Live cattle futures rose by $1.45 to $1.72 on June 26, 2023, with prices for June at $256.60, August at $247.73, and October at $241.45. Meanwhile, feeder cattle contracts surged between $4.97 and $6.65, with August priced at $374.80. The CME Feeder Cattle Index increased by $2.44 to $373.00.
Cash trade remains stalled this week following last week’s sales at $258-260. The Fed Cattle Exchange auction on Wednesday offered 1,636 head with no sales achieved and bids starting at $255. Also, USDA estimates for federally inspected cattle slaughter indicated 110,000 head on Tuesday, totaling 216,000 for the week, an increase of 8,000 from the previous week but 12,895 below the same period last year.
Wholesale Boxed Beef prices showed mixed results; Choice boxes increased by 63 cents to $400.94, while Select dropped by $1.20 to $379.86. The Chc/Sel spread currently stands at $21.08.
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