Live cattle futures closed lower on the week with prices for August 26 down $0.475 to $234.725. Feeder cattle futures also declined, with prices down between 20 to 90 cents. Cash trade prices ranged from $247 to $248, a decrease of $7-8 from the previous week. The CME Feeder Cattle Index rose by $2.10 to $372.52.
The USDA’s Crop Progress report noted that the U.S. pasture rating dropped to 30% good/excellent, down 3% from last week. Wholesale Boxed Beef prices fell, with Choice boxes down $7.07 to $375.61 and Select boxes down 34 cents to $365.17. Additionally, federally inspected cattle slaughter on Monday totaled 105,000 head, which is up 5,000 from the previous week but down 6,745 from the same period last year.
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