Red Cattle Market at Midday

Front month live cattle futures are down by 32 to 65 cents so far. Nearby feeder cattle are down by 0.5% so far with triple digit losses of as much as $2.17. The weekly FCE auction had 1,614 head listed on Wednesday, but saw no sales between $181-$183 asks and $178 bids. Cash trade for the week remains unestablished. The CME Feeder Cattle Index was $238.45 after a 72 cent increase for 7/17.  

Traders estimate the CoF numbers will be 2.2% below July 1 ’22, with an implied 11.15m head on feed. Placements are expected to be within 4% below last year and 2.7% above last year. Marketings are anticipated to drop 4.7% on average. NASS will release the data on Friday after the close. 

USDA reported Wholesale Boxed Beef prices as mixed again on Wednesday morning. Choice fell another 74 cents as Select was 55 cents higher, tightening the spread to $76.78 cwt. USDA estimated FI cattle slaughter at 127k head for Tuesday, that set the week’s running total at 247k head. Last week’s pace was 250,000 while the same week last year was also 247k. 

Aug 23 Cattle  closed at $180.650, down $0.625,

Oct 23 Cattle  closed at $183.175, down $0.375,

Dec 23 Cattle  closed at $186.575, down $0.425,

Aug 23 Feeder Cattle  closed at $245.700, down $2.300

Sep 23 Feeder Cattle  closed at $248.225, down $1.775

Oct 23 Feeder Cattle  closed at $249.525, down $1.550