Cattle Face Monday Losses

Live cattle futures saw weakness across the board on Monday, down $1.87 to $4.32 at the close.  Cash trade was quiet on Monday, with most compiling showlists. Feeder cattle futures were lower, with losses of $1.17 to $5.37 on the day. The CME Feeder Cattle Index was down another $2.53 on August 21 to $338.47. Monday’s weekly OKC feeder cattle auction had 3,324 head sold, with sales on feeders down $4-10 on steers, with some down $15 and $2-8 lower on heifers. Imports from Mexico resumed today via the Douglas, AZ port.

NASS Crop Progress data showed the US pasture rating at 21% gd/ex, down 2 with the week prior. The Brugler500 index fell 4 points to 252.

Monday’s Cold Storage report showed beef stocks at 382.71 million lbs at the end of July, which was down 3.79% from last year and 1.59% below last month. 

USDA’s Cattle on Feed report showed July placement dropping 11.01% from a year ago at 1.422 million head, well below estimates. July marketings were down 7.38% to 1.62 million head, in line with expectations. August 1 on feed inventory was up 1.79% to 11.117 million head, short of estimates calling for a 2.4% increase. 

Wholesale Boxed Beef prices were firmer in the Monday PM report, with the Chc/Sel narrowing to $20.67. Choice boxes were unchanged at $385.69, with Select $3.70 higher to $365.02. USDA estimated the Monday Federally inspected cattle slaughter at 98,000 head. That is up 1,000 head from the previous Monday but 10,261 head below the same week last year.

Aug 26 Live Cattle  closed at $220.075, down $2.975,

Oct 26 Live Cattle  closed at $213.600, down $4.325,

Dec 26 Live Cattle  closed at $214.200, down $4.300,

Aug 26 Feeder Cattle  closed at $333.575, down $1.175,

Sep 26 Feeder Cattle  closed at $324.225, down $4.800,

Oct 26 Feeder Cattle  closed at $318.275, down $5.375,