Cattle futures extended gains from the previous session on Monday with a feeling of confidence, despite more negative rhetoric from the White House, aimed at beef packers this time (see below).

Toward the close, Live Cattle futures were an average of $7.02 higher. Feeder Cattle futures were limit-up $9.250, except for $2.80 higher in the back contract.

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

Last week, FOB live prices were $3-$4/cwt. lower in the Texas Panhandle at mostly $232, $5 lower in Kansas at $230-$232, mostly steady to $2 lower in Nebraska at mainly $230 and mostly $2 lower in the western Corn Belt at mainly $228. Dressed delivered prices were steady to $1 lower in Nebraska at $357-$360 and steady to $3 lower in the western Corn Belt at $355-$360.

The five-area direct weighted average FOB live fed steer price last week was $2.16 lower at $228.70. The weighted average dressed-delivered fed steer price was 21¢ lower at $358.33.

Choice boxed beef cutout value was 92¢ higher Monday afternoon at $377.32/cwt. Select was $1.39 lower at $359.70.

Grain and Soybean futures were higher Monday, with some likely early positioning tied to the monthly World Agricultural Supply and Demand Estimates that are supposed to be published Friday, in spite of the government shutdown.

Toward the close and through Jly contracts,

Corn futures were 2¢ higher. KC HRW Wheat futures were 7¢ to 8¢ higher. Soybean futures were 10¢ to 14¢ higher.