At the close for the Tuesday session live cattle futures were down by another 45 to 67 cents. October was the exception with a 10 cent bounce to $143.57 – staying close to the recent cash market. The Tuesday FCE auction saw none of the 1,199 head sold. Bids maxed out at $143, where asks were $144-145. USDA reported live cattle sales from $143 - $145 on Tuesday with the bulk near $143 so far.
Front month feeder cattle futures firmed up off the triple digit losses earlier in the session, but still settled $0.77 to $1.17 weaker with Sep the weakest. USDA’s OKC Feeder Cattle Auction Summary showed consistent volume with last week at 6800 head. Reports were that 6 to 8 weights went $3-6 lower wk/wk, with lightweight calves dropping $10-15 from last week. Heifers made up 39% of the volume. The 9/26 CME Feeder Cattle Index was another 90 cents weaker to $177.82.
Wholesale Boxed Beef prices were quoted as $248.43 Choice and $221.21 Select – up by 59 cents and down by $2.14 respectively on Tuesday. USDA estimated Tuesday’s FI cattle slaughter at 128k head for a WTD pace of 253,000. Last week was running 255k through Tuesday, but the same week last year saw just 238k head.
Oct 22 Cattle closed at $143.575, up $0.100,
Dec 22 Cattle closed at $146.900, down $0.450,
Feb 23 Cattle closed at $150.850, down $0.600,
Cash Cattle Indexwas $143.000, from $142.00 last week
Sep 22 Feeder Cattle closed at $175.700, down $1.175
Oct 22 Feeder Cattle closed at $176.125, down $0.950
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