Live cattle futures fell $3.77 to $4.90 lower on Tuesday in broad risk off trade. Preliminary open interest was down 1,394 contracts on Tuesday, suggesting some liquidation. Cash trade has yet to get kicked off this week. Last week was reported at $235 in TX and $233-238 KS, with northern business at $380 dressed and $240-242 live trade in NE. Feeder cattle futures fell $6.37 to $6.87 into the Tuesday close. The CME Feeder Cattle Index was down $3.21 on June 13 with an average price of $313.89.
The markets will be closed on Thursday in observance of Juneteenth, with the government closed as well and reports pushed back a day.
National Wholesale Boxed Beef price action continued higher in the Tuesday afternoon USDA report, with the Chc/Sel spread at $13.97. Choice boxes were up another $4.40 to $383.51, while Select was quoted $5.07 higher at $372.54/cwt. USDA’s Federally inspected cattle slaughter for Tuesday was estimated at 118,000 head, with the weekly total at 221,000. That is 10,000 head below the week prior and 15,714 head below the same week last year.
Jun 25 Live Cattle closed at $223.250, down $3.775,
Aug 25 Live Cattle closed at $210.650, down $4.900,
Oct 25 Live Cattle closed at $208.550, down $4.350,
Aug 25 Feeder Cattle closed at $303.350, down $6.875,
Sep 25 Feeder Cattle closed at $302.900, down $6.675,
Oct 25 Feeder Cattle closed at $301.000, down $6.375,
