Cattle futures climbed back Monday as funds appeared to retrench following last week’s losses.
Toward the close, Live cattle futures were an average of $4.42 higher. Feeder Cattle futures were an average of $6.81 higher.
Negotiated cash fed cattle trade was inactive on light to moderate demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mainly $2 lower in the Southern Plains at $240/cwt. and $2-$3 lower in the North at $240. Dressed delivered trade was $5-$8 lower at $375-$378.
The five-area direct weighted average FOB live fed steer price last week was $3.22 lower at $239.33/cwt. The weighted average dressed delivered fed steer price was $7.00 lower at $376.15.
Choice boxed beef cutout value was $1.51 lower Monday afternoon at $398.53/cwt. Select however, was 36¢ higher at $378.80.
Turning to grain complex, futures turned lower on likely profit taking from the previous session’s gains.
Toward the close and through away Jly contracts, Corn futures were 5¢ to 6¢ lower. Kansas City Wheat futures were unchanged to fractionally lower. Soybean futures were mostly 3¢ to 4¢ lower.
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