Live cattle futures posted gains of 75 cents to $3 across the board on Monday. Open interest suggested net new buying, up 3,823 contracts. Sharp gains in the equities following the weekend deal between the US and Iran offered spillover support. Cash trade was mostly $255-258 across the country last week. Feeder cattle futures rallied $4.12 to $5.30 at the close. The CME Feeder Cattle Index was back down $5.34 on June 12 to $362.67.
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 Monday PM report, with the Chc/Sel spread at $18.64. Choice boxes were up $3.12 to $395.05, while Select was $3.69 higher at $376.41. USDA’s federally inspected cattle slaughter for Monday was estimated at 99,000 head. That is down 3,000 from the previous Monday and 1,782 head below the same week last year.
Jun 26 Live Cattle closed at $250.625, up $0.750,
Aug 26 Live Cattle closed at $243.250, up $2.075,
Oct 26 Live Cattle closed at $236.800, up $3.000,
Aug 26 Feeder Cattle closed at $361.550, up $4.125,
Sep 26 Feeder Cattle closed at $359.525, up $4.975,
Oct 26 Feeder Cattle closed at $356.100, up $5.175,
