Live cattle futures fell on Monday, with prices dropping between $1.87 and $4.32 at market close. Feeder cattle futures also experienced declines, ranging from $1.17 to $5.37, while the CME Feeder Cattle Index decreased by $2.53 to $338.47. In the weekly OKC feeder cattle auction, 3,324 head were sold, with prices down $4 to $15 for steers and $2 to $8 lower for heifers.
As of August 21, the USDA’s NASS reported the pasture rating at 21% good/excellent, down 2% from the previous week. The Cold Storage report indicated beef stocks at 382.71 million lbs at the end of July, down 3.79% year-over-year and 1.59% since last month. Additionally, the Cattle on Feed report showed July placements dropped 11.01% from the previous year, totaling 1.422 million head.
In market trends, Monday’s federally inspected cattle slaughter was estimated at 98,000 head, up by 1,000 from the previous week but down 10,261 compared to the same week last year. Wholesale boxed beef prices saw some firmness, with choice boxes holding steady at $385.69 and select boxes rising $3.70 to $365.02.
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