Cattle Mixed with Higher Feeders

Live cattle futures are trading 67 to 92 cents in the red through midday. Feeders are up on the weaker grains with gains of $0.92 to $1.17. There were 25 deliveries issued for June heifers, but they were retendered before being scheduled. USDA noted light $138 sales in KS on Wednesday. The CME Feeder Cattle Index was $1.61 higher on 6/16 to $162.17. 

Going into Friday’s CoF report, the trade is looking to see a 1.5% yr/yr increase to June 1’s cattle on feed inventory. Placements are expected to be 0.2% below May ’21, while the average trade guess for marketings is 3% higher. 

Wholesale Boxed Beef prices were lower in USDA’s AM update. Choice boxes were down $1.79 to $264.78 and Select boxes were 96 cents weaker to $245.03. USDA estimated FI cattle slaughter at 376k head for the week through Wednesday. That is up 8k head from last week and 21k from the same week last year.

Jun 22 Cattle  are at $135.300, down $0.825,

Aug 22 Cattle  are at $134.150, down $0.775,

Oct 22 Cattle  are at $140.250, down $0.825,

Aug 22 Feeder Cattle  are at $174.475, up $1.325

Sep 22 Feeder Cattle  are at $176.550, up $1.250