Cattle futures caught some wind Monday as traders seemed to focus more on the fundamentals, including recently stronger cash fed cattle prices and the likelihood that wholesale beef prices will begin their seasonal advance.
Feeder Cattle futures closed an average of $2.00 higher (95¢ higher in spot to $2.60 higher).
Live Cattle futures closed an average of 78¢ higher (55¢ to $1.42 higher).
Negotiated cash fed cattle trade was at a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $145/cwt. in the Southern Plains and $148 in Nebraska and the Western Corn Belt. Dressed prices were $232 in Nebraska and $230-$232 in the western Corn Belt.
The five-area direct weighted average fed steer price last week was $146.99/cwt., which was 76¢ more than the previous week. The average fed steer price in the beef was $1.32 higher at $231.60.
Choice Boxed beef cutout value was $1.16 higher Monday afternoon at $248.14/cwt. Select was $2.67 higher at $219.61/cwt.
Cattle futures were also helped along by Corn futures closing mostly 4¢ to 6¢ lower. Soybean futures closed mostly 3¢ to 7¢ lower.
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