Cattle futures extended gains Monday, helped along by last week’s stronger negotiated cash fed cattle prices and thoughts that wholesale beef values may have established the seasonal bottom.

Toward the close, Live cattle futures were an average of 52¢ higher. Feeder Cattle futures were an average of 78¢ higher.

Negotiated cash fed cattle trade was inactive on moderate demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $3-$5 higher in the Texas Panhandle at $235/cwt., $4-$5 higher in Kansas at $235-$236, $2-$3 higher in Nebraska at $245-$247 and mostly $5 higher in the western Corn Belt at $245. Dressed delivered prices were $3-$5 higher in Nebraska at $383-$385 and $3 higher in the western Corn Belt at $380.

Last week’s weighted average five-area direct FOB live fed steer price was $3.79 higher at $243.17. The weighted average dressed delivered fed steer price was $4.18 higher at $383.68.

Choice boxed beef cutout value was $1.10 higher Monday afternoon at $364.32. Select was $1.09 higher at $341.59.

Turning to the grain complex, Toward the close and through away Jly contracts, Corn futures were 2¢ to 3¢ lower. Kansas City Wheat futures were fractionally lower to 1¢ lower. Soybean futures were 5¢ higher.