Live cattle futures started out Monday with a gap higher and closed with gains of $1.40 to $1.87 on the session. Cash activity settled in at $230-232 in the South last week, with $240-245 in the North. Feeder cattle futures closed out Monday with $2.15 to $2.35 gains in the nearbys. The CME Feeder Cattle Index was back up $1.10 to $329.93 on July 25. The Monday OKC feeder cattle auction had 2,972 head for sale, with action listed as $8-13 higher for steers and heifers $10-20 higher.
Cattle on Feed data showed June placements down 7.86% from last year at 1.411 million head and well below estimates. Marketings were 1.707 million head and 4.42% below June 2024. July 1 on feed was tallied at 11.124 million head, down 1.24% from a year ago. The bi-annual July Cattle Inventory report was released after a hiatus last year, with July 1 beef cow inventory down 1.2% from 2023 at 28.65 million head. Beef replacement heifers were 5.1% below 2023 at 3.7 million head.
USDA Wholesale Boxed Beef prices were back higher in the Monday PM report, with the Chc/Sel spread at $20.88. Choice boxes were quoted $1.05 higher at $367.73, while Select was up $1.98 to $346.85. USDA estimated cattle slaughter for Monday at 108,000 head. That was up 3,000 head from last week but 6,308 head lower vs. the same Monday in 2024.
Aug 25 Live Cattle closed at $227.875, up $1.400,
Oct 25 Live Cattle closed at $224.775, up $1.625,
Dec 25 Live Cattle closed at $225.350, up $1.875,
Aug 25 Feeder Cattle closed at $333.525, up $2.150,
Sep 25 Feeder Cattle closed at $334.550, up $2.350,
Oct 25 Feeder Cattle closed at $333.350, up $2.350,
