Cattle futures trended lower Monday with pressure including more bearish outside markets and the strong rebound in Corn futures.

Toward the close, Live Cattle futures were an average of 89¢ lower. Feeder Cattle futures were an average of $2.43 lower (10¢ lower in spot May to $3.10 lower).

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 $4 higher in the Texas Panhandle at $260/cwt., mostly steady to $4 higher in Kansas and mainly $260, and steady to $5 higher in the North at $260-$265. Dressed delivered prices were $8-$13 higher in Nebraska at $410-$415 and mostly $5-$10 higher in the western Corn Belt at mostly $410.

Last week’s weighted average five-area direct FOB live fed steer price was $4.33 higher at $262.85/cwt. The weighted average dressed delivered fed steer price was $8.57 higher at $411.07.

Choice boxed beef cutout value was $2.89 higher Monday afternoon at $392.14/cwt. Select was 98¢ higher at $390.23.

Grain and Soybean futures were higher Monday, boosted by details released by the White House, regarding last week’s U.S.-China trade talks. According to the White House Fact Sheet:

Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 16¢ higher. Corn futures were mostly 17¢ to 21¢ higher. Soybean futures were 29¢ to 35¢ higher.