Cattle futures extended gains Monday, buoyed by sharply lower Corn futures, and an apparently neutral view of Friday’s Cattle on Feed report.

Feeder Cattle futures closed an average of $1.47 higher (85¢ to $2.30 higher).

Live Cattle futures closed an average of 63¢ higher.

Corn and Soybean futures eroded Monday, apparently mostly due to moisture in South America over the weekend.

Corn futures closed 8¢ to 10¢ lower through Jly ‘24 and then mostly 2¢ to 3¢ lower.

Soybean futures closed mostly 10¢ to 13¢ lower.

KC Wheat on the CME closed 22¢ to 29¢ lower.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $155/cwt. in the Southern Plains and Nebraska, and $156-$158 in the western Corn Belt. Dressed prices were $248-$250.

Choice boxed beef cutout value was 28¢ lower Monday afternoon at $271.44/cwt. Select was $1.94 lower at $254.49/cwt.