Live Cattle Close Red on Monday

Most markets came out of the weekend with sharp drops to start the week. The @SPX entered bear market territory, as the broad sell off pulled fat cattle 1.15% to 1.7% lower. Feeders ended the day 1.13% to 1.8% lower with triple digit losses. Cash trade was unestablished on Monday. Last week’s markets were mostly $136 in the South and $142-$143 in the North. The CME Feeder Cattle Index was back down by $1.58 on 6/10 to $160.29.  

Brazil exported 153,161 MT of beef in May according to Trade Ministry data. That was up from 126,763 MT in May of 2021. 

Wholesale Boxed Beef prices from Monday afternoon were lower but widened the Chc/Sel spread to $23.09 cwt. Choice boxes dipped 78 cents to $270.54, while the Select boxes were quoted $1.44 weaker. USDA estimated Monday’s FI cattle slaughter at 125k head. That matches last week and was up 8k head from the same Monday last year.

Jun 22 Cattle  closed at $134.000, down $2.200,

Aug 22 Cattle  closed at $133.875, down $2.325,

Oct 22 Cattle  closed at $139.925, down $2.050,

Aug 22 Feeder Cattle  closed at $171.325, down $3.150

Sep 22 Feeder Cattle  closed at $173.600, down $2.450