Live cattle futures experienced declines on Wednesday, with contracts dropping between $2.10 to $3.77. Cash trade reported bids of $224 for live cattle in the South and $345-$348 for dressed cattle in the North. The Fed Cattle exchange saw no transactions from the 1,514 heads offered. Feeder cattle futures also fell, with losses ranging from $1.80 to $6.72.
The USDA is set to release its monthly cattle on feed report on Friday, projecting August placements to be 3.3% lower and marketings down 4%. As of September 1, the cattle on feed inventory is expected to be up 1.7% compared to the previous year. Wednesday’s USDA estimated slaughter was 102,000 head, bringing the weekly total to 313,000, which is significantly higher than the prior week but 37,998 head lower than the same week last year.
Wholesale boxed beef prices fell, with choice boxes down $0.27 at $375.81 and select boxes down $1.79 to $355.57.
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