Live cattle futures rose slightly on Wednesday, with August contracts gaining 5 cents to reach $1.30. Cash trade has yet to begin this week, following last week’s sales at $245-$246. The Central Stockyards Fed Cattle Exchange offered 970 head with no bids received, while reserve prices were set at $250 live. Feeder cattle futures also saw increases, with front-month contracts up between $1.10 and $1.90.
On Wednesday, the USDA reported a federally inspected cattle slaughter of 109,000 head, bringing the weekly total to 320,000, which is down 4,000 from last week and 29,745 head lower than the same week last year. Wholesale Boxed Beef prices declined, with Choice boxes dropping $3.08 to $379.66 and Select dropping $4.06 to $382.27.
