Live cattle futures are back down $1.25 to $2.15 on Wednesday. Short covering was noted, with open interest falling 5,633 contracts Cash trade has yet to get kicked off this week. The Wednesday Fed Cattle Exchange showed no sales on the 952 head offered, with $220 live bids and $349 dressed. Feeder cattle futures are fading back from Tuesday’s gains, with contracts down $1.22 to $1.85. The CME Feeder Cattle Index was back down 60 cents on September 7 to $326.98.
Tuesday’s Crop Progress report showed the US pasture rating at 18% gd/ex, unchanged on the week prior. The Brugler500 index fell 2 points to 243.
