Live cattle futures experienced significant gains on Monday, closing $3.87 to $5.95 higher, with October contracts reaching $220.95, up $5.025. Feeder cattle futures also saw positive movement, increasing by $6.75 to $9.30 on the day. The CME Feeder Cattle Index dropped 67 cents to $339.05. The Oklahoma City feeder cattle auction reported around 5,700 head sold, with heavier steers up $4 while lighter steers decreased by $4.
The USDA Cattle on Feed report showed that August placements were notably low at 1.617 million head, marking a 9.16% decline from last year and a record low for the month. The total on-feed inventory as of September 1 increased slightly by 0.75% year-over-year to 11.163 million head. Additionally, the Monday Crop Progress report indicated that the U.S. pasture rating dropped to 17% good/excellent, a decrease of 2% from the previous week.
Wholesale boxed beef prices rose in the Monday afternoon report, with Choice boxes up $4.41 to $376.35 and Select increasing by $2.51 to $355.77. USDA estimated Monday’s federally inspected cattle slaughter at 105,000 head, which is 2,000 more than the previous week but 4,283 fewer than last year.
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