Cattle futures continued lower Monday with follow-through pressure from lower cash fed cattle prices and eroding boxed beef cutout values.
Feeder Cattle futures closed an average of $3.78 lower.
Live Cattle futures closed an average of $1.65 lower ($1.27 to $2.05 lower).
Negotiated cash fed cattle trade was at a standstill in all regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $2-$3 lower in the Southern Plains at $174-$175/cwt., $1-$2 lower in Nebraska at $174-$175 and $2-$3 lower in the western Corn Belt at $173-$175.
Dressed delivered prices were mostly $5 lower in Nebraska at $275 and $4-$5 lower in the western Corn Belt at $274-$275.
The weighted average five-area direct FOB live steer price last week was $2.32 lower at $174.45/cwt. The weighted average dressed delivered steer price was $4.14 lower at $274.59.
Choice boxed beef cutout value was $2.47 lower Monday afternoon at $294.99/cwt. Select was $2.66 lower at $262.83/cwt.
Corn futures closed mostly fractionally lower to 1¢ lower.
KC HRW Wheat futures closed mostly 7¢ to 11¢ higher.
Soybean futures closed mostly 11¢ to 19¢ lower through Sep ’24 and then 6¢ to 9¢ lower.
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