Live cattle are falling to begin the week despite a stronger start to the session, with contracts down 65 cents to $1.32. Cash action was light last week with steady sales of $190 reported in the South and $198 in the north. Feeder cattle are ignoring the collapse in the corn market and following the fats, as contracts are down 12 to 90 cents at midday. The CME Feeder Cattle Index was another 61 cents lower on July 4 at $255.08.
USDA wholesale Boxed Beef prices were higher in the Monday morning report. Choice boxes were up $1.53 to $331.96/cwt, with Select $1.34 higher at $306.40. The Chc/Select spread widened 19 cents to $25.56. USDA estimated last week’s FI slaughter at 517,000 head. That was slowed from last week due to the holiday and 19,330 head below the same week last year.
Aug 24 Live Cattle are at $185.300, down $1.125,
Oct 24 Live Cattle are at $185.850, down $1.325,
Dec 24 Live Cattle are at $187.500, down $1.275,
Aug 24 Feeder Cattle are at $261.000, down $0.475
Sep 24 Feeder Cattle are at $261.800, down $0.425
Oct 24 Feeder Cattle are at $262.100, down $0.125
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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