Cattle futures surged higher Monday, supported by Friday’s friendly Cattle on Feed report, which indicated fewer March placements than expected.

At the close and before final settlement, Live Cattle futures were an average of $2.56 higher and Feeder Cattle futures were an average of $3.71 higher.

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were steady in the Southern Plains at $182/cwt., mostly $1 lower in Nebraska at mainly $183 and $1 lower in the western Corn Belt at $184. Dressed delivered prices were steady to $1 lower in Nebraska at $292-$293 and $1 lower in the western Corn Belt at $292 in a light test.

The weighted average five-area direct FOB live steer price last week was $1.17 lower at $182.67/cwt. The weighted average dressed delivered steer price was 74¢ lower at $292.35.

Choice boxed beef cutout value was 26¢ higher Monday afternoon at $295.93/cwt. Select was $1.04 higher at $291.87/cwt.