Cattle futures bounced higher Monday, buoyed by positive outside markets and falling Crude Oil futures, in response to the announced resolution to the U.S.-Iran war. Keep in mind that Juneteenth on Friday shortens the trading week and that the monthly Cattle on Feed report will be published Thursday.

Toward the close, Live Cattle futures were an average of $2.17 higher. Feeder Cattle futures were an average of $4.93 higher.

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

Last week, FOB live prices were steady to $1 lower in the Texas Panhandle at $255-$256/cwt., mainly steady to $2 lower in Kansas at $256, $1 lower to $2 higher in the North at $255-$258. Dressed delivered prices were steady in Nebraska at $405 and steady to $2 lower in the western Corn Belt at $403-$405.

The five-area direct weighted average fed steer price last week was 45¢ lower at $256.08. The weighted average dressed delivered fed steer price was 22¢ higher at $404.88.

Choice boxed beef cutout value was $3.12 higher Monday afternoon at $395.05/cwt. Select was $3.69 higher at $376.41.

Grain and Soybean futures were higher Monday, despite lower oil prices, offering hope that selling might be reaching the end for now.

Toward the close, and through near Mar contracts, Corn futures were 1¢ to 2¢ higher. Soybean futures were 2¢ to 5¢ higher. Kansas City HRW Wheat futures were 5¢ to 7¢ higher.