Cattle futures closed higher, but less than many would have expected, given last week’s stronger cash fed cattle prices and the friendly Cattle on Feed report.
Toward the close, Live Cattle futures were an average of 78¢ higher. Feeder Cattle futures were an average of $1.04 higher.
Negotiated cash fed cattle trade was inactive on light demand in the North through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were generally $1-$3 higher in Nebraska at 228-$228.50/cwt. and $3 higher in the western Cron Belt at mainly $227. Dressed delivered prices were mainly $3-$8 higher in Nebraska at mostly $358 and mostly $15 higher in the western Corn Belt at mainly $365.
The five-area direct weighted average FOB live fed steer price was $2.87 higher at $227.06. The weighted average dressed delivered fed steer price was $8.27 higher at $360.79.
Choice boxed beef cutout value was $3.65 higher Monday afternoon at $369.44/cwt. Select was $4.87 higher at $357.56.
Grain and Soybean futures were lower Monday, led by Soybeans plunge on the increased competitiveness of Brazilian imports as the nation’s currency value declined.
Through late afternoon, and through the front four contracts, Soybean futures were mostly 13¢ to 15¢ lower. Corn futures were mostly 1¢ lower. Kansas City HRW Wheat futures were 6¢ to 7¢ lower.
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