Live cattle futures increased on Wednesday, with contracts rising between $1.70 and $3.35. The cash trade remains limited, with last week’s price ranging from $260 to $265. The Fed Cattle Exchange online auction reported no sales for the 1,008 head offered, with bids at $255. Feeder cattle futures also saw significant gains of $3.80 to $5.17.
On June 26, the June Live Cattle closed at $251.425 (up $3.200), while August Live Cattle and October Live Cattle closed at $242.500 (up $3.350) and $233.975 (up $3.025) respectively. Feeder cattle closed at $354.625 (up $5.175) for August, $351.800 (up $4.775) for September, and $348.475 (up $4.575) for October. The CME Feeder Cattle Index fell $4.23 to $367.26.
USDA’s estimated federally inspected cattle slaughter for Wednesday was 110,000 head, bringing the weekly total to 222,000 head, which is down 20,284 head from the same week last year. Wholesale Boxed Beef prices showed mixed results, with Choice boxes rising to $394.72 and Select decreasing to $389.29.
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