Cattle Back to Strength on Tuesday

Live cattle futures are 50 to 75 cents higher so far. Cash trade was at $232-233 last week, with a few at $235. Trade has been quiet so far despite early bids near $233 on Monday. Feeder cattle futures are back up $3.65 to $4.10 at midday.  The CME Feeder Cattle Index was back up $1.06 on July 31 to $346.89. The Monday OKC feeder cattle auction showed 2,662 head sold, with prices listed $5-10 higher on steers and +$5-15 on heifers. Calves were steady on steers, with heifer calves up $10-15.

NASS Crop Progress data showed the US pasture rating at 25% gd/ex, dropping 4% from the week prior. The Brugler500 index fell 11 points to 259.

Census data converted to a carcass basis shows beef exports in June at 199 million lbs, the lowest June total since 2020 but a 3-month high.

Wholesale Boxed Beef prices were higher in the Monday morning report. Choice boxes were up $2.76 at $369.49, with Select $1.29 higher to $345.74. USDA’s Federally inspected cattle slaughter for Monday was estimated at 90,000 head. That is down 2,000 head from the previous Monday and 11,616 head below the same week last year.

Aug 26 Live Cattle  are at $231.600, up $0.500,

Oct 26 Live Cattle  are at $227.450, up $0.725,

Dec 26 Live Cattle  are at $226.925, up $0.700,

Aug 26 Feeder Cattle  are at $351.475, up $3.650

Sep 26 Feeder Cattle  are at $346.625, up $4.075

Oct 26 Feeder Cattle  are at $337.575, up $3.875