Live cattle futures are back down $1.25 to $2.15 on Wednesday. Short covering was noted, with open interest falling 5,633 contracts Cash trade has yet to get kicked off this week. The Wednesday Fed Cattle Exchange showed no sales on the 952 head offered, with $220 live bids and $349 dressed. Feeder cattle futures are fading back from Tuesday’s gains, with contracts down $1.22 to $1.85. The CME Feeder Cattle Index was back down 60 cents on September 7 to $326.98.
Tuesday’s Crop Progress report showed the US pasture rating at 18% gd/ex, unchanged on the week prior. The Brugler500 index fell 2 points to 243.
Wholesale Boxed Beef prices were mixed in the Wednesday morning report, with the Chc/Sel widening to $27.13. Choice boxes were up $4.61 at $382.18, with Select 34 cents lower to $355.05. USDA estimated the Tuesday Federally inspected cattle slaughter at 109,000 head.
Oct 26 Live Cattle are at $214.875, down $2.150,
Dec 26 Live Cattle are at $217.575, down $1.650,
Feb 27 Live Cattle are at $219.200, down $1.250,
Sep 26 Feeder Cattle are at $327.550, down $1.325
Oct 26 Feeder Cattle are at $323.600, down $1.850
Nov 26 Feeder Cattle are at $319.225, down $1.225
