Cattle Pull Back on Tuesday

Live cattle was lower on Tuesday, with contracts down 17 cents to $1.05. June cattle are in deliveries as none have been served, with the oldest long in line dated November 7, 2023. Cash trade activity so far has mostly consisted of collecting show lists, with last week at $185 in the South and $190 in the North.

Feeder cattle futures were down 62 cents to $1.05 at the close. The CME Feeder Cattle Index was up 51 cents on June 10 at $253.39.  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 this afternoon’s report. Choice boxes were up 79 cents at $318.21 per cwt, with Select 42 cents lower at $300.62. The Chc/Select spread has widened out to $17.59.  USDA estimated daily FI slaughter for Tuesday was 123,000 head, taking the weekly total to 244,000 head. That is up 1,000 head from the previous week but 6,669 head below the same week last year.  

Jun 24 Live Cattle  closed at $183.750, down $0.175,

Aug 24 Live Cattle  closed at $178.925, down $1.050,

Oct 24 Live Cattle  closed at $181.725, down $0.450,

Aug 24 Feeder Cattle  closed at $257.650, down $1.000,

Sep 24 Feeder Cattle  closed at $258.675, down $1.050,

Oct 24 Feeder Cattle  closed at $259.225, down $0.975,

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