Cattle futures rallied higher Monday, bolstered by higher cash fed cattle prices at the end of last week, as well as the bullish extended outlook.
Feeder Cattle futures closed an average of $2.16 higher (87¢ higher in spot Sep to $2.65 higher toward the back).
Live Cattle futures closed an average of 95¢ higher amid active trade.
Negotiated cash fed cattle trade was mostly inactive on light demand through Monday afternoon with too few transactions to trend according to the Agricultural Marketing Service.
Last week, FOB live prices were $1 higher in the Southern Plains at $180/cwt., $1-$2 higher in Nebraska at $183-$184 and steady to $1 lower in the western Corn Belt at $183-$184.
Dressed delivered prices were steady to $2 lower in Nebraska at $290 and steady to $2 lower in the western. Corn belt at $288-$290.
The weighted average five-area direct fed steer price last week was 22¢ lower at $182.28/cwt. The average dressed steer price was 91¢ lower at $289.48.
Choice boxed beef cutout value was $2.79 lower Monday afternoon at $310.11/cwt. Select was 61¢ lower at $285.54/cwt.
Corn futures firmed Monday, closing 2¢ to 3¢ higher with positioning ahead of Tuesday’s monthly World Agricultural Supply and Demand Estimates.
Soybean futures closed mostly 5¢ to 7¢ higher.
KC HRW Wheat closed mostly 7¢ to 9¢ lower.
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