Live cattle futures are feeling pressure on Friday, as contracts are down $1 to $2.25 so far on the day. Cash trade saw some $190 live in the North on Thursday, with $298 sales in the beef, both lower by $3 and $7 on the week. Southern trade kicked off on Friday with $185 sales, which is steady to $2 lower on the week. Feeder cattle futures are trading with $3.50 to $4.50 losses on the day. The CME Feeder Cattle Index was up $1.02 at $246.34 on August 14.
Vice President Harris is expected to release her economic agenda later today, which is expected to include a ban on price gouging for grocery stores.
USDA wholesale Boxed Beef were higher in the Friday AM report. Choice boxes were up 59 cents at $317.53 with Select product $1.05 higher @ $303.08. The Chc/Select spread was thus narrowed to $14.45. USDA estimated Thursday FI slaughter at 120,000 head, taking the weekly total to 476,000 head. That is down 8,000 head from the previous week and 15,155 head below the same week last year.
Aug 24 Live Cattle are at $183.075, down $0.975,
Oct 24 Live Cattle are at $178.700, down $2.050,
Dec 24 Live Cattle are at $178.450, down $2.175,
Aug 24 Feeder Cattle are at $243.125, down $3.600
Sep 24 Feeder Cattle are at $240.125, down $3.550
Oct 24 Feeder Cattle are at $236.425, down $4.475
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