Cattle futures gapped lower Monday with apparent nervousness about the inability of boxed beef prices to catch a strong seasonal grip and chatter about declining long fund positions.
Feeder Cattle futures closed an average of $3.39 lower.
Live Cattle futures closed an average of $2.64 lower.
Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were steady to $1 higher in the Southern Plains at $185/cwt., Prices in the North were also $185, at the upwards end of the previous week’s trading range. Dressed delivered prices were $2 higher at $292.
Choice boxed beef cutout value was 62¢ lower Monday afternoon at $301.72/cwt. Select was $1.65 lower at $270.36/cwt.
Turning to row crops, Soybean futures closed 11¢ to 13¢ higher through Aug ‘24 Monday with follow-through support from bearish weather forecasts in South America.
Corn futures closed mostly unchanged to fractionally higher.
KC HRW Wheat closed mostly 1¢ to 2¢ higher.