Cattle Fading Early Tuesday Strength, with Midday Losses

Live cattle futures are showing 40 to 60 cent lower trade in most contracts, as August is up 65 cents. Cash trade has yet to develop this week, but is mostly compiling showlists. It rounded out last week with $188 sales in the south and $194-196 in the North, $2 lower on the week. 

Feeder cattle futures are down 80 cents to $1.40.  The CME Feeder Cattle Index was down $1.17 at $256.55 on August 2. Monday’s OKC Feeder Cattle auction saw 3,864 head sold, below the 4,661 from last week and 6,192 head from last year. Price action was down $5-10, with demand listed as moderate. 

Beef exports converted from Census data on a tonnage basis to a carcass basis showed 263.5 million lbs shipped in June, a slight 2.4% decline from last year but up 1.8% from May and  a12- month high.

USDA wholesale Boxed Beef were reported lower in the Tuesday AM report. Choice boxes were down $2.25 at $315.69, with Select products $42 cents lower @ $299.64. The Chc/Sel spread narrowed to $16.05.  USDA estimated Monday’s FI slaughter at 119,000 head. That is up 4,000 head from last week and 3,512 head below the same week a year ago. 

Aug 24 Live Cattle  are at $182.200, up $0.650,

Oct 24 Live Cattle  are at $178.450, down $0.550,

Dec 24 Live Cattle  are at $177.825, down $0.425,

Aug 24 Feeder Cattle  are at $242.600, down $1.400

Sep 24 Feeder Cattle  are at $239.950, down $1.300

Oct 24 Feeder Cattle  are at $238.300, down $0.925