Cattle futures closed higher for the second consecutive trading session with apparently more confidence the bottom might be established.
Live Cattle futures closed an average of $1.74 higher ($1.30 to $2.20 higher).
Feeder Cattle futures closed an average of $2.40 higher ($1.20 to $2.80 higher).Negotiated cash fed cattle trade was at a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $3-$4 lower in the Southern Plains at $171/cwt., $4-$5 lower in Nebraska at $169 to $171 and $4-$5 lower in the western Corn Belt at $168-$171. Dressed delivered prices were $3-$8 lower in Nebraska at $267-$272 and $5-$6 lower in the western Corn Belt at $268 to $270.
Choice boxed beef cutout value was $2.42 higher Monday afternoon at $290.43/cwt. Select was $1.64 higher at $259.54/cwt.
Corn futures closed mostly 2¢ to 5¢ lower through Sep ’24 and then mostly 1¢ lower.
KC HRW Wheat futures closed 26¢ to 29¢ lower on likely profit taking.
Soybean futures closed 23¢ to 32¢ higher through Aug ’24 and then mostly 14¢ to 15¢ higher, supported by a drier forecast in South America.
POWERED BY BLUBRRY
