Cattle futures rallied Monday, helped along by lower Corn futures, oversold conditions, expanding open interest and opening the books on a new month.
Feeder Cattle futures closed an average of $5.04 higher.
Live Cattle futures closed an average of $1.67 higher (97¢ higher toward the back to $2.55 higher in new spot Jun).
Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were steady in the Southern Plains at $140/cwt, $2 higher in Colorado at $145-$147, steady to $2 higher in Nebraska at $146 and steady to $1 higher in the western Corn Belt at $145-$147. Dressed prices were $2 higher at $232.
Choice Boxed beef cutout value was $1.77 higher Monday afternoon at $262.55/cwt. Select was 26¢ higher at $248.23.
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