Live cattle futures found price action that was closer to steady at Wednesday’s close, with contracts settling $1.17 lower to 25 cents higher. Open interest dropped 3,961 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 saw gains of 37 cents to $1.22 on the day. Short covering was noted, with open interest down 2,304 contracts. The CME Feeder Cattle Index was back up 45 cents on September 8 to $327.43.
Wholesale Boxed Beef prices were mixed in the Wednesday afternoon report, with the Chc/Sel widening to $28.43. Choice boxes were up $3.20 at $380.77, with Select $3.05 lower to $352.34. USDA estimated the Wednesday Federally inspected cattle slaughter at 109,000 head, with the weekly total at 220,000 head. That is well shy of last week’s total due to the Monday holiday.
