Strong cash fed cattle prices and higher wholesale beef values helped Cattle futures extend gains Monday.
Live Cattle futures closed an average of $1.38 higher (70¢ higher at the back to $1.80 higher toward the front).
Feeder Cattle futures closed an average of $2.40 higher ($1.92 to $3.12 higher).
Choice boxed beef cutout value was $1.43 higher Monday afternoon at $313.33/cwt. Select was 65¢ higher at $303.05/cwt.
Negotiated cash fed cattle trade ranged from a standstill to mostly inactive on light demand through Monday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, FOB live prices were $1 higher in the Southern Plains at $186/cwt., $2.00 higher in Nebraska at $187-$188 and $2-$3 higher in the western Corn belt at $187-$189. Dressed delivered prices were steady to $3 higher in Nebraska at $295-$300 and $6 higher in the western Corn Belt at $298.
The weighted average five-area direct FOB live steer price last week was $2.35 higher at $187.47/cwt. The weighted average dressed delivered price was $4.67 higher at $298.06.
Corn futures closed unchanged to fractionally mixed.
KC HRW Wheat futures closed 7¢ to 8¢ higher.
Soybean futures closed 7¢ to 10¢ lower.
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