Cattle futures edged higher Monday as traders adjusted to last week’s strong rally.
Live Cattle futures closed an average of 23¢ higher (5¢ to 40¢) except for unchanged in Feb ’22.
Feeder Cattle futures closed an average of 62¢ higher, except for 30¢ and 38¢ lower at either end of the board.
Grain futures, especially Soybeans added support, under pressure from apparent positioning ahead of Tuesday’s monthly World Agricultural Supply and Demand Estimates.
Negotiated cash fed cattle trade ranged from limited on very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were at $128-$130/cwt. in the Southern Plains and the western Corn Belt; $130 in Nebraska. Dressed prices were $202-$204.
Choice boxed beef cutout value was 89¢ lower Monday afternoon at $288.65/cwt. Select was $1.08 higher at $267.52/cwt.
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