Whether it was oversold conditions or grass fever, Cattle futures found firm traction amid active trade to start the week.
Feeder Cattle futures closed an average of $2.80 higher ($2.42 to $3.82 higher).
Live Cattle futures closed an average of $1.89 higher ($1.45 to $2.27 higher).
Negotiated cash fed cattle trade was at a standstill in all regions through Monday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $1 lower in the Southern Plains at $163/cwt., steady to $1 higher in Nebraska at $164-$165 and steady to $2 higher in the western Corn Belt at $164-$166. Dressed prices were $1 higher at $265.
The five-area direct weighted average fed steer price last week was 17¢ higher on a live basis at $164.41/cwt. The average fed steer price in the beef was $1.24 higher at $265.06.
Choice boxed beef cutout value was 48¢ higher Monday afternoon at $280.36/cwt. Select was 97¢ higher at $269.72/cwt.
Grain and Soybeans futures continued higher Monday with less skittish outside markets and perhaps some early positioning ahead of Friday’s stocks and planting intentions reports.
Corn futures closed 5¢ to 9¢ higher through Jly ‘24 and then mostly 1¢ to 2¢ higher.
KC HRW Wheat closed 11¢ to 13¢ higher.
Soybean futures closed mostly 12¢ to 15¢ higher.
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