Feeder Cattle Futures Market News and Commentary
After printing midday gains, the live cattle futures complex went home Wednesday mixed. 2021 delivery months added less than 15 cents to the upside on the day, while the deferred contracts closed less than a dime in the red. The weekly FCE auction only hosted cattle from TX and KS, with just 1,085 TX cattle sold for a weighted average price of $119.50 ($119-$120). Outside of the FCE, USDA saw some cash trade from $116-$123, citing the bulk of Southern deals at $119 so far, firm with last week, and the bulk of Northern trade at $123. Feeder cattle closed the midweek session with losses of 22 to 55 cents on the board. The 7/27 CME Feeder Cattle Index was $154.36, up another $0.39.
Wholesale Boxed Beef prices were stronger again Wednesday, as USDA quoted Choice boxes at $273.166 cwt. for a $3.43 increase and Select boxes at $256.12 after a $2.18 bump. USDA estimated federally inspected cattle slaughter at 358,000 head for the week through Wednesday. That was up by 11,000 head com... Read more