Cattle futures rose Monday, buoyed by strong cash prices across the board.
Last week, the weekly weighted average five-area direct fed steer price was $7.34 higher on a live basis at $180.44/cwt. The average fed steer price in the beef was $11.12 higher at $289.77.
Regionally, negotiated cash fed cattle prices last week were $5 higher in the Southern Plains at $175/cwt. on a live basis, $7-$8 higher in Nebraska at $182-$184 and $6-$7 higher in the western Corn Belt at $180-$184. Dressed prices were $5-$10 higher at $290.
On Monday, cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Those prices were helped along by the recent seasonal bump higher in wholesale beef values.
Choice boxed beef cutout value was $3.36 higher Monday afternoon at $305.98/cwt. Select was $5.45 higher at $289.32/cwt. Week to week on Monday, Choice was up $13.07 and Select was up $10.92.
Cash calf and feeder cattle prices followed a similar trajectory last week, with steers and heifers selling $5-$9/cwt. higher nationwide, except for $9-$15 higher in the North Central region, according to AMS.
Feeder Cattle futures closed an average of $1.31 higher on Monday (55¢ higher at the back to $2.85 higher toward the front).
Live Cattle futures closed an average of 93¢ higher.
That was with Grain and soybean futures closing higher Monday, with Support including cool-to-cold, wet weather on the cusp of planting season, as well as Poland’s decision to prohibit grain exports from Ukraine, which slows global grain flow.
Corn futures closed mostly 4¢ to 6¢ higher.
KC HRW Wheat closed mostly 9¢ to 13¢ higher
Soybean futures closed mostly 10¢ to 18¢ higher in the front six contracts, and then 7¢ to 9¢ higher
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