On Tuesday, June 12, live cattle futures surged, with contracts increasing by $3.60 to $5.95. Cash trade last week ranged from $255 to $258, though no transactions have occurred this week. Feeder cattle futures also saw gains between $5.32 and $6.87. The CME Feeder Cattle Index rose by $1.33 to $364.00.
The USDA reported a 32% good/excellent rating for U.S. pastures, a 1% increase from the previous week. In terms of slaughter, 109,000 head were estimated for Tuesday, bringing the weekly total to 208,000, which is a decrease of 3,000 from the previous week and 10,822 head lower than the same week last year.
Wholesale Boxed Beef prices rose, with Choice boxes up $4.53 to $399.58 and Select boxes increasing by $0.44 to $376.85. The Chc/Sel spread stood at $22.73.
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