Logic suggested markets should view Friday’s Cattle on Feed as at least neutral, with placements 2% less than expected. However, the fact that placements were 10% higher year over year also suggested there might be an opportunity for bears to press their case with follow-through selling. Instead, Cattle futures climbed higher to start the week, gaining back a lion’s share of Friday’s retreat.
Live Cattle futures closed an average of $1.27 higher.
Feeder Cattle futures closed an average of $2.72 higher.
Wholesale beef values were firm on moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 67¢ higher Monday afternoon at $233.24/cwt. Select was 59¢ higher at $211.91.
Corn futures closed mostly 2¢ to 3¢ higher through Mar ’21 and then 1¢ higher.
Soybean futures closed 2¢ to 4¢ lower through Sep ’20 and then mostly 1¢ higher.