Live cattle futures posted gains of 85 cents to $1.72 across the board on Tuesday. Open interest suggested modest short covering, down just 943 contracts, mainly in the front two contracts. Cash trade was at $232-233 last week, with a few at $235. Trade has been quiet so far despite early bids near $233 on Monday. Feeder cattle futures were back up 35 cents to $3.60 at the close. The CME Feeder Cattle Index was back up $2.24 on August 3 to $349.13. The Monday OKC feeder cattle auction showed 2,662 head sold, with prices listed $5-10 higher on steers and +$5-15 on heifers. Calves were steady on steers, with heifer calves up $10-15.
NASS Crop Progress data showed the US pasture rating at 25% gd/ex, dropping 4% from the week prior. The Brugler500 index fell 11 points to 259.
