Cattle futures closed higher Monday, buoyed by last week’s stronger cash fed cattle prices and the friendly Cattle inventory report (see below).

Toward the close, Live Cattle futures were an average of $2.72 higher. 

Feeder Cattle futures were an average of $4.67 higher.

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

Last week, FOB live prices were mainly $240/cwt., which was $4-$6 higher in the Texas Panhandle, $4-$7 higher in Kansas, $4-$6 higher in Nebraska and $5 higher in the western Corn Belt. 

Dressed delivered prices were $375-$378, which was $5-$8 higher in Nebraska and $8-$10 higher in the western Corn Belt.

Last week’s five-area direct weekly weighted average FOB live fed steer price was $4.74 higher at $239.44. The weekly weighted average dressed delivered fed steer price was $7.36 higher at $376.16.

Choice boxed beef cutout value was $2.65 higher Monday afternoon at $368.21/cwt. Select was $2.97 higher at $364.91.

Grain and Soybean futures continued lower Monday.  

Toward the close, through near Sep contracts, Corn futures were 1¢ to 2¢ lower. KC HRW Wheat futures were 9¢ to 10¢ lower. Soybean futures were mostly 4¢ to 5¢ lower.