Cattle futures closed higher Monday with the neutral to positive monthly Cattle on Feed report. However, they closed off session highs with trade likely limited by this week’s Thanksgiving holiday.
Feeder Cattle futures closed an average of $1.34 higher.
Live Cattle futures closed an average of 67¢ higher (30¢ to $1.05 higher), except for an average of 21¢ lower in the front two contracts.
Negotiated cash fed cattle trade was at a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $178/cwt. in all regions, which was $3 lower in the Texas Panhandle, mostly $2 lower in Kansas, $3.50 lower in Nebraska and steady to $2 lower in the western Corn Belt. Dressed delivered prices were $5 lower in Nebraska at $282 and $1-$5 lower in the western Corn Belt at $282.
Last week’s weighted average five-area direct FOB fed steer price was $2.09 lower at $188.82/cwt. The dressed delivered steer price was $4.72 lower at $281.41
Choice boxed beef cutout value was $1.88 higher Monday afternoon at $295.75/cwt. Select was 25¢ higher at $270.95/cwt.
Soybean futures closed 20¢ to 27¢ higher through Jan ‘25 and then 12¢ to 17¢ higher with apparently more weather premium based on the South American crop.
Corn futures closed mostly 1¢ to 2¢ higher.
KC HRW Wheat futures closed mostly 5¢ to 7¢ lower.