Despite another day of lower Corn futures, Feeder Cattle futures paddle in place on Monday, closing an average of 33¢ lower, except for unchanged to an average of 12¢ higher in the front three contracts.
Softer cash fed cattle prices last week and continued erosion in open interest helped cap Live Cattle, which closed an average of 46¢ lower, from 7¢ to 70¢ lower.
Live-delivered prices in Kansas were $182.50 to $184. In Nebraska, FOB live trades were mostly $2 lower at mainly $186 on a light test, but a few up to $188.50. Live prices in the western Corn Belt were $1-$3 lower at 185-$187. Dressed delivered prices were steady to $3 lower in Nebraska at $292-$295 and steady to $1 lower in the western Corn belt at $294-$295.
Trade ranged from inactive on very light demand to a standstill through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
The weighted average five-area direct fed steer price last week was $1.38 lower on a live basis at $184.81/cwt. The weighted average steer price in the beef was $1.09 lower at $293.63.
Choice boxed beef cutout value was 22¢ lower Monday afternoon at $301.78/cwt. Select was 19¢ higher at $277.73/cwt.
Significantly cooler and wetter weather forecasted for the Corn Belt pushed grain and Soybean futures sharply lower Monday.
Corn futures closed 15¢ to 17¢ lower through Jly ‘24 and then mostly 8¢ to 10¢ lower.
KC HRW Wheat closed 23¢ to 43¢ lower.
Soybean futures closed mostly 31¢ to 50¢ lower.
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