Cattle futures continued higher Monday, following the significant bounce higher during the previous session and supported by last week’s higher negotiated cash fed cattle prices and the recent bounce in wholesale beef values.

Toward the close, Live Cattle futures were an average $1.14 higher. Feeder Cattle futures were an average of $2.82 higher.

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.

Based on the latest established trade, FOB live prices were mainly $3 higher in Kansas at mostly $232/cwt., $2 higher in Nebraska at $232 and steady to $2 higher in the western Corn Belt at $230-$232. Dressed delivered prices were $360, which was $4 higher in Nebraska and steady to $4 higher in the western Corn Belt.

The weighted average five-area direct FOB live fed steer price last week was $2.35 higher at $231.68/cwt. The weighted average dressed delivered fed steer price was $3.33 higher at $359.86.

Choice boxed beef cutout value was $3.73 higher Monday afternoon at $353.70/cwt. Select was $4.58 higher at $351.50.

The grain complex rallied Monday on short covering. Toward the close, through near Jly. Soybean futures were 15¢ to 17¢ higher. Corn futures were 6¢ to 7¢ higher. KC HRW Wheat futures were 4¢ to 6¢ higher.