Live cattle bulls are taking a break today, with contracts down 20 to 70 cents at midday. Cash trade was strong last week, with a few sales at $186 reported in KS by USDA and some up to $195. USDA also indicated $195-198 trade in NE, a record in the cash market. Trade has been quiet to start this week, with early action mostly compiling showlists.
Feeder cattle futures are feeling pressure from some gains in corn and weaker fats, with losses of $1.30 to 1.75. The CME Feeder Cattle Index was down 41 cents on June 14 at $255.72. Monday’s USDA OKC feeder cattle auction showed 4,000 head sold, with prices $4-9 higher and a few up $15.
USDA’s Crop Progress report showed a drop to the US pasture ratings, down 3% to 48% gd/ex, with the Brugler500 index, encompassing all 5 USDA categories, down 9 points to 323. A weighted average of major US beef cow states showed a 3 point drop to 345.
USDA reported wholesale Boxed Beef prices continuing their strength ahead of the July 4th holiday on Tuesday morning. Choice boxes were up another 49 cents to $320.96/cwt, with Select another $1.36 higher at $306.18. The Chc/Select spread narrowed to $14.78. USDA estimated FI slaughter for Monday at 119,000 head. That is down 2,000 head from the previous week and 3,443 head below the same Monday last year.
Jun 24 Live Cattle are at $186.800, down $0.250,
Aug 24 Live Cattle are at $182.200, down $0.600,
Oct 24 Live Cattle are at $183.925, down $0.700,
Aug 24 Feeder Cattle are at $259.700, down $1.625
Sep 24 Feeder Cattle are at $261.100, down $1.475
Oct 24 Feeder Cattle are at $261.775, down $1.525
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