On Wednesday, live cattle futures gained between 67 cents and $1.05, with CME prices for June 25 Live Cattle closing at $224.30, up $1.05. The Fed Cattle Exchange auction reported no trades, while northern trade registered at $236, down $4-6 from previous levels. Feeder cattle futures also saw increases, with August 25 Feeder Cattle closing at $304.175, up $0.825.
The USDA reported an estimated cattle slaughter of 113,000 head on Wednesday, bringing the weekly total to 334,000, which is 7,000 head below the prior week and 22,901 head less than the same week last year. A Reuters survey indicated that June 1 cattle on feed is estimated to be 1.1% below last year, with May placements expected to decline by 5.9% and marketings dropping by 9.3%.
National Wholesale Boxed Beef prices rose, with Choice boxes increasing $2.36 to $388.87 and Select boxes up 20 cents to $372.74 per cwt. The markets will be closed on Thursday in observance of Juneteenth.
