Live cattle futures saw significant gains on Monday, with contracts rising between $2.07 and $2.92 at market close. The cash market reported sales $1-6 higher than the previous week, ranging from $222 to $225. Notably, feeder cattle contracts led the rally, increasing $2.72 to $5.75, with the CME Feeder Cattle Index climbing $10.49 to $341.71.
In addition, the USDA’s estimated federally inspected cattle slaughter for Monday was 106,000 head, which is significantly higher than the previous week, although it fell short by 3,967 head compared to the same week last year. The wholesale boxed beef prices were mixed, with Choice boxes down 63 cents to $375.31 and Select boxes up $1.42 to $354.55.
Tuesday’s Crop Progress report indicated that the US pasture rating improved to 19% good to excellent, up 1% from the week prior, while the Brugler500 index increased by 5 points to 248.
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