Cattle futures continued to plunge lower Monday, fueled by uncertainty created by the federal government’s attempts to lower domestic consumer beef prices (see below).

Toward the close, Live Cattle futures were an average of $9.14 lower. Feeder Cattle futures were an average of $13.22 lower, limit down, except for $9.025 lower in spot Oct.

Negotiated cash fed cattle trade was moderate on Moderate demand in the North through Monday afternoon, according to the Agricultural Marketing Service. FOB live prices were $230/cwt., which was $5-$9 lower in Nebraska and $5-$10 lower in the western Corn Belt. Dressed delivered prices in Nebraska were $9-$10 lower at $358-$360. Last week, dressed delivered prices in the western Corn Belt were $372.

Last week, FOB prices in the Texas Panhandle were $2 lower than the previous week at $238.

The five-area weighted average FOB live fed steer price last week was $1.93 lower at $237.87/cwt. The weighted average dressed delivered fed steer price was $3.13 lower at $369.30.

Choice boxed beef cutout value was $2.12 higher Monday afternoon at $377.88/cwt. Select was $3.69 higher at $361.66.

Soybean futures led the grain complex higher Monday on speculation the U.S. will ink a deal with China.

Toward the close and through Jly contracts, Soybean futures were mostly 18¢ to 24¢ higher. Corn futures were 4¢ to 7¢ higher. KC HRW Wheat 13¢ to 14¢ higher.