Cattle futures mostly extended gains Monday, buoyed by last week’s stronger cash fed cattle prices.
Toward the close, Live Cattle futures were an average of 68¢ higher, except for 47¢ lower and unchanged in the back two contracts.
Feeder Cattle futures were an average of 92¢ higher, except for $1.02 lower in the back contract.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mainly $5 higher in the Southern Plains at mostly $245/cwt., mainly steady in the Nebraska at $240 and steady to $2 higher in the western Corn Belt at $240-$242. Dressed delivered prices were steady with the top end of the previous week’s range at $378.
Last week’s five-area direct weighted average FOB live fed steer price was $1.87 higher at $241.31. The weighted average dressed delivered fed steer price was $1.84 higher at $378.00.
Choice boxed beef cutout value was $1.57 lower Monday afternoon at $367.76/cwt. Select was 82¢ higher at $364.53.
Grain and Soybean futures were lower Monday with likely positioning ahead of Tuesday’s monthly World Agricultural Supply and Demand Estimates.
Toward the close, through near Sep contracts, Corn futures were fractionally lower to 1¢ lower. KC HRW Wheat futures were 2¢ lower. Soybean futures were fractionally lower to 5¢ lower.
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