On Monday, live cattle futures declined by 7 to 72 cents, continuing a downward trend that began after early gains. The cash trade last week ranged from $232 to $235, while early bids on Monday were around $233 with no volume reported. Feeder cattle futures also dropped, losing between 20 cents and $2.40. The CME Feeder Cattle Index rose slightly on July 31 to $346.89 as the Oklahoma City feeder cattle auction reported 2,662 head sold at prices $5-15 higher for steers and heifer calves.
According to NASS Crop Progress data, the U.S. pasture rating is now at 25% good/excellent, a 4% decrease from the previous week. The Brugler500 index also fell by 11 points to 259. In the wholesale boxed beef market, Choice boxes increased by $5.35 to $366.73, while Select boxes decreased by $1.78 to $344.45. USDA’s estimated federally inspected cattle slaughter for Monday was 90,000 head, down 2,000 from last week and 11,616 head lower than the same week last year.
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