Live cattle futures faded last week’s strength, as contracts were down $1 to $1.72 on Monday. Cash trade was quiet last week, with a few sales of $190 in the South and $197-198 in the North. Both had been a $1-2 improvement from the week prior. Monday activity was mostly compiling show lists.
Feeder cattle futures fell $3.10 to $3.525. The CME Feeder Cattle Index was down 9 cents at $258.75 on July 26. Monday’s OCK feeder cattle auction showed 4,700 head sold, above last week’s 4,020 head. Price action was weaker on the feeder steers (mainly over 800 lbs) with feeder heifers $2-5 higher. Steer and heifer calves were firm to up $4.
USDA wholesale Boxed Beef prices were higher in the Monday PM report. Choice boxes were $1.04 higher at $314.81, with Select products up $4.06 @ $301.52. The Chc/Sel spread has narrowed to $13.28. USDA estimated Monday’s FI slaughter at 115,000 head. That is even with last week and 6,098 head below the same Monday a year ago.
Aug 24 Live Cattle closed at $186.975, down $1.600,
Oct 24 Live Cattle closed at $186.800, down $1.750,
Dec 24 Live Cattle closed at $187.675, down $1.625,
Aug 24 Feeder Cattle closed at $256.425, down $3.275,
Sep 24 Feeder Cattle closed at $256.075, down $3.525,
Oct 24 Feeder Cattle closed at $255.200, down $3.100,
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