Live cattle futures demonstrated a strong upward trend on Wednesday, with contracts climbing between $1.82 and $2.90 by midday. During the Wednesday Fed Cattle Exchange online auction, no sales were recorded for the 1,696 head offered, with bids holding at $223. In the North, early cash trade was reported at $350 on a dressed basis. Meanwhile, feeder cattle futures saw a slight decline of 20 cents in the soon-to-expire September contract, while other contracts rose by $5 to $6. The CME Feeder Cattle Index dropped 71 cents on September 21, settling at $338.74.
Wholesale boxed beef prices declined in the Wednesday morning report, with the Choice/Select spread at $25.23. Choice boxes fell by 39 cents to $378.50, and Select dropped $4.58 to $353.27. The USDA estimated federally inspected cattle slaughter for Tuesday at 105,000 head, bringing the week-to-date total to 210,000 head. This figure is 1,000 head lower than the previous week and 19,195 head below the same period last year.
Oct 26 Live Cattle are at $220.600, up $1.825.
Dec 26 Live Cattle are at $222.175, up $2.725.
Feb 27 Live Cattle are at $223.450, up $2.900.
Sep 26 Feeder Cattle are at $337.075, down $0.200.
Oct 26 Feeder Cattle are at $333.075, up $5.050.
Nov 26 Feeder Cattle are at $329.200, up $6.000.
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