Live cattle futures posted 67 cent to $1.05 gains on Wednesday. The Wednesday morning Fed Cattle Exchange online auction from Central Stockyards saw no trade with bids down at $223-225. Outside of that, trade was reported at $236 in the north, down $4-6. Feeder cattle futures posted slight Wednesday strength, up 80 to 90 cents on the day. The CME Feeder Cattle Index was down 42 cents on June 17 with an average price of $311.04.
The markets will be closed on Thursday in observance of Juneteenth, with the government closed as well and reports pushed back a day.
A Reuters survey of analysts shows June 1 cattle on feed estimated at 1.1% below last year ahead of Friday’s monthly Cattle on Feed report. May placements are expected to be down 5.9%, with marketings seen dropping 9.3%.
National Wholesale Boxed Beef price action continued higher in the Wednesday afternoon USDA report, with the Chc/Sel spread at $16.13. Choice boxes were up another $2.36 to $388.87, while Select was quoted 20 cents higher at $372.74/cwt. USDA’s Federally inspected cattle slaughter for Wednesday was estimated at 113,000 head, with the weekly total at 334,000. That is 7,000 head below the week prior and 22,901 head below the same week last year.
Jun 25 Live Cattle closed at $224.300, up $1.050,
Aug 25 Live Cattle closed at $211.675, up $1.025,
Oct 25 Live Cattle closed at $209.225, up $0.675,
Aug 25 Feeder Cattle closed at $304.175, up $0.825,
Sep 25 Feeder Cattle closed at $303.800, up $0.900,
Oct 25 Feeder Cattle closed at $301.900, up $0.900,
