On Wednesday, live cattle futures rose by 22 cents to $1, following very light cash trading at $225 in the Southern market reported on Tuesday. The Fed Cattle Exchange auction saw no sales from 928 head with bids at $220. Feeder cattle futures increased by up to $1.72, with the CME Feeder Cattle Index rising 8 cents to $311.40 on July 7.
The USDA reported a decrease in wholesale boxed beef prices on Wednesday, with Choice boxes down $3.55 to $389.49 and Select quoted at $374.94 per cwt. The Chc/Sel spread narrowed to $14.55. Estimated cattle slaughter was 118,000 head on Tuesday, bringing the weekly total to 232,000, which is 6,000 head below last week and 2,799 head lower than the same week last year.
