Live cattle futures declined on Tuesday, with contracts falling between $1.60 and $3.30 by the close. Open interest increased by 3,860 contracts, while August contracts saw a drop of 8,909. Cash trade has yet to commence, with northern bids at $380 dressed compared to last week’s sales of $390-$393. Last week’s live cattle prices ranged from $247 to $248.
Feeder cattle futures also dropped, with a decrease of $5.50 to $6.35 across most contracts. The CME Feeder Cattle Index rose to $370.32 on July 13. Wholesale boxed beef prices showed mixed results, with choice boxes down $1.66 to $373.95 and select boxes 76 cents lower at $365.87. Tuesday’s USDA inspected cattle slaughter was reported at 111,000 head, totaling 216,000 for the week, which is a 6,000 head increase from the previous week but 14,541 head lower than the same week last year.
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