Last week’s stronger cash prices for feeder and fed cattle, along with softer Corn futures helped Cattle futures extend gains Monday, especially Feeder Cattle, which closed an average of $1.49 higher. Live Cattle futures closed an average of 31¢ higher, except for unchanged in the back contract.
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Monday afternoon with too few transactions to trend, according to the Agricultural marketing Service.
Last week, live prices were $135-$136/cwt. in the Texas Panhandle, $136 in Kansas, $140-$143 in Nebraska and $141-$147 in the western Corn Belt. Dressed prices were $227 in Nebraska and $225-$232 in the western Corn Belt.
The five-area direct weighted average steer price last week was $140.84/cwt. on a live basis, which was $1.01 more than the previous week. The weighted average price in the beef was $2.20 higher at $227.83.
Choice Boxed beef cutout value was $1.62 higher Monday afternoon at $266.24/cwt. Select was 19¢ higher at $238.86/cwt.
Corn futures closed mostly 1¢ to 2¢ lower.
Soybean futures closed mostly 3¢ to 8¢ lower.
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