Live cattle futures are rallying $2.05 to $2.325 at midday. Cash trade has yet to get kicked off this week, after strengthening to $228-$230 in the South and $240-241 in the North. Feeder cattle are showing a Turnaround Tuesday bounce at midday, with contracts up $2.70 to $2.90. The CME Feeder Cattle Index was back down $3.48 to $319.89 on July 11. The weekly OKC feeder cattle auction saw sales on 6,680 head with price action listed mostly $10-25 higher.
USDA Wholesale Boxed Beef prices bounced back in the Tuesday AM report, with the Chc/Sel spread narrowing to $11.92. Choice boxes were up $1.46 to $378.53, while Select was quoted $2.03 higher at $366.61/cwt. USDA estimated cattle slaughter for Monday at 112,000 head. That was 2,000 head below last Monday and 5,427 head lower vs. the same week last year.
