News that Canada will join the U.S. and Mexico and a new North American trade agreement—the United States-Mexico-Canada Agreement (USMCA)— fueled optimism in commodity and equity markets to start the week.
Between the news, firmer wholesale beef values and last week’s steady negotiated cash fed cattle trade, Cattle futures moved higher.
Live Cattle futures closed an average of 34¢ higher.
Feeder Cattle futures closed an average of $1.24 higher (47¢ to $1.52 higher).
Wholesale beef values were higher on fairly good demand and light offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.20 higher Monday afternoon at $205.08/cwt. Select was $1.19 higher at $194.63.