Negotiated cash fed cattle trade was $2 lower at $106/cwt. on a live basis in the Southern Plains through Monday afternoon on light demand, according to the Agricultural Marketing Service (AMS). There were a few live sales in Nebraska $3 lower at $105, but too few to trend.
Prices last week:
Southern Plains: $108 on a live basis.
Nebraska: mostly $108 live and at $169 in the beef.
Western Corn Belt: $105-$107 on a live basis and $167-$168 dressed.
Last week’s five-area direct fed steer prices was 74¢ less than the previous week at $107.52/cwt. on a live basis, according to AMS. The average price in the beef of $168.35 was $1.32 lower.
Cattle futures closed sharply lower Monday, with follow-through pressure from the last session, softer outside markets, declining open interest and what appeared to be algorithmic piling on. Recently expanded CME limits offered extra rein.
Live Cattle futures closed an average of $2.90 lower.
Feeder Cattle futures closed an average of $3.67 lower.
Choice boxed beef cutout value was 29¢ lower Monday afternoon at $209.74/cwt. Select was $1.68 lower at $191.84.
Corn futures closed mostly 1¢ to 3¢ higher.
Soybean futures closed mostly 3¢ to 4¢ higher across the front half of the board and then mostly fractionally higher to 1¢ higher.