Cattle futures closed lower Monday, pressured by Friday’s Cattle on Feed report with unexpectedly higher placements.
Live Cattle futures closed an average of 40¢ lower.
Feeder Cattle futures closed an average of $1.68 lower (38¢ to $3.00 lower). They received extra pressure from Corn futures, which closed an average of 12¢ higher in the front six contracts, apparently based on early yields.
Soybean futures closed up across the board, mostly 2¢ to 6¢ higher.
Negotiated cash fed cattle trade was at a standstill in all major feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Live price last week were generally steady at $123-$124/cwt. Dressed trade was $2 lower at $198 in Nebraska and $194-$198 in the western Corn Belt.
Choice boxed beef cutout value was 62¢ lower Monday afternoon at $302.70/cwt. Select was 15¢ lower at $274.38.
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Android | RSS | More