Corn futures climbed 9¢ to 13¢ through July ’23 Monday, in response to the latest monthly World Agricultural Supply and Demand Estimates, which reduced expected production (see below).
Soybean futures closed 60¢ to 76¢ higher through Jly ‘23 and then mostly 32¢ to 40¢ higher.
Feeder Cattle futures closed an average of $1.32 lower (30¢ lower at the back to $2.45 lower toward the front).
Live Cattle edged an average of 19¢ higher, maintaining the previous session’s gains with some optimism for cash trade this week.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand through Monday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were steady to $1 higher in the Southern Plains at $141/cwt., steady to $3 lower in Nebraska at $142-$143 and steady to $1 higher in the western Corn Belt at $143-$146. Dressed prices were $2-$4 lower in Nebraska at $226 and $2-$3 lower in the western Corn Belt at $225-$230.
The five-area direct fed steer price last week was $142.48 on a live basis, which was 40¢ less than the previous week. The average five-area direct steer price in the beef was $2.10 lower at $226.68.
Choice Boxed beef cutout value was $1.68 higher through Monday afternoon at $258.94/cwt. Select was $1.03 higher at $235.76/cwt.
POWERED BY BLUBRRY
