Live cattle are showing midday losses of 60 to 77 cents on Wednesday. Cash trade has yet to kick off this week, with Wednesday’s Fed Cattle Exchange online auction saw no sales on the 1,502 head, with bids ranging from $182-182.50 and asks in the $184-186 range. Last week’s cash action was in the $183-184 range for the south and $187-189 in the North. Feeder are the leaders at midday, with losses of $1.12 to $1.37. The CME Feeder Cattle index on April 8th was down $2.79 to $245.83.
In a Tuesday USDA press release the agency indicated they will not be releasing a July Cattle Inventory report this year due to budgetary issues (lack of a new Farm Bill).
USDA’s Wholesale Boxed Beef prices were back lower in the Wednesday morning report. Choice was down $2.85 to $299.24, with Select $2.32 lower at $297.58. The Chc/Sel spread is still unseasonably tight at just $1.66. Estimated cattle slaughter was pegged at 125,000 head for Tuesday by the USDA, taking the week to date total to 246,000 head. That was a 17,000 head increase from the previous week and up 10,179 head from the same week last year.
Apr 24 Live Cattle are at $179.925, down $0.775,
Jun 24 Live Cattle are at $174.200, down $0.650,
Aug 24 Live Cattle are at $171.950, down $0.600,
Apr 24 Feeder Cattle are at $239.400, down $1.300
May 24 Feeder Cattle are at $238.125, down $1.325
Aug 24 Feeder Cattle are at $248.925, down $1.175
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