Live cattle rallied to new life of contract highs on Tuesday. August futures closed 60 cents off that mark, but still up by $1.62 for the day. The other front months were also up by triple digits. The Tuesday FCE auction sold 2 pens of 36 CA Holstein steers for $172, while the rest of the 1,400 head listed went unsold between $177 bids and $182 asks. USDA confirmed some $180 sales on Tuesday, but volumes were very limited.
Feeder cattle futures settled the Tuesday session with $0.82 to $0.92 gains. At the session high, August feeders were 70 cents under their ATH. USDA’s weekly OKC Feeder Cattle Auction Review mentioned $3-$5 increases for steers and $5 to $10 increases for quality heifers for the 6,879 head sold. The 7/7 CME Feeder Cattle Index was $238.66 after a $7.45 increase.
