Cattle are trading 40 to 95 cents higher so far through Wednesday. Feeders are also working in the black with 37 to 77 cent gains. There were no sales for the 892 head on the FCE this morning as packers bid to $166 against the $170 asks. USDA reported light cash trade for Tuesday, but maintains unestablished market conditions for the week. The 04/03 CME Feeder Cattle Index was $1.34 stronger to $193.02.
USDA’s Wholesale Boxed Beef prices were $1.18 higher in Choice this morning and 77 cents lower in Select. USDA estimated FI cattle slaughter at 126k head for Tuesday. After revising Monday lower the WTD running total is now 9,000 head below last week and 3,000 head below the same week last year at 243,000 head.
