Triple Digit Losses in Cattle Market

Feeder cattle faded during Tuesday’s afternoon session, closing more than $3 off their highs for the day and settling $1.17 to $1.20 in the red. At the close, fat cattle futures were $1.35 to $2.05 weaker. The June contract completed the month of May with a $2.13 loss. June options expire on Friday, and FND for futures deliveries is next Monday. USDA confirmed some light $135 trade in the WCB on Tuesday, but it was not enough for a market test. Last week’s cash market was mostly near $137 in the South and near $140 in the North. The 5/30 CME Feeder Cattle Index was $153.22 after a 13 cent dip.   

Wholesale Boxed Beef prices were $2.12 stronger for Choice and $2.15 higher for Select this afternoon. USDA estimated federally inspected cattle slaughter as 126k head for the week through Tuesday. That compares to just 98k head during the same week last year.  

Jun 22 Cattle  closed at $130.525, down $1.650,

Aug 22 Cattle  closed at $130.375, down $2.025,

Oct 22 Cattle  closed at $136.150, down $1.900,

Aug 22 Feeder Cattle  closed at $165.125, down $1.200

Sep 22 Feeder Cattle  closed at $168.125, down $1.175