The five-area direct average fed steer price last week was $103.54/cwt. on a live basis, which was $2.33 more than the previous week. The average steer price in the beef was $163.25, which was $2.59 higher.
However, sharply lower outside markets and likely profit taking pressured Cattle futures Monday.
Live Cattle futures closed an average of 89¢ lower (65¢ to $1.25 lower).
Except for 20¢ higher in spot Sep and Nov, Feeder Cattle futures closed an average of 58¢ lower.
Wholesale beef prices found some traction, though.
Choice boxed beef cutout value was 58¢ higher Monday afternoon at $216.22/cwt. Select was $1.88 higher at $205.82.
Lower outside markets and harvest pressure pushed grain futures lower Monday.
Corn futures closed 8¢ lower through May ’21 and then mostly 4¢ to 5¢ lower.
Soybean futures closed 17¢ to 21¢ lower through Mar ’21 and then mostly 10¢ to 12¢ lower.