Cattle Facing Modest Tuesday Weakness

Live cattle futures are posting 10 to 30 cent losses in modest Turnaround Tuesday weakness. Cash trade has yet to get kicked of this week with Monday compiling showlists. Last week settled in at $238-240 in the north, with Southern trade at $237-238. Feeder cattle futures are trading with a reversion to the Monday gains, and midday losses of 35 cent to $2.57. CME Feeder Cattle Index was down another $4.32 on July 17 to $359.71. Monday’s OKC feeder cattle auction showed sales on 3,066 head at $15-25 lower on feeders, with calves down $20-30 on the week.

The weekly NASS Crop Progress report showed the US pasture rating at 29% gd/ex, down 1% from the week prior. The Brugler500 index was down 6 points to 271.

Wholesale Boxed Beef prices were mixed in the Tuesday AM report. Choice boxes were $1.02 lower at $369.08, with Select up 55 cents to $356.00. USDA’s Federally inspected cattle slaughter for Monday was 106,000. That is up 1,000 head from the previous Monday and 479 head above the same Monday last year.

Aug 26 Live Cattle  are at $226.425, down $0.100,

Oct 26 Live Cattle  are at $223.000, down $0.300,

Dec 26 Live Cattle  are at $222.775, down $0.225,

Aug 26 Feeder Cattle  are at $349.425, down $2.575

Sep 26 Feeder Cattle  are at $344.950, down $1.300

Oct 26 Feeder Cattle  are at $339.475, down $0.350

On the date of publication, Austin Schroeder 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.