On Wednesday, live cattle futures dropped significantly, with prices decreasing between $1.05 and $2.42 per contract. Cash trade began the week at $255 and rose to $256 by Wednesday afternoon. In the latest Fed Cattle Exchange, 70 of the 1,256 head offered sold for an average of $257, while other bids ranged from $250 to $254. Feeder cattle futures also fell, recording declines of $4.65 to $5.85.
The USDA indicated on Wednesday that a potential New World Screwworm case may have been detected in South Texas, with the sample currently undergoing testing at the National Vet Service Lab in Ames, Iowa. Additionally, federally inspected cattle slaughter was estimated at 109,000 head for the day, bringing the weekly total to 323,000 head, down 34,248 from the same period last year.
Wholesale Boxed Beef prices showed mixed results; Choice boxes increased by $1.79 to $395.86, while Select boxes dropped by 38 cents to $384.43, resulting in a Chc/Sel spread of $11.43.
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