Corn futures surged 11¢ to 15¢ higher through Jly ‘23 on Monday, tied to increased uncertainty stemming from Russia’s weekend destruction of a major grain export terminal in the southern part of Ukraine.
That helped pressure Feeder Cattle futures an average of $1.32 lower (85¢ lower at the back to $1.90 lower in spot Aug).
Live Cattle futures closed an average of 57¢ lower, except for 22¢ higher in the back contract.
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 $2 lower in the Southern Plains at $135/cwt. and steady to $1 lower at $139-$140 in Nebraska and $140-$141 in the western Corn Belt. Dressed prices were $1-$2 lower in Nebraska at $222 and steady to $5 lower in the western Corn Belt at $222.
The five-area weighted average direct fed steer price last week was $1 lower on a live basis at $138.07/cwt. The average steer price in the beef was $2.10 lower at $221.89.
Choice Boxed beef cutout value was $2.32 higher through Monday afternoon at $269.58/cwt. Select was $1.07 higher at $251.09.
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