Live cattle futures faced continued weakness on Tuesday, with contracts down $1.60 to $3.30 at the close. Open interest was up 3,860 contracts, with August down 8,909 contracts. Cash trade has yet to get kicked off this week, with a few northern bids of $380 dressed vs. sales of 390-393 last week. Live action last week was $247-248 across the country. Feeder cattle futures were $5.50 to $6.35 lower across most contracts at Tuesday’s close. The CME Feeder Cattle Index was back up $2.10 on July 13 to $370.32.
Wholesale Boxed Beef prices were mixed in the Tuesday PM report, with the Chc/Sel spread at $9.54. Choice boxes were down $1.66 at $373.95, with Select 76 cents lower to $365.87. USDA’s Federally inspected cattle slaughter for Tuesday was at 111,000 head, with the week to date total at 216,000 head. That is up 6,000 head from the previous week but 14,541 head below the same week last year.
Aug 26 Live Cattle closed at $231.425, down $3.300,
Oct 26 Live Cattle closed at $227.650, down $2.975,
Dec 26 Live Cattle closed at $227.300, down $3.100,
Aug 26 Feeder Cattle closed at $348.800, down $5.550,
Sep 26 Feeder Cattle closed at $344.850, down $5.975,
Oct 26 Feeder Cattle closed at $340.525, down $6.325,
