Wholesale beef prices and consumer resilience maintain their strong trends. Choice boxed beef cutout value was $1.06 higher Monday afternoon at 288.34/cwt. Select was $2.17 higher at $279.25/cwt.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were mostly $164/cwt. in all regions, which was $2 higher in the Southern Plains, $3-$4 higher in Nebraska and $2-$4 higher in the western Corn Belt. Dressed prices were $3 higher in Nebraska at $260 and $3-$5 higher in the western Corn belt at $260-$262.
The weighted average five-area direct fed steer price last week was $2.55 higher on a live basis at $163.72/cwt. The average steer price in the beef was $4.19 higher at $260.97.
Softer Corn futures helped lift Feeder Cattle futures an average of 76¢ higher on Monday (10¢ higher in spot Mar to $1.35 higher in the back contract).
Live Cattle futures closed an average of 18¢ lower, except for an average of 9¢ higher in three away contracts.
Corn futures closed mostly fractionally lower, except for 5¢ to 7¢ lower in old-crop contracts.
KC HRW Wheat closed 12¢ to 18¢ lower through May ‘24 and then 4¢ to 6¢ lower.
Soybean futures closed fractionally lower to 10¢ lower through May ’24 and then fractionally higher to 1¢ higher.
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