Live cattle futures are trading mixed, with June up a dime and other contracts slightly lower. June cattle are in deliveries but 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 a few bids at $185 are being reported in KS this morning. The Central Stockyards Fed Cattle Exchange had a few sales reported this morning, with $186 on the hoof in TX, and a few more $188-188.50 in TX using their BidTheGrid™ method. Feeder cattle futures are mixed as well, with front months up 15 to 30 cents and October down a tick. The CME Feeder Cattle Index was up 51 cents on June 10 at $253.39.
The 2024 projected beef production was trimmed by just 5 million lbs to 26.595 billion in this morning’s WASDE. That was mainly due to a larger second half production offsetting a cut to Q2. Projected production for 2025 was raised by 145 million lbs to 25.365 billion.
USDA’s Wholesale Boxed Beef prices were lower in the Wednesday morning report. Choice boxes were back down 45 cents at $317.76 per cwt, with Select $2.08 lower at $298.54. The Chc/Select spread has widened out to $19.22. 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 are at $183.850, up $0.100,
Aug 24 Live Cattle are at $178.750, down $0.175,
Oct 24 Live Cattle are at $181.350, down $0.375,
Aug 24 Feeder Cattle are at $257.950, up $0.300
Sep 24 Feeder Cattle are at $258.825, up $0.150
Oct 24 Feeder Cattle are at $259.200, down $0.025
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