Although too few to trend, early negotiated cash fed cattle prices on Monday continued at the higher levels paid in the north toward the end of last week. Live sales in Nebraska were at $119-$120/cwt. Dressed sales there and in the western Corn Belt were at $190.
Cattle futures closed higher Monday, extending the previous session’s minimal gains, helped along by continued cash price strength and significantly higher outside markets.
Live Cattle futures closed an average of 87¢ higher (25¢ higher to $1.72 higher in spot Jun).
Feeder Cattle futures closed an average of 94¢ higher (57¢ higher to $1.87 higher in spot May).
Wholesale beef values continued their expected, precipitous decline as packing capacity continues to expand ever so slowly.
Choice boxed beef cutout value was $19.37 lower Monday afternoon at $414.95/cwt. Select was $24.19 lower at $394.87.
Corn futures closed mainly fractionally mixed.
Soybean futures closed mostly 7¢ to 8¢ higher.