Live cattle futures are trading with 97 cent to $1.15 gains on Monday, after gapping higher at the open. Cash activity settled in at $230-232 in the South last week, with $240-245 in the North. Feeder cattle futures are 70 cents to $1.10 higher at midday. The CME Feeder Cattle Index was back up $2.65 to $328.83 on July 24. The Monday OKC feeder cattle auction has an estimated 3,000 head for sale, with early action noted stronger.
Cattle on Feed data showed June placements down 7.86% from last year at 1.411 million head and well below estimates. Marketings were 1.707 million head and 4.42% below June 2024. July 1 on feed was tallied at 11.195 million head, down 0.96% from a year ago. The bi-annual July Cattle Inventory report was released after a hiatus last year, with July 1 beef cow inventory down 1.2% from 2023 at 28.65 million head. Beef replacement heifers were 5.1% below 2023 at 3.7 million head.
