Soybean futures closed sharply higher Monday, boosted by a bounce in oil prices, carrying Corn along for the ride. Extreme heat in the short-term forecast added support.
Soybean futures closed 31¢ to 38¢ higher through Sep ‘23 and then mostly 26¢ to 27¢ higher.
Corn futures closed mostly 5¢ to 6¢ higher.
Even so, Cattle futures firmed Monday, supported by stronger wholesale beef values.
Choice Boxed beef cutout value was $1.64 higher Monday afternoon at $270.55/cwt. Select was 87¢ higher at $242.66/cwt.
Live Cattle futures closed an average of 42¢ higher (42¢ to $1.05 higher).
Feeder Cattle futures closed an average of 37¢ higher, except for an average of 18¢ lower in two nearby contracts.
There was no established negotiated cash fed cattle trade through Monday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $137/cwt. in the Southern Plains, $140-$145 in Nebraska and $143.50-$145.00 in the western Corn Belt. Dressed prices were $228-$230.
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