Live cattle futures were down 65 to 95 cents in the front months at Monday’s close. Cash trade saw $185-187 sales in the South last week, with northern trade down $3 to $193. Feeder cattle futures felt some pressure from gains in corn, with losses of $2 to $2.50 in the nearbys. The CME Feeder Cattle Index was down $4.14 at $245.57 on August 9. Monday’s OKC auction is estimated to sell 5,300 head with prices up $2 to 6 on the week for feeder steers and $10 higher for steer calves. Heifer feeders were firm to up $4, with calves $7-10 higher.
In the monthly WASDE update, USDA raised expected beef production for 2024 by 81 million lbs to 26.736 billion.
USDA wholesale Boxed Beef were higher in the Monday PM report. Choice boxes were up $3.12 at $315.83, with Select product $1.58 higher @ $300.17. The Chc/Select spread was $15.66. USDA estimated Monday’s FI slaughter at 112,000 head. That was down 7,000 from a week ago and down 6,469 vs. the same Monday a year ago.
Aug 24 Live Cattle closed at $183.325, down $0.925,
Oct 24 Live Cattle closed at $180.025, down $0.950,
Dec 24 Live Cattle closed at $178.950, down $0.650,
Aug 24 Feeder Cattle closed at $244.400, down $2.025,
Sep 24 Feeder Cattle closed at $239.500, down $2.100,
Oct 24 Feeder Cattle closed at $237.725, down $2.050,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
