Live cattle futures closed lower on Tuesday, with the October contract settling down $2.175 at $218.775 per hundredweight. December and February contracts each declined $2.55 to $219.45 and $220.55, respectively. Feeder cattle futures also surrendered Monday’s gains, led by a $2.90 drop in the November contract to $323.20. The CME Feeder Cattle Index slipped 71 cents to $338.74 on September 21.
Cash trade remained subdued early in the week as feedlots assembled showlists. Wholesale boxed beef prices moved higher in the Tuesday afternoon report, with the Choice/Select spread widening to $21.04. Choice boxes climbed $2.54 to $378.89, while Select advanced $2.08 to $357.85.
USDA estimated Tuesday’s federally inspected cattle slaughter at 105,000 head, bringing the week-to-date total to 210,000 head—1,000 below the prior week and 19,195 head below the same period last year.
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