Cattle futures closed higher Monday, buoyed by the bullish Cattle on Feed report, stronger cash prices last week and weaker Corn futures on the day.
Feeder Cattle futures closed an average of $1.65 higher.
Live Cattle futures closed an average of 85¢ higher (47¢ to $1.17 higher).
Corn futures closed 5¢ to 8¢ lower through Jly ‘23, and then mostly 1¢ to 3¢ lower, pressured in part by worries about economic growth in China, due to rising COVID cases.
Negotiated cash fed cattle trade was mostly inactive on light demand in all regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were mainly steady in the Texas Panhandle at mostly $150, steady to $2 higher in Kansas at $150-$152, steady to $2 higher in Nebraska at $153-$155 and steady to $2 higher in the western Corn Belt at $152-$155. Dressed prices were steady to $2 higher at $242.
Choice Boxed beef cutout value was 70¢ higher Monday afternoon at $255.57/cwt. Select was 40¢ higher at $233.23/cwt.
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