Nearby August and October delivery cattle futures were fading Monday’s gains on Tuesday, but have turned higher at midday. Overall, prices are up 17 to 67 cents. Heat stress is a concern, with heat index readings as high as 110 projected for today or tomorrow in some feedlot areas. Live cattle futures were $1.67 to $1.95 higher on Monday. Preliminary open interest was up 4,462 contracts on Monday, suggesting new buying interest. Cash trade on Friday saw KS at $230-231 and $240-242 northern action. Activity thus far has been limited to accumulating show lists.
Feeder cattle futures were up $3.50 to $3.70 on Monday. As of midday on Tuesday, they are again trading higher, by $.80 to $1.00. The CME Feeder Cattle Index was back up $3.52 to $325.80 on July 18. Monday’s OKC feeder cattle online auction showed 4,500 head sold, with prices listed $4-8 higher. Feeder heifers were listed steady to $3 lower, with calves up $5-10.
