Live cattle futures were in rally mode on Wednesday, with contracts up $2.60 to $5.10. New buying was noted, up 6,394 contracts. Cash trade has seen some $260 sales in the South early this week, with northern trade at $408-410. The Wednesday morning Fed Cattle Exchange online auction showed $260-261.50 sales on 552 of the 1,104 head offered. Feeder cattle futures posted gains of $1.42 to $4.37 at the Wednesday close. The CME Feeder Cattle Index was back down $1.48 to $374.37 on May 11.
Wholesale Boxed Beef prices were lower in the Wednesday afternoon report, with the Chc/Sel spread back at a 12 cent premium to Choice. Choice boxes were down 75 cents to $389.98, while Select was $1.41 lower at $389.86. USDA estimated federally inspected cattle slaughter for Wednesday at 108,000 head, taking the weekly total to 318,000 head. That was up 5,000 head from last week but 20,727 head below the same week last year.
Jun 26 Live Cattle closed at $252.800, up $5.100,
Aug 26 Live Cattle closed at $246.475, up $5.400,
Oct 26 Live Cattle closed at $238.600, up $4.725,
May 26 Feeder Cattle closed at $367.325, up $1.425,
Aug 26 Feeder Cattle closed at $360.925, up $4.375,
Sep 26 Feeder Cattle closed at $357.975, up $4.100,
