The bearish monthly Cattle on Feed report ravaged Cattle futures Monday.
Feeder Cattle futures closed an average of $6.51 lower ($4.20 to $7.35 lower).
Live Cattle futures closed an average of $5.44 lower ($3.92 to $6.75 lower).
Through mid-morning Tuesday, Cattle futures were recovering some of the losses.
Negotiated cash fed cattle trade ranged from slow on light demand to mostly inactive with very light demand through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
FOB live prices last week were $184-$185/cwt. in the Southern Plains and $186-$187 in the North. Dressed delivered prices were $294.
Choice boxed beef cutout value was 84¢ lower Monday afternoon at 304.54/cwt. Select was $2.32 higher at $281.02/cwt.
Corn futures xlosed mostly 1¢ to 5¢ lower.
Soybean futures closed 9¢ to 15¢ lower through Sep ‘24 and then 5¢ to 8¢ lower.
KC HRW Wheat closed fractionally higher to 2¢ higher.