The midweek cattle trading session ended with front month futures 2 to 50 cents weaker through October and 5 to 12 cents higher through Feb ’23. The weekly FCE auction sold 530 head of IA steers for $146.25. The other 2,483 head went unsold. USDA reported heavy cash sales volume on Wednesday, with deals from $140 - $148. Sales in TX were mainly steady with last week, while KS and CO were mainly near $146. Dressed sales in the North were $228 - $234 with the bulk $230 to $232.
Feeder cattle ended the midweek session mixed within 37 cents of UNCH. The deferred contracts were higher as May and August faded. The CME Feeder Cattle Index was another 2 cents weaker on 5/3 at $155.75.
Wholesale Boxed Beef prices were 19 cents higher in Choice and 34 cents higher in Select in USDA’s PM report. The Choice rib primal was still under $4 at $399.71 cwt. USDA estimated the week’s FI cattle slaughter at 363k head through Wednesday. That is down 12k head from last week and compares to 356k head during the same week last year.
Jun 22 Cattle closed at $134.825, down $0.500,
Aug 22 Cattle closed at $137.075, down $0.250,
Oct 22 Cattle closed at $144.500, down $0.025,
May 22 Feeder Cattle closed at $162.250, down $0.150
Aug 22 Feeder Cattle closed at $176.200, down $0.075
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