Cattle futures plowed lower Monday, driven by Friday’s news that Tyson will close its packing plant in Lexington, Neb, and decrease production in its Amarillo, Texas plant.
Toward the close, Live Cattle futures were limit-down $7.25, except for an average of $6.99 lower in the back three contracts.
Feeder Cattle futures were limit-down $9.25.
Negotiated cash fed cattle trade was limited on light to moderate demand in the western Corn Belt through Monday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early FOB live trades at $208/cwt.
Elsewhere, trade was inactive on light demand.
Last week, FOB live prices were $4 lower in the Texas Panhandle at $224/cwt., $4-$6 lower in Kansas at $222-$224, mostly $7 lower in Nebraska at mainly $218 and $7-$9 lower in the western Corn Belt at $215-$218. Dressed delivered prices were $10 lower in Nebraska at $340-$345 and mostly $3-$10 lower in the western Corn Belt at $340-$347.
The five-area direct weighted average FOB live fed steer price last week was $7.65 lower at $217.41. The weighted average dressed delivered fed steer price was $7.58 lower at $343.36.
Choice boxed beef cutout value was 99¢ lower Monday afternoon at $370.49/cwt. Select was $1.47 lower at $355.51.
Grain and Soybean futures were mixed to lower Monday in lackadaisical holiday trade.
Toward the close and through Jly contracts, Corn futures were 1¢ lower to fractionally higher. KC HRW Wheat futures were 3¢ to 4¢ lower. Soybean futures were 2¢ to 4¢ lower.
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Android | RSS | More