Live cattle futures bulls were flexing some muscles on Monday, with the market settling $1.75 to $2.80 higher. Monday was FND (first notice day) for June cattle deliveries. There were none, with the oldest long in line dated August 2023. Cash trade activity mostly consisted of collecting show lists. Feeder cattle futures had the afterburners or some boosters going, gaining $3.65 to $3.87 for the day. The CME Feeder Cattle Index was up $1.68 at $252.88. The OKC auction had 6500 head of feeders on Monday, down from 7,170 last week and 10,143 a year ago. Heavy weights were $1-6 higher, while feeder steers under 850# were reported $2-7 lower. Demand was moderate to good, but uneven (steer calves up, but heifer calves down).
USDA’s Wholesale Boxed Beef prices were mixed in the PM report. Choice 600-900 lb. boxes up an average 67 cents at $317.42 per cwt. Select product was down 10 cents at $301.04. The Chc/Select spread has widened out to $16.38. USDA estimated daily FI slaughter for Monday was 121,000 head vs. 120,000 last Monday and 122,718 a year ago.
Jun 24 Live Cattle closed at $183.925, up $1.750,
Aug 24 Live Cattle closed at $179.975, up $2.800,
Oct 24 Live Cattle closed at $182.175, up $2.500,
Aug 24 Feeder Cattle closed at $258.650, up $3.725,
Sep 24 Feeder Cattle closed at $259.725, up $3.875,
Oct 24 Feeder Cattle closed at $260.200, up $3.750,
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