Cattle futures on the Chicago Mercantile Exchange were stronger on Monday, hitting fresh highs in the feeder market after the Independence Day weekend while live cattle lagged to the upside.
August feeder cattle futures were up by 4.225 cents per pound at 313.725 cents per pound.
The August live cattle contract gained 1.850 cents per pound at 215.900 cents at the close.
Weakness in corn futures contributed to the strength in the feeder market, as the cheaper grain underpins feedlot margins.
The U.S. Department of Agriculture reported wholesale boxed beef prices were mixed on Monday, with choice boxes up $1.23 at $390.98 per hundredweight and select boxes down $0.91 at $377.53.
Lean hog prices were up one cent per pound in the August contract at 107.100 cents. Packer margins were said to be turning unprofitable, which could pressure values longer term.
