Cattle futures extended gains Monday, supported by stronger cash fed cattle prices late last week and more positive outside markets.
Feeder Cattle futures closed an average of 68¢ higher.
Live Cattle futures closed an average of 88¢ higher (12¢ higher in spot Oct to $1.30 higher at the back).
Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were steady to $1 higher in the Southern Plains at $184-$185/cwt., steady to $4 lower in Nebraska at $183-$186 and $2-$3 lower in the western Corn Belt at $183-$185. Dressed delivered prices were mainly $4 lower at $290.
The weighted average five-area direct FOB fed steer price was $2.12 lower at $184.02. The weighted average dressed delivered steer price was $3.51 lower at $290.06.
Choice boxed beef cutout value was $1.71 higher Monday afternoon at $309.28/cwt. Select was 77¢ higher at $280.89/cwt.
Corn futures closed lower Monday on likely month-end profit taking. They were 2¢ lower through new crop contracts and then fractionally higher to 2¢ higher.
KC HRW Wheat closed mostly 1¢ higher.
Soybean futures closed 7¢ to 14¢ lower.