Apparently, Cattle futures were too cheap and/or traders had already factored in what turned out be a bearish Cattle on Feed report Friday.
Feeder Cattle closed an average of 98¢ higher (5¢ higher in spot May to $1.70 higher).
And that was with Corn futures futures closed 5¢ to 7¢ higher through Jly ‘23 and then mostly fractionally higher to 1¢ higher.
Higher wholesale beef prices helped Live Cattle close an average of 69¢ higher, except for 2¢ lower in away Aug.
Choice Boxed beef cutout value was $2.11 higher through Monday afternoon at $264.28/cwt. Select was $1.21 higher at $244.23.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, live prices were $138/cwt. in the Southern Plains, $140-$142 in the Northern Plains and $142 in the western Corn Belt. Dressed prices were $226 in Nebraska and $223-$227 in the western Corn Belt.
The five-area weighted average fed steer price last week was $2.19 lower at $140.25/cwt. The average price in the beef was $3.02 lower at $225.80.
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