Live Cattle Futures Market News and Commentary
Live cattle futures faded on Wednesday with losses of 50 to 62 cents. The June contract was the exception with a 50 cent boost to $136.80. The Wednesday FCE auction sold one pen of 265 head for $138 of the 1,628 head listed. USDA confirmed cash sales were from $145 - $151 in NE, steady to $3 higher, while $137-$138 in the South. Northern dressed deals went for $230 - $238. Front month feeders were down by $0.87 to $1.17 on the day. The CME Feeder Cattle Index was $164.08, down by 12 cents on 6/28.
FAS will release weekly beef export sales later this morning.
Wholesale Boxed Beef prices were weaker on Wednesday, with Choice down $2.26 to $264.88 and Select $2.50 lower to $240.81. USDA estimated FI cattle slaughter as 375k head for the week through Wednesday. That is down 1k head from last week but is up 15k head from the same week last year.
Jun 22 Cattle closed at $136.800, up $0.500,
Aug 22 Cattle closed at $132.175, down $0.550,
Oct 22 Cattle ... Read more