Live cattle are 17 to 80 cents lower across the front months as month end profit taking is pulling things back. Cash trade has been slow to develop this week, but has seen some $198 creep into NE. Bids of $188-190 are in the South. Friday morning’s Fed Cattle Exchange online auction from Central Stockyards showed sales of $198.25 in IA using the BidTheGrid™ method. Feeder cattle are down 17 to 55 cents so far at midday. The CME Feeder Cattle Index was 73 cents higher on June 26 at $259.04.
There have been zero deliveries against June LC futures all month, due to the strong basis. The oldest long awaiting delivery is dated 5/16/24.
USDA wholesale Boxed Beef prices were higher in the Friday AM report. Choice boxes were up $2.40 to $325.73/cwt, with Select $2.11 higher at $304.81. The Chc/Select spread widened to $20.92. USDA estimated Thursday’s FI slaughter at 121,000 head, with this week’s total at 474,000 head. That is down 7,000 head from the previous week and 19,078 below the same week last year.
Jun 24 Live Cattle are at $194.000, down $0.175,
Aug 24 Live Cattle are at $186.150, down $0.300,
Oct 24 Live Cattle are at $185.375, down $0.375,
Aug 24 Feeder Cattle are at $260.475, down $0.175
Sep 24 Feeder Cattle are at $261.100, down $0.300
Oct 24 Feeder Cattle are at $261.350, down $0.450
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