Cattle futures stormed higher Monday, fueled by news that New World screwworm was confirmed just about 70 miles south of the U.S. border (see below) and traders thinking it will prevent Mexican cattle imports for even longer. Last week’s Cattle on Feed report may have provided some added lift.
Toward the close, Live cattle futures were an average of $3.75 higher. Feeder Cattle futures were an average of $8.01 higher.
Negotiated cash fed cattle trade was inactive on light to moderate demand in all regions, through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were steady in the Southern Plains at $240/cwt., $2-$4 lower in Nebraska at $236-$238 and $3-$4 lower in the western Corn Belt at $236-$237. Dressed delivered prices were $5-$8 lower in Nebraska at $370 and $2 to $7 lower in the western Corn Belt at $368-$376.
The five-area direct weighted average FOB live fed steer price last week was $1.82 lower at $237.51. The weighted average dressed delivered fed steer price was $5.27 lower at $370.88.
Choice boxed beef cutout value was 66¢ lower Monday afternoon at $381.39/cwt. Select was $2.17 higher at $362.09.
Soybean futures led the grain complex lower again Monday, pressured by Argentina lowering its export tax for a time.
Toward the close and through away Jly contracts, Corn futures were 2¢ lower. Kansas City Wheat futures were 5¢ lower. Soybean futures were 13¢ to 14¢ lower.
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