Live cattle posted mixed action with contracts 50 cents lower to 42 cents higher. June futures were held up with a 42 cent gain, as futures are still $4-8 discount to cash. USDA reported cash sales of $186 in the South, up to $190 in the North last week, $2-3 higher. Feeder cattle were down 42 cents to $1.37 across most contracts, with May down a tick ahead of Thursday’s expiration. The CME Feeder Cattle index was up $3.83 on May 17 to $246.87 and converging nicely with May FC futures.
USDA’s Wholesale Boxed Beef prices were mixed in the Monday PM report. Choice boxes were down 75 cents at $312.70, with Select $1.95 higher to $299.35. That narrowed the Chc/Sel spread to $13.35. Monday’s estimated federally inspected cattle slaughter was at 120,000 head by the USDA. That is up 4,000 head from last week but down 5,274 head below the same Monday last year.
