Live cattle futures are trading mixed at midday with front months 17 to 47 cents higher and other contracts lower. Cash trade has been quiet to start this week, with early action mostly compiling of show lists. Trade talk has regionals and majors bidding $310-312 in the north, with asking prices $315 or higher and up to $200 live. Thursday’s Central Stockyards Fed Cattle Exchange auction saw sales of $189-190 in TX and $193 in IA, with both sales using their BidTheGrid™ method. Feeder cattle futures are posting 5 to 20 cent losses so far. The CME Feeder Cattle Index was down $1.60 on June 18 at $255.47.
USDA will release an updated Cattle on Feed report this Friday, with the trade expecting to see May placements down 1.5% from a year ago. There are some contrarian thoughts, with traders calling for anything from a 5% drop to a 2.4% increase. May marketings are seen up 0.5% on average. June 1 Cattle on Feed is projected to be down 1% vs. last year.
USDA reported wholesale Boxed Beef prices as higher on Thursday morning. Choice boxes were up another $1.90 to $322.60/cwt, with Select back up 33 cents at $303.59. The Chc/Select spread widened to $19.01. USDA estimated FI slaughter for Wednesday at 121,000 head, with the weekly total at 360,000. That is down 7,000 head from the previous week and 17,777 head below the same week last year.
Jun 24 Live Cattle are at $187.150, up $0.475,
Aug 24 Live Cattle are at $182.275, up $0.175,
Oct 24 Live Cattle are at $183.700, down $0.175,
Aug 24 Feeder Cattle are at $259.750, down $0.200
Sep 24 Feeder Cattle are at $261.075, down $0.050
Oct 24 Feeder Cattle are at $261.825, down $0.150
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