Cattle futures were mixed on Monday, with Live Cattle mostly higher, but Feeder Cattle mostly lower, pressured by surging Corn futures.
Except for 45¢ and 27¢ lower in the front two contracts, Live Cattle futures closed an average of 40¢ higher.
Except for 45¢ and 30¢ higher in the back two contracts, Feeder Cattle futures closed an average of 77¢ lower (37¢ lower to $1.92 lower in spot Oct).
Wholesale beef values were steady on Choice and sharply lower on Select, with light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 14¢ lower Monday afternoon at $212.44/cwt. Select was $2.75 lower at $187.11.
Corn and soybean futures rallied Monday, in the wake of a bullish USDA grain stocks report, as well as positive export news for corn.
Corn futures closed 12¢ to 16¢ higher through Jul ’20 and then mostly 4¢ higher.
Soybean futures closed 13¢ to 20¢ higher through Nov ’20 and then 5¢ to 11¢ higher.