Negotiated cash fed cattle trade and demand ranged from inactive on very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $1-$2 higher in the Southern Plains at $180/cwt. Live-delivered prices in Kansas were $184.00-$185.50. Live FOB prices were $2 higher in Nebraska at $188 and $1-$3 high in the western Corn Belt at $188. Dressed-delivered prices were $1-$3 higher at $295 in a light test.
The five-area direct weighted average steer price was $1.89 higher last week on a live basis at $186.70/cwt. The weighted average fed steer price in the beef was $1.51 higher at $295.14.
Even so, Cattle futures closed lower Monday on potential profit taking and retrenching.
Live Cattle futures an average of 96¢ lower (55¢ lower at the back to $1.20 lower in spot Aug).
Feeder Cattle futures closed an average of $2.27 lower.
Choice boxed beef cutout value was 30¢ lower Monday afternoon at $301.49/cwt. Select was $1.47 lower at $275.01/cwt.
Turning to the grain complex, Corn and Soybean futures closed lower Monday on positive weekend rains.
Corn futures closed 1¢ to 2¢ lower through Jly ‘24 and then mostly 1¢ to 2¢ higher.
Soybean futures closed 24¢ to 38¢ lower through Aug ‘24 and then mostly 8¢ to 15¢ lower.
However, KC HRW Wheat closed mostly 10¢ to 11¢ higher.
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