Live cattle futures rounded out the Wednesday session with contracts off their lows and closing with losses of 97 cents to gains of 75 cents across the board. Cash trade crept in on Tuesday and Wednesday with some southern trade at $183-184 and northern action at $293-295 in the beef. The Central Stockyards Fed Cattle Exchange saw no sale of 1,736 head, with bids of $182-183.25. Feeder cattle futures were up 7 cents to $1.17 across the board on Wednesday. The CME Feeder Cattle Index was down 12 cents at $243.73 on August 20.
Pressure this week has likely come from a risk off approach due to the recent ‘price gouging’ agenda put forth by the Harris candidacy economic proposal, as well as lack of Boxed Beef strength ahead of the Labor Day weekend.
A Reuters survey of analysts shows expectations of July feeder cattle placements up 3.2% from a year ago, as marketings are expected to be 8.1% larger than July 2023. August 1 on feed inventory is estimated as steady with last year.
USDA wholesale Boxed Beef were back higher in the Wednesday PM report. Choice boxes were up 13 cents at $315.21, with Select products 4 cents higher @ $301.08. The Chc/Select spread was thus narrowed to $14.13. USDA estimated Wednesday’s federally inspected cattle slaughter at 122,000 head, with the weekly total at 363,000. That is up 7,000 head from the previous week but 3,256 head below the same week last year.
Aug 24 Live Cattle closed at $181.225, up $0.200,
Oct 24 Live Cattle closed at $174.625, down $0.975,
Dec 24 Live Cattle closed at $174.275, down $0.825,
Aug 24 Feeder Cattle closed at $239.250, up $1.050,
Sep 24 Feeder Cattle closed at $235.675, up $1.175,
Oct 24 Feeder Cattle closed at $231.675, up $0.350,
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