Cattle futures stepped confidently higher Monday, buoyed by Friday’s Cattle on Feed report with placements 9.2% less year over year and 6.5% less than pre-report estimates with snug supplies ahead (see below).
Toward the close, Live Cattle futures were an average of $5.06 higher. Feeder Cattle futures were an average of $8.31 higher.
Negotiated cash fed cattle trade was inactive on light demand in the North through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mostly $1 lower in Nebraska at mainly $222-$223/cwt. and mostly steady to $1 lower in the western Corn Belt at mainly $222. Dressed delivered prices were mostly steady at mainly $350.
The weekly weighted average FOB live fed steer price was 95¢ less at $221.87. The weighted average dressed, delivered fed steer price was 56¢ lower at $350.15.
Choice boxed beef cutout value was $4.41 higher Monday afternoon at $376.35/cwt. Select was $2.51 higher at $355.77.
Grain and Soybean futures were higher Monday, with apparent optimism for this week’s scheduled trade talks between the U.S. and China.
Through late afternoon, and through the front four contracts, Soybean futures were 20¢ to 23¢ higher. Corn futures were 13¢ to 15¢ higher. Kansas City HRW Wheat futures were 8¢ to 10¢ higher.
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