Live cattle posted mixed action with contracts 50 cents lower to 42 cents higher. June futures were held up with a 42 cent gain, as futures are still $4-8 discount to cash. USDA reported cash sales of $186 in the South, up to $190 in the North last week, $2-3 higher. Feeder cattle were down 42 cents to $1.37 across most contracts, with May down a tick ahead of Thursday’s expiration. The CME Feeder Cattle index was up $3.83 on May 17 to $246.87 and converging nicely with May FC futures.
USDA’s Wholesale Boxed Beef prices were mixed in the Monday PM report. Choice boxes were down 75 cents at $312.70, with Select $1.95 higher to $299.35. That narrowed the Chc/Sel spread to $13.35. Monday’s estimated federally inspected cattle slaughter was at 120,000 head by the USDA. That is up 4,000 head from last week but down 5,274 head below the same Monday last year.
Jun 24 Live Cattle closed at $181.475, up $0.425,
Aug 24 Live Cattle closed at $178.550, down $0.500,
Oct 24 Live Cattle closed at $181.825, down $0.125,
May 24 Feeder Cattle closed at $246.700, down $0.025,
Aug 24 Feeder Cattle closed at $258.475, down $1.375,
Sep 24 Feeder Cattle closed at $259.650, down $1.200,
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