Surging Corn futures prices took Feeder Cattle futures down a peg Monday.
Feeder Cattle futures closed an average of $2.10 lower (80¢ lower toward the back to $2.75 lower toward the front).
Grain futures spiked higher with heightened concerns about Russia’s ongoing war on Ukraine.
Corn futures closed 10¢ to 15¢ higher through Sep ’23 then mostly 8¢ to 9¢ higher.
Soybean futures closed 5¢ to 7¢ higher through Sep ’23 and then mostly 2¢ to 3¢ higher.
Live Cattle futures were unable to fade the strong pressure, closing an average of 75¢ lower (52¢ to $1.05 lower).
Negotiated cash fed cattle trade ranged from a standstill to mostly inactive on light demand in all major cattle feeding regions through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, live prices were $144/cwt. in the Southern Plains, $145-$148 in Nebraska and $145-$149 in the western Corn Belt. Dressed prices were $230.
Choice Boxed beef cutout value was $1.44 lower Monday afternoon at $244.63/cwt. Select was $2.31 lower at $213.82/cwt.
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