Live cattle futures are falling lower on Wednesday, with contracts down $2.40 to $3.10 lower at midday. Cash trade has yet to get kicked of this week as last week settled in at $238-240 in the north, with Southern trade at $237-238. Wednesday’s Fed Cattle Exchange online auction showed no sales on the 1,530 head, with bids at $230-230.50. Feeder cattle futures are facing sharp losses of $6.40 to $7.40 on Wednesday. CME Feeder Cattle Index was down another $3.49 on July 20 to $356.22.
Wholesale Boxed Beef prices were weaker in the Wednesday morning report. Choice boxes were $2.66 lower at $364.25, with Select down $1.68 to $352.55. USDA’s Federally inspected cattle slaughter for Tuesday was 103,000, with the weekly slaughter at 205,000 head. That is down 11,000 head from the previous week on a revision to Monday and 14,487 head below the same week last year.
