Although there was no negotiated cash fed cattle trade reported by USDA through Monday afternoon, other sources reported live trade breaking out in various regions at $96-$97/cwt., another step lower from last week’s slide.
The average 5-area direct price for steers last week was $3.86 lower on a live basis at $101.73/cwt., according to USDA. The average dressed steer price was $5.69 lower at $165.83.
After attempts for stability early in the session, Live Cattle futures lost ground, while Feeder Cattle remained under pressure.
Live Cattle futures closed mixed, from an average of 39¢ lower (six contracts) to an average of 13¢ higher, with heavy trade and expanding open interest.
Except for 52¢ and 20¢ lower on either end of the board, Feeder Cattle futures closed an average of $1.15 lower.
Wholesale beef values were steady to weak on light to moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 36¢ lower Monday afternoon at $226.95/cwt. Select was 2¢ lower at $201.92.
Corn futures closed 1¢ lower through Mar ’20 and then mostly fractionally higher.
Soybean futures closed mostly unchanged to fractionally higher across the front half of the board and then mostly 3¢ higher.