostly 7¢ to 9¢ higher.
Soybean futures closed 10¢ to 13¢ higher through Aug ‘23 and then mostly 1¢ to 4¢ higher.
Surging feed costs pressured Feeder Cattle futures an average of 66¢ lower.
Live Cattle futures closed an average of 69¢ higher, buoyed by oversold conditions, the cash premium and recently higher wholesale beef prices.
Choice Boxed beef cutout value was $1.36 higher Monday afternoon at $260.31/cwt. Select was $1.77 higher at $245.67.
Negotiated cash fed cattle trade was slow on light demand in the western Corn Belt through Monday afternoon with prices steady to $3 lower than last week at $142/cwt. Dressed prices there last week were $227-$230.
Elsewhere, trade was at a standstill, according to the Agricultural Marketing Service. Last week, live prices were $140 in the Southern Plains, $140-$144 in Colorado and $144 in Nebraska where dressed prices were $227-$230.
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