Cattle Look to Recover Following Weaker Boxed Beef Action

Family rounding up cows cattle ranching in pasture

Live cattle prices were holding their ground until USDA’s midday Boxed Beef report was released. They closed with losses of $1.45 to $2. Cash action has yet to be reported this week as it was light last week with steady sales of $190 reported in the South and $198 in the north. Feeder cattle followed the fats, with losses of $2.20 to $3.80. The CME Feeder Cattle Index was down 96 cents on July 8 at $257.33. Monday’s OKC feeder auction showed 4,366 head sold, with steers over 800 lbs steady to $2 higher and less than 800 lbs down $3-5. Heifers were steady to $3 higher.

USDA wholesale Boxed Beef prices were also lower in the Tuesday afternoon report. Choice boxes were down a sharp $4.81 to $325.66/cwt, with Select 41 cents lower at $304.31. The Chc/Select spread narrowed to $21.35. USDA estimated Tuesday’s FI slaughter at 120,000 head, with the WTD total at 232,000 head. That is down 1,000 head from the previous week and 18,486 head below the same week last year.

Aug 24 Live Cattle  closed at $182.350, down $2.000,

Oct 24 Live Cattle  closed at $183.300, down $2.000,

Dec 24 Live Cattle  closed at $185.375, down $1.875,

Aug 24 Feeder Cattle  closed at $255.725, down $3.450,

Sep 24 Feeder Cattle  closed at $256.825, down $3.800,

Oct 24 Feeder Cattle  closed at $257.200, down $3.525,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.