Live cattle futures settled with $1.25 to $2 losses across most contracts on Monday. Open interest saw modest new selling, up 1,266 contracts. Cash trade from last week started at $250-252 across the country and worked up to $256-257. Feeder cattle futures were down $4.80 to $6.02 on the day, pulling nearly $2 off midday losses. Open interest saw some longs liquidating, down 3,043 contracts. The CME Feeder Cattle Index was up $1.51 to $375.54 on May 1. The weekly OKC feeder cattle auction saw an 6,800 head sold, with feeders steady to $4 higher on the steers and heifers steady to $2 lower. Calves were up $5 to $10 head.
Wholesale Boxed Beef prices were higher in the Monday afternoon report, with the Chc/Sel at 96 cents. Choice boxes were up $2.45 to $391.56, while Select was $3.55 higher at $390.60. USDA estimated federally inspected cattle slaughter for Monday at 98,000 head. That is down 8,000 head from last week and 10,876 head below the same week last year.
