Live cattle closed the Tuesday session with $1.60 to $2.72 gains, as boxed beef rallied for a second consecutive day. Cash action was mostly compiling showlists early this week. Last week was mixed, with the South seeing action anywhere from $183-185, and the North at $186-187. Feeders posted gains of $3.57 to $4.40 across the CME board, led by the fall contracts. The CME Feeder Cattle index was up 39 cents on May 13 to $241.75.
USDA’s Wholesale Boxed Beef prices shot higher again in the Tuesday afternoon report. Choice boxes were up another $5.44 at $304.39, with Select $6.64 higher to $293.82. That tightened the Chc/Sel spread to $10.57. USDA estimated federally inspected cattle slaughter at 123,000 head for Tuesday, taking the weekly total to 239,000. That is down 5,000 head from last week and 12,957 head below the same week last year.
