Live cattle futures closed on Tuesday, August 10, with prices down 57 cents in some contracts, while futures for feeder cattle saw gains of 67 cents to $1.15. The CME Feeder Cattle Index decreased by $1.76 to $354.22. On the same day, USDA reported Tuesday’s federally inspected cattle slaughter at an estimated 108,000 head, bringing the weekly total to 204,000, which is a 4,000 head increase from the previous week but 14,052 head lower than the same week last year.
US pasture conditions remained steady with 25% rated “good to excellent” according to the NASS Crop Progress report. Wholesale boxed beef prices also declined, with choice boxes falling 11 cents to $371.31, and select boxes decreasing $1.04 to $349.80, widening the choice/select spread to $21.51. In a related auction at OKC, 2,632 head of feeder cattle were sold, with feeder steers steady to $5 higher.
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