Cattle Pulls Off Lows

Live cattle futures were down 67 cents to $1.15 on Tuesday. Last week’s cash trade was reported at $230-231 live in the north and dressed at $360-370. Southern trade was light, from 220 to $222. Feeder cattle futures bounced off the early midday losses to close with $2 to $2.25 on Tuesday. The CME Feeder Cattle Index was down 16 cents on May 26 with an average price of $296.09. A rumor of a case of New World screwworm in the US causing early pressure, was quickly shot down by the USDA.

The monthly Cattle on Feed report showed April placements down 2.6% from last year at 1.613 million head, with marketings down 2.5% to 1.825 million head. The May 1 on feed inventory was at 11.376 million head, down 1.54%. 

USDA’s National Wholesale Boxed Beef report was mixed on Tuesday afternoon, with the Chc/Sel spread at $11.02. Choice boxes were up 30 cents at $361.85, while Select was quoted 49 cents lower at $350.83 per hundred pounds. USDA’s Federally inspected cattle slaughter for Tuesday was 114,000 head, with the weekly total at 116,000 head. That is down 10,121 head from the same holiday week last year.

Jun 25 Live Cattle  closed at $215.125, down $0.675,

Aug 25 Live Cattle  closed at $209.300, down $1.150,

Oct 25 Live Cattle  closed at $207.075, down $1.025,

Aug 25 Feeder Cattle  closed at $298.150, down $2.225,

Sep 25 Feeder Cattle  closed at $297.250, down $2.100,

Oct 25 Feeder Cattle  closed at $295.350, down $2.000,

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