Feeder Cattle Futures Market News and Commentary
Live cattle losses were limited to 75 cents in the front months. June fats closed a nickel higher on limited OI during the delivery process. There remain no deliveries against June cattle through 6/27, as 25 heifers were retendered before being scheduled. Central Stockyards’ FCE auction sold only a pen of 36 TX steers out of the 1,687 head listed, for $138. USDA confirmed some light $144-$146 cash trade in the North on Tuesday, Monday’s Southern trade was light near $137. Feeders ended the day down by $1.22 to $2.30, led by August. The CME Feeder Cattle Index was $164.20 on 6/27, back up by 30 cents.
Wholesale Boxed Beef prices weakened on Tuesday, with Choice dropping $1.54 to $267.14 cwt. Choice ribs were also below $4, at $394.62 cwt. Select boxes dipped by $1.93 to $243.31. USDA estimated FI cattle slaughter at 126k head for Tuesday. That sets the week’s pace at 251k head compared to 250k last week and 240k during the same week last year.
Jun 22 Cattle closed at $... Read more