Live cattle futures were in rally mode on Tuesday, closing with contracts up $3.60 to $5.95 higher. Cash trade was mostly $255-258 across the country last week. It has yet to take place so far this week. Feeder cattle futures rallied $5.32 to $6.87 across most contracts on Tuesday. The CME Feeder Cattle Index was back up $1.33 on June 12 to $364.00.
The weekly NASS Crop Progress report showed the US pasture rating at 32% gd/ex, up 1% from the week prior. The Brugler500 index was up 2 points to 280.
Wholesale Boxed Beef prices were higher in the Tuesday PM report, with the Chc/Sel spread at $22.73. Choice boxes were up $4.53 to $399581, while Select was 44 cents higher at $376.85. USDA’s federally inspected cattle slaughter for Tuesday was estimated at 109,000 head, with the weekly total at 208,000 head. That is down 3,000 from the previous week and 10,822 head below the same week last year.
Jun 26 Live Cattle closed at $255.300, up $4.675,
Aug 26 Live Cattle closed at $249.200, up $5.950,
Oct 26 Live Cattle closed at $242.000, up $5.200,
Aug 26 Feeder Cattle closed at $366.875, up $5.325,
Sep 26 Feeder Cattle closed at $365.275, up $5.750,
Oct 26 Feeder Cattle closed at $362.425, up $6.325,
