Live cattle futures are slipping back 17 cents to $1.42 so far at midday. Cash trade has been quiet this week, with a few southern bids of $260. Last week settled in at $256-260, with southern action $256-258 and northern trade at $258-260. Feeder cattle futures are down $1.90 to $3.15 so far on Tuesday. The CME Feeder Cattle Index was back down $2.54 to $374.83 on May 7. The weekly OKC feeder cattle auction had 5,237 head for sale, with prices down $5-10 on feeder steers and steady to $5 lower on feeder heifers.
On Monday, report indicated the US was looking to temporarily lower beef import tariffs as soon as Monday, though the White House decided late on Monday to delay the plan in order to finalize details.
The Monday Crop Progress report showed US pasture ratings at 31% in good/excellent category, with the all including Brugler500 index (100-500 point scale) at 275.
Wholesale Boxed Beef prices were higher in the Tuesday morning report, with the Chc/Sel spread at a $2.42 premium to Select. Choice boxes were up 67 cents to $391.89, while Select was $2.82 higher at $394.31. USDA estimated federally inspected cattle slaughter for Monday at 102,000 head. That was up 4,000 head from last Monday and 4,707 head above the same Monday last year.
Jun 26 Live Cattle are at $249.225, down $0.175,
Aug 26 Live Cattle are at $242.500, down $1.050,
Oct 26 Live Cattle are at $235.250, down $1.425,
May 26 Feeder Cattle are at $366.500, down $1.900
Aug 26 Feeder Cattle are at $359.325, down $2.975
Sep 26 Feeder Cattle are at $357.000, down $3.150
