Cattle Pulling Off Early Lows on Wednesday

Live cattle futures started Wednesday with losses, but is slowly pulling off to post midday losses of just 17 to 85 cents. Cash trade started to creep in this week at $255 this week, with $256 bids reported this morning. The Wednesday Fed Cattle Exchange showed sales of $257 on 70 of the 1,256 head offered, with other bids of $250-254. Feeder cattle futures are down $2 to $2.60 in the nearby contracts, after facing early sharp losses. The CME Feeder Cattle Index was down $2.88 on June 1 to $364.26. 

The Tuesday APHIS update on the New World Screwworm showed a total of 1,981 active cases of in Mexico as of Monday. There were 181 active cases in the bordering state of Tamaulipas (15 within a range of 74-98 miles of the US border), 96 active in Nuevo Leon (28 within a range of 52-98 miles of the US border), and 31 in Coahuila (18 within 25-97 miles of the US border).

Wholesale Boxed Beef prices were mixed in the Tuesday afternoon report, with the Chc/Sel spread at $11.59. Choice boxes were up $1.94 to $396.01, while Select was 39 cents lower at $384.42. USDA estimated federally inspected cattle slaughter for Tuesday at 110,000 head, with the weekly total at 214,000 head. That was down 24,099 head from the same week last year. 

Jun 26 Live Cattle  are at $247.500, down $0.175,

Aug 26 Live Cattle  are at $239.025, down $0.625,

Oct 26 Live Cattle  are at $230.025, down $0.850,

Aug 26 Feeder Cattle  are at $346.350, down $2.075

Sep 26 Feeder Cattle  are at $342.775, down $2.350

Oct 26 Feeder Cattle  are at $339.175, down $2.575