Cattle future closed lower Monday, especially Feeder Cattle, as traders retrenched following the previous session’s new contract highs.
Feeder Cattle futures closed an average of 91¢ lower (5¢ lower at the back to $2.10 lower toward the front).
Live Cattle futures closed an average of 35¢ lower, except for an average of 10¢ higher in two contracts.
Negotiated cash fed cattle trade ranged from mostly inactive on very 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 $2-$4 higher in the Texas Panhandle at $165-$167/cwt., $4 higher in Kansas at $167, $4-$7 higher in Nebraska at $168-$172 and $4-$6 higher in the western Corn Belt at $170. Dressed prices were $5-$7 higher at $270-$272.
The weekly weighted average five-area direct fed steer price was $4.33 higher on a live basis last week at $168.74/cwt. The weekly average steer price in the beef was $5.30 higher at $270.36.
Wholesale beef prices continued to gain Monday. Choice boxed beef cutout value was 3.02 higher in the afternoon at 285.09/cwt. Select was $3.46 higher at $274.18/cwt.
As for grains and soybeans, Corn futures closed narrowly mixed, mostly 1¢ lower to 1¢ higher.
KC HRW Wheat closed mostly 1¢ to 2¢ lower through Mar ‘24, and then 1¢ higher.
Soybean futures closed 13¢ to 19¢ higher through Aug ‘24, and then mostly 8¢ to 9¢ higher.
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