Live cattle futures rebounded on Wednesday, recording gains of 75 cents to $1. The Fed Cattle Exchange reported $218 bids on 984 of the 1,064 head offered, with additional sales at $228 in Iowa and $230-231 in Nebraska. Feeder cattle futures increased by $1.50 to $1.80. The CME Feeder Cattle Index rose by $1.00 to $315.07 as of June 30.
The USDA’s Wholesale Boxed Beef prices showed mixed results, with Choice boxes up $1.53 to $397.13 and Select boxes increasing by 93 cents to $380.99. The Chc/Sel spread widened to $16.14. Additionally, the USDA estimated the federally inspected cattle slaughter for Tuesday at 120,000 head, bringing the weekly total to 238,000 head, which is 9,000 head higher than last week and 3,714 head above the same week last year.
