Beef futures spiked on the open driven by last Friday's better-than-expected cash cattle price results, still-impressive wholesale boxed beef sales and extraordinary estimated beef packer profit margins.

Live-basis fed cattle last Friday sold for upwards of $92 per hundredweight versus mostly $87 to $88 the prior week.

Cattle futures also received added support from the federal government's monthly cattle-on-feed survey last Friday that showed decreased placements and increased marketings for last month.

While bullish fundamentals laid a foundation beneath spot-April despite 51 deliveries posted by the CME late Friday, remaining cattle month options deteriorated as the session wore on.

Source: FXSTREET