Cattle futures were narrowly mixed on Monday.

Toward the close, Live Cattle futures were an average of 43¢ higher, despite last week’s lower cash fed cattle prices.

Feeder Cattle futures were an average of 37¢ lower, except for an average of 33¢ higher in two contracts, with recent cash pressure and higher grain futures prices.

Negotiated cash fed cattle trade was inactive on light demand in Kansas and in the North through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $3 lower in Kansas at $255/cwt., $3-$4 lower in Nebraska at mostly $255-$256 and mainly $5 lower in the western Corn Belt at mostly $255. Dressed delivered prices were mainly $5 lower at $403. The previous week, FOB live prices in the Texas Panhandle were $258.

The five-area direct weighted average FOB live fed steer price last week was $4.22 lower at $255.12/cwt. The weighted average dressed delivered fed steer price was $5.38 lower at $402.47.

Choice boxed beef cutout value was 59¢ lower Monday afternoon at $386.48/cwt. Select was $1.56 lower at $365.87.

Keeping in mind the holiday, total estimated cattle slaughter last week of 458,000 head was 79,000 head fewer than the previous week, and 16,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 13.8 million head was 1.3 million head fewer (-8.5%). Year-to-date estimated beef production of 12.3 billion pounds was 771.2 million pounds less (-5.9%).

Soybean futures roared higher Monday with reports China will reduce tariffs on U.S. agricultural imports, including soybeans. Corn and Wheat futures followed along, also supported by a drier weather outlook.

Toward the close and through near Mar contracts Corn futures were mostly 15¢ to 16¢ higher. Soybean futures were 38¢ to 48¢ higher. Kansas City HRW Wheat futures were 11¢ to 13¢ higher.