Cattle Bouncing on Strong Feeders

Feeder cattle prices are up triple digits with gains of at least $2.60 in the front months. Fats are also gaining by 15 to 60 cents through midday. The weekly FCE auction sold none of the 1,558 head listed. Cash cattle bids were capped at $136 against asks of $137-$140. Cash trade for Monday remained unestablished with minimal $232 dressed deals reported. The CME Feeder Cattle Index for 7/8 was up by another $3.82 to $172.21. 

USDA’s Wholesale Boxed Beef prices were higher this morning with a 78 cent boost in Choice and a 96 cent higher Select quote. USDA estimated Monday’s federally inspected cattle slaughter at 125k head. That is up from 119k head a year ago, but not comparable to last week’s Independence Day. 

Aug 22 Cattle  are at $136.750, up $0.600,

Oct 22 Cattle  are at $141.125, up $0.700,

Dec 22 Cattle  are at $146.950, up $0.450,

Aug 22 Feeder Cattle  are at $178.675, up $3.800

Sep 22 Feeder Cattle  are at $180.875, up $3.475