The five-area direct weighted average steer price last week was $105.05/cwt. on a live basis, which was $1.51 higher week to week. The average price in the beef was $1.64 higher at $164.89.
After apparent positioning ahead of Friday’s monthly Cattle on Feed report, traders seemed to take increased placements in stride, as Cattle futures closed narrowly mixed to higher Monday, likely buoyed by cash cattle and wholesale beef prices.
Other than an average of 21¢ lower in the back three contracts, Live Cattle futures closed an average of 36¢ higher.
Other than an average of 19¢ lower in three contracts, Feeder Cattle futures closed an average of 43¢ higher, from 15¢ higher at the back to 95¢ higher toward the front.
Choice boxed beef cutout value was $1.62 lower Monday afternoon at $217.72/cwt. Select was 56¢ lower at $206.42.
Corn futures closed 1¢ to 2¢ higher through Sep ’21 and then mostly fractionally higher.
Soybean futures closed mostly 3¢ to 6¢ lower.