Cattle futures closed higher Monday, supported by the bullish Cattle on Feed report and lower Corn futures.
Feeder Cattle futures closed an average of $1.84 higher.
Live Cattle futures closed an average of 74¢ higher, (45¢ to $1.12 higher).
There was no afternoon report from AMS for negotiated cash fed cattle trade.
Based on the latest available report, FOB live prices last week were $1-$3 lower in the Southern Plains at $177-$179, 50¢ to $3 lower in Nebraska at $185-$187.50 and $2 lower in the western Corn Belt at mainly $186. Dressed delivered prices were $1 lower to $2 higher at $294-$297.
The five-area direct weighted average fed steer price last week was $185.04/cwt. on a live basis, which was 84¢ less than the previous week. The five-area direct steer price in the beef was $1.84 lower at $293.76.
Choice boxed beef cutout value was 55¢ lower Monday afternoon at $315.56/cwt. Select was $1.03 lower at $287.33/cwt.
Positive crop progress and conditions weighed on Corn futures Monday.
Corn futures closed 9¢ to 10¢ lower through Jly ‘24 and then mostly 3¢ lower.
Wheat futures were down 7¢ to 12¢ on harvest pressure.
Soybean futures closed 4¢ to 8¢ higher through Aug ‘24 and then mostly 1¢ higher, supported the hot, dry forecast and export news.
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