Cattle futures were under early pressure Monday from lower outside markets tied to uncertainty about the impact of the U.S.-Israel strikes against Iran. Ultimately, though, Cattle futures trended mainly higher.
Toward the close, Live Cattle futures were an average of $1.23 higher (65¢ to $1.57 higher), except for $1.42 lower in the back contract.
Feeder Cattle futures were an average of $2.48 higher, except for $3.45 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 $5 lower in the Southern Plains at $244/cwt., $5-$8 lower in Nebraska at $239-$243 and mostly $2-$4 lower in the western Corn Belt at mainly $243.
Dressed delivered prices were mostly $5 lower in Nebraska at mainly $383 and $5-$6 lower in the western Corn Belt at $382-$383 in a light test.
The five-area direct weekly weighted average fed steer price was $4.20 lower at $242.71/cwt. The weekly weighted averaged dressed delivered fed steer price was $5.35 lower at $382.60.
Choice boxed beef cutout value was $1.50 higher Monday afternoon at $381.34/cwt. Select was $3.90 higher at $378.21.
Grain and Soybean futures trended lower Monday, pressured by uncertainty related to the U.S.-Israel attack on Iran, as well as likely profit taking.
Toward the close and through near Sep contracts, Kansas City HRW Wheat futures were 6¢ to 14¢ lower. Corn futures were 1¢ to 5¢ lower. Soybean futures were 1¢ to 9¢ lower.
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