Cattle futures furthered gains Monday with follow-through support from last week, as well as the neutral Cattle on Feed report.
Heading into the close, Live Cattle futures closed an average of an average of 88¢ higher. Feeder Cattle futures were an average of 75¢ higher.
Negotiated cash fed cattle trade was at a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $2-$3 higher in the Southern Plains at $183/cwt. and $1-$2 higher in the North at $184-$185. Dressed delivered prices were $2 higher in Nebraska at $290-$292 and from $2 higher to $4 lower in the western Corn belt at $290 in a light test.
The five-area direct weighted average FOB live steer price last week was $1.90 higher at $184.01. The weighted average dressed delivered steer price was 20¢ lower at $290.41.
Choice boxed beef cutout value was $1.62 higher Monday afternoon at $301.81/cwt. Select was 80¢ lower at $287.79.
Soybeans rallied Monday, boosted by thoughts that China’s easing monetary policy would spur demand. Corn and wheat followed with added support from South American weather worries.
Toward the close and through Jly ’25 contracts, Soybean futures were 24¢ to 27¢ higher. Corn futures were 10¢ to 11¢ higher. Kansas City Wheat futures were 12¢ to 13¢ higher.
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