Live cattle futures started Wednesday with losses, but is slowly pulling off to post midday losses of just 17 to 85 cents. Cash trade started to creep in this week at $255 this week, with $256 bids reported this morning. The Wednesday Fed Cattle Exchange showed sales of $257 on 70 of the 1,256 head offered, with other bids of $250-254. Feeder cattle futures are down $2 to $2.60 in the nearby contracts, after facing early sharp losses. The CME Feeder Cattle Index was down $2.88 on June 1 to $364.26.
The Tuesday APHIS update on the New World Screwworm showed a total of 1,981 active cases of in Mexico as of Monday. There were 181 active cases in the bordering state of Tamaulipas (15 within a range of 74-98 miles of the US border), 96 active in Nuevo Leon (28 within a range of 52-98 miles of the US border), and 31 in Coahuila (18 within 25-97 miles of the US border).
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Wholesale Boxed Beef prices were mixed in the Tuesday afternoon report, with the Chc/Sel spread at $11.59. Choice boxes were up $1.94 to $396.01, while Select was 39 cents lower at $384.42. USDA estimated federally inspected cattle slaughter for Tuesday at 110,000 head, with the weekly total at 214,000 head. That was down 24,099 head from the same week last year.
Jun 26 Live Cattle are at $247.500, down $0.175,
Aug 26 Live Cattle are at $239.025, down $0.625,
Oct 26 Live Cattle are at $230.025, down $0.850,
Aug 26 Feeder Cattle are at $346.350, down $2.075
Sep 26 Feeder Cattle are at $342.775, down $2.350
Oct 26 Feeder Cattle are at $339.175, down $2.575
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
