Grain and soybean futures ricocheted sharply higher Monday, driven once again by uncertainty stemming from the military assault in Eastern Europe.
Corn futures closed 24¢ to 38¢ higher through Jly ‘23 and then mostly 16¢ to 19¢ higher.
Soybean futures 29¢ to 54¢ higher through Sep ‘22 and the mostly 19¢ to 20¢ higher.
The spike weighed on Cattle futures, especially Feeder Cattle.
Feeder Cattle futures closed average of $2.51 lower.
Live Cattle futures closed an average 32¢ lower, except for $1.22 higher in spot Feb.
Negotiated cash fed cattle trade ranged from a standstill to mostly inactive on very light demand through Monday afternoon, according to the Agricultural Marketing Service.
Last week live prices were generally steady in the Southern Plains at mostly $142/cwt., steady to $2 higher in Nebraska at $142-$144, and steady to $2 higher in the western Corn Belt at $144. Dressed prices were $1 higher in Nebraska at $227 and steady to $1 higher in the western Corn Belt at $226-$227.
Choice boxed beef cutout value was 76¢ lower week to week on Monday afternoon at $257.51/cwt. Select was $2.00 lower at $253.41.
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