Live cattle futures are flashing new life of contract highs as we hit the middle of the day on Wednesday. As this is written, the high of the day for August futures has been $223.82. Cash trade has yet to kick off this week, after strengthening to $228-$230 in the South and $240-241 in the North. Early asking prices in the South are running $231-232. Feeder cattle are also in bull territory today, up $.95 to $1.10 per cwt at midsession. The CME Feeder Cattle Index was back up $1.21 to $321.10 on July 14.
USDA Wholesale Boxed Beef prices were lower in the Wednesday morning report, with the Chc/Sel spread shrinking to $12.76. Choice boxes (600-900 lb) were down $4.11 to $373.62, while Select was quoted $1.73 lower at $360.85/cwt. USDA estimated cattle slaughter for Tuesday at 118,000 head, with the weekly total at 230,000. That was 2,000 head below last week and 10,090 head lower vs. the same week last year.
