On Tuesday, live cattle futures closed lower, with prices down 57 cents to 37 cents across most contracts. The August live cattle contract settled at $232.750, while feeder cattle futures saw gains of 67 cents to $1.15, with the August contract closing at $350.175, down 57 cents. The CME Feeder Cattle Index fell to $354.22, down $1.76 as of August 10. In Monday’s Oklahoma City feeder cattle auction, 2,632 head were sold, with feeder steers steady to $5 higher and heifers steady.
The USDA estimated the federally inspected cattle slaughter for Tuesday at 108,000 head, totaling 204,000 for the week, which is a 4,000 head increase from the previous week but still 14,052 below the same week last year. In wholesale beef prices, Choice boxed beef fell 11 cents to $371.31, while Select dropped $1.04 to $349.80, widening the Chc/Sel spread to $21.51. The NASS Crop Progress report indicated that U.S. pasture conditions remained steady at 25% good/excellent.
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