Cattle futures reversed direction to the upside Monday, despite sharply lower outside markets and grain market strength tied to Russia’s attack on Ukraine. Positioning and bottom-picking likely explain much of the move, while underscoring the unaltered, positive supply fundamentals.
Feeder Cattle futures closed an average $1.86 higher ($1.12 to $2.55 higher).
Live Cattle futures closed average $1.44 higher (50¢ to $2.15 higher).
Negotiated cash fed cattle trade ranged from a standstill to mostly inactive on very light demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Live prices last week were at $140/cwt. in the Southern Plains and Nebraska; $142 in the western Corn Belt. Dressed prices were at $224-$225.
Wholesale beef prices added support with Choice Boxed beef cutout value 38¢ higher Monday afternoon at $254.71/cwt. and Select $1.81 higher at $250.22.
Wheat futures continued to lead Corn futures mostly higher Monday. Kansas City Wheat futures were mostly 39¢ to 85¢ higher Monday, as rationing continues due to the war in Eastern Europe
Corn futures closed 9¢ to 18¢ higher, except for 3¢ and 7¢ lower in the front two contracts.
Soybean futures closed mostly 10¢ to 14¢ lower.
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