Cattle Slip on Packer Disruption

Live cattle posted 35 cent to $1.17 losses across the board on Monday. Cash trade was slow to develop last week, with light trade of $198 and a few up to $200 in the north and $190 in the south. Feeder cattle were down $1.70 to $2.02 at the Monday close. The CME Feeder Cattle Index was back down $3 on June 28 at $255.60. Monday’s OKC Feeder Cattle auction saw lighter sales of 2,700 head, with prices up $4-8 and cases of $15 higher

Production was suspended at Cargill’s beef plant in Dodge City, KS, on Monday morning due to a partial roof collapse according to wire sources. No timeline was given on when operations will resume. 

USDA’s Crop Progress report showed US pasture ratings up 1% to 48% gd/ex, with the Brugler500 index up 5 points to 325. A weighted average of the large beef cow states showed a 4 point improvement to 351.

USDA wholesale Boxed Beef prices shot higher in the Monday afternoon report. Choice boxes were up another $2.86 to $329.18/cwt, with Select $1.91higher at $306.41. The Chc/Select spread widened to $22.77. USDA estimated Monday’s FI slaughter at 115,000 head. That is even with the previous week and well above the same Monday last year.

Aug 24 Live Cattle  closed at $184.275, down $1.150,

Oct 24 Live Cattle  closed at $184.150, down $0.725,

Dec 24 Live Cattle  closed at $185.550, down $0.350,

Aug 24 Feeder Cattle  closed at $257.375, down $1.925,

Sep 24 Feeder Cattle  closed at $257.950, down $1.700,

Oct 24 Feeder Cattle  closed at $258.175, down $1.825,