Live cattle futures continued their descent on Monday, following losses from late last week. Contracts were down another $2.55 to $4, amid risk off from weakness in the stock market and a weaker economic outlook. Cash trade rounded out last week with $188 sales in the south and $194-196 in the North, $2 lower on the week. No deliveries were issued for August futures, with the oldest long from December 7.
Feeder cattle futures were down $5.65 to $7.35 on the session. The CME Feeder Cattle Index was down $1.17 at $256.55 on August 2. Monday’s OKC Feeder Cattle auction has an estimated 3,800 head sold, below the 4,661 from last week and 6,192 head from last year. Price action was down $5-10, with demand listed as moderate.
USDA wholesale Boxed Beef were reported higher in the Monday afternoon report. Choice boxes were up $4.17 at $317.94, with Select products $2.89 higher @ $300.06. The Chc/Sel spread widened to $17.88. USDA estimated Monday’s FI slaughter at 119,000 head. That is up 4,000 head from last week and 3,512 head below the same week a year ago.
Aug 24 Live Cattle closed at $181.550, down $2.550,
Oct 24 Live Cattle closed at $179.000, down $3.075,
Dec 24 Live Cattle closed at $178.250, down $3.950,
Aug 24 Feeder Cattle closed at $244.000, down $5.650,
Sep 24 Feeder Cattle closed at $241.250, down $6.900,
Oct 24 Feeder Cattle closed at $239.225, down $7.350,
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