Live cattle futures closed mixed on Tuesday, June 25, with June contracts up 7 cents to $227.075, while August futures fell by $1.05 to $218.200. Preliminary open interest decreased by 1,025 contracts, with June losing 3,261 contracts. Cash trade reported light activity at $235 in the South, amid market uncertainty spurred by an ICE raid on an Omaha packing plant.
In contrast, feeder cattle futures saw gains of $1.50 to $2.05, with August contracts closing at $313.150. The CME Feeder Cattle Index rose by $3.58 on June 9, averaging $314.04. According to USDA, the National Wholesale Boxed Beef prices increased, pushing the Choice/Select spread to $11.92, with Choice boxes up $4.51 at $371.76 and Select boxes up 91 cents at $358.84/cwt. The USDA’s estimated cattle slaughter for Tuesday was 119,000 head, bringing the weekly total to 231,000—5,000 below the prior week’s total and 14,562 below the same week last year.
